Billion dollar baby

With what could be more than a $1 billion B round in the works, cancer screening company Grail Inc. is on track to set a new private financing record. The round is expected to close this quarter with participation from undisclosed private and strategic investors, according to an announcement from Illumina Inc. (NASDAQ:ILMN).

Illumina launched Grail last January with more than $100 million in series A funding to develop a circulating tumor DNA (ctDNA) screening test for early detection of any cancer, regardless of type. Series A investors included Illumina, Arch Venture Partners, Bezos Expeditions, Bill Gates, Sutter Hill Ventures and GV. ...