Prenuvo Raises $70 Million Series A Round

Prenuvo has amassed quite a famous line of investors.

Its latest funding round, which raised $70 million in Series A equity and debt funding for the company, was led by Felicis, with participation from existing investors including Tony Fadell, a New York Times bestselling author and founder of Nest; Dr. Timothy A. Springer, Lasker award recipient; Anne Wojcicki, CEO of 23&Me; Steel Perlot, with Eric Schmidt as chairman; entrepreneur Rande Gerber; and wellness investor, supermodel, and actress, Cindy Crawford. The funding will be used to invest in Prenuvo’s artificial intelligence (AI) team, new radiology tools, custom advanced MRI builds, and national expansion.

“The current healthcare system is reactive. For many, health information comes too late, once a disease or condition has progressed, has symptoms, and is more difficult and expensive to treat,” Prenuvo Founder/CEO Andrew Lacy said. “Our series A financing is validation of Prenuvo’s mission to catch conditions before they become crises and transform the healthcare approach as we know it to one that is rooted in proactive health.”
 
Prenuvo offers radiation-free, full-body MRI scans that are faster, less costly, and more intelligent than traditional methods, which can be prohibitively expensive and take three to four hours to complete. Using cutting-edge software and proprietary AI technology, a single Prenuvo scan covers 26 regions and organs of the body in under one hour. With high clinical diagnostic quality, it can screen for and diagnose more than 500 conditions—including most solid tumors at Stage 1—at a fraction of the cost of traditional MRI screenings.
 
The company has grown in revenue by 240% year-over-year and is scaling quickly, with seven current clinics—including newly opened Santa Monica, Calif.; and Boca Raton, Fla., locations – and plans to launch additional locations over the next year in New York City, Chicago, Boston, and Bethesda, Md.
  
Research by Healthy People, a federal program administered by the U.S. Department of Health and Human Services (HHS), found that preventive health screenings and primary care consultations can significantly increase life expectancy, particularly among the 30-to 49-year age group, yet only 8% of U.S. adults receive appropriate preventive healthcare services each year. Incorporating whole-body MRI scans into the healthcare routine could help provide a comprehensive baseline health profile to monitor changes over time.
 
“The typical physical hasn’t evolved in decades and lacks predictive power. Prenuvo gives patients unparalleled clarity and control,” Prenuvo Co-Founder and radiologist Dr. Raj Attariwala. “Not only can patients make better-informed decisions about their health, but doctors can also make more accurate treatment or monitoring plans with technology that can measure changes that are simply invisible to the naked eye. We’re making powerful health insights more readily available to anyone at any time.”
 
Prenuvo clinics redefine the imaging experience. Scans are spacious and allow patients to relax, watch a show on flatscreen TVs or listen to music for the duration. Trained radiologists read the images and results are delivered to patients and their doctors – along with next steps – through the user-friendly Prenuvo web and mobile app.
 
“Everyone knows someone who has had cancer or has been surprised by a late-stage diagnosis. Prenuvo has a new vision for a world where fewer people will have to face this hard reality,” said Sundeep Peechu, general partner and founding member at Felicis. “It’s an honor to support a company that is advancing patient health empowerment in this way.”
 
Prenuvo pioneered the use of advanced MRI using AI to proactively screen for cancer and disease in under one hour. The company operates preventative screening clinics in Vancouver, Silicon Valley, Los Angeles, Dallas, Boca Raton, and Minneapolis. 
 
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early stage investments and currently manages more than $2.1 billion in capital across eight funds. The firm is an early backer of more than 41 companies valued at $1 billion-plus. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, Calif.