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Gates, Milner Back Cancer-Genetics Startup

Microsoft Corp. (MSFT) co-founder Bill Gates and Russian billionaire Yuri Milner invested in genetics startup Foundation Medicine Inc., joining prior backers including Google Ventures and Kleiner Perkins Caufield & Byers.

Gates and Milner helped Foundation raise an additional $13.5 million in an expansion of its Series B financing, bringing the total raised in the round to $56 million, the Cambridge, Massachusetts-based company said today in a statement. Evan Jones, co-founder of Digene Corp., participated in the financing and will join Foundation’s board.

Foundation makes tools that can inspect DNA to determine individuals’ risk of cancer and help doctors make treatment decisions.

To contact the reporter on this story: Lisa Rapaport in New York at lrapaport1@bloomberg.net

To contact the editor responsible for this story: Lisa Rapaport at lrapaport1@bloomberg.net

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