Ann Arbor-based cancer testing and sequencing company Strata Oncology Inc. has closed on the largest funding round for a biotech company in the state’s history, pushing it closer to a likely initial public offering.

Strata on Wednesday announced a $90 million Series C funding round, likely the last round of private financing the company will raise, according to co-founder and CEO Dan Rhodes.

The Series C round comes in ahead of the $77 million Series D round for Kalamazoo-based Ablative Solutions in 2019, but lags behind two larger rounds for Detroit-based e-commerce company StockX LLC, according to data provided to Crain’s by EntryPoint, an Ann Arbor-based entrepreneurial research nonprofit.

Rhodes, in an interview Wednesday morning with Crain’s, said the funding will be used in a two-fold manner: to take the company’s current cancer testing technology to market, while also allowing the company to undertake new product development.

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