Today, BillionToOne went public, becoming YC's 4th biotech IPO. As a company that quietly provides societally important infrastructure, BillionToOne is less well known than they deserve to be. Here is their story, from grad students to IPO.
BillionToOne is the rare company that is both incredibly good for the world and also an extremely good business. 1 in 11 pregnancies in the US take the BillionToOne genetic test, and through this they prevent an immense amount of human suffering.
But BillionToOne is also the rare biotech that has generated revenue from the early days. It has always had excellent margins, rapid growth, and capital efficiency. Today, it is going public not just as a scientific success, but a commercial one, with over $265M in ARR and 65% gross margins.
We met the BillionToOne founders, Oguzhan and David, when they were still finishing up their PhDs. At the time, BillionToOne was only an idea, but it was a thought provoking one.
When a woman is pregnant, fragments of the fetus' DNA circulate in her blood. What if you could design a genetic test for the fetus using this free circulating DNA? That would allow you to do pre-natal genetic testing with a simple blood draw.
The problem is that this DNA is a mess - it's tiny snippets mixed in with a much larger amount of unrelated fragments. To extract the signal from the noise requires both advanced wet lab sequencing techniques and also advanced machine learning algorithms. Oguzhan and David were the exact right people to crack this because they had both biology and CS backgrounds.
The BillionToOne founders have always moved fast. In just 6 months from YC funding them, while still finishing their PhDs, they went from an idea to a proof of concept. From there, it was just two years to regulatory approval and a commercially available test.
They haven't slowed down. While the pre-natal genetic testing market they started in is over a $2B market and still mostly untapped, they've already expanded to a second market in oncology.
It turns out that their same technology that makes sense of free floating DNA can also be used to detect cancer from a blood test. The potential market size for that is enormous - perhaps $100B. That is where BillionToOne is going, and it's quite possible that if you're reading this, you will someday regularly take their blood test to stay cancer free.
To all the people who say that Silicon Valley just funds GPT wrappers and B2B SaaS, BillionToOne should be a star example of how the SV ecosystem can solve societally important problems. It is a classic story of how a highly technical team, an ambitious idea, and a small amount of funding can catalyze the creation of enormous value.
When Oguzhan and David applied to YC, their idea was just a concept.
Today, their company
@BillionToOneInc (S17) is going public—their genetic test now helps screen 1 in 11 US babies, and their tech unlocks earlier detection from prenatal care to cancer.
ycombinator.com/blog/billion…