Home News Hong Kong startup Prenetics raises US$40M to use DNA testing for a...

Hong Kong startup Prenetics raises US$40M to use DNA testing for a healthier life

Author

Date

Category

- Advertisement -

The investment was led by Beyond Ventures and Alibaba’s Hong Kong Entrepreneurs Fund

Prenetics, a Hong Kong-based startup that is using genetic testing to help people identify health risks, has raised US$40 million from Beyond Ventures and the Alibaba Hong Kong Entrepreneurs Fund.

Other participants include eGarden Ventures (the parent company of Beyond Ventures), mFund and Yuantai Investment Partners. They will join Ping An Ventures, Venturra Capital and RE.A.PRA.

The company has raised over US$50 million in total and the latest ground will be used to “build infrastructure
designed to modernise health care”. This means building a big data analytics system, integrate machine learning and AI as well as continuing R&D. The company will also boost its hiring, explore M&As and expand across Southeast Asia and China.

- Advertisement -

“The significance of being able to build a DNA-digital blueprint of a human is almost incomprehensible. Out of all advances in technology, this opportunity may give millions of people the power to take control of their health,” said Danny Yeung, the CEO of Prenetics, in a statement.

How does Prenetics work?

For consumers, Prenetics most interesting product is a DNA sequencing technology that helps people understand their risk to hereditary cancers. They also have a family-prep DNA screening for people trying to have kids.

Prenetics also has built an app so people can check out their predispositions to Type 2 Diabetes, High Blood Pressure, and High Cholesterol.

The startup also has a B2B play. It has partnered with major corporate insurance companies like Prudential, AIA, HSBC Insurance and Muang Thai Life to help filter ‘positive lifestyle’ information to their customers. For example, it has a digital coaching app that provides people with a DNA profile that helps them adjust their diet.

Also Read: Lalamove raises US$100M Series C funding round led by Xiaomi founder’s ShunWei Capital

Prenetics is a Hong Kong company but has a significant presence in Southeast Asia. The team is more than 100 people and its core markets outside of The Pearl is Singapore, Malaysia and Thailand.

Interesting investors

Beyond Ventures and the Alibaba Hong Kong Entrepreneurs Fund are linked by one fact: they are both built on a one hundred per cent focus on the Hong Kong market.

Beyond Ventures is a fund build by eGarden Ventures and it is the only VC fund to focus entirely on the city. Its parent company, eGarden Ventures, has a broader regional focus but likes to invest in companies in thetechnology, media and teleco sphere.

The Alibaba Entrepreneurs Fund is a corporate initiative to help the e-commerce giant get itself into the Hong Kong startup scene. Just a couple of weeks ago, it invested  US$10 million into six startups in the city. Since its launch in 2015, the fund has invested US$20 million into Hong Kong startups (although that number is just the public figure; e27 does no know how much it invested in the Prenatics round).

Also Read: Online investment platform CapBridge raises US$2.9M from SGX, Tim Draper

While the ecosystem as a whole is considered to be behind its regional neighbours, Hong Kong has produced some of the larger rounds of 2017. Last week, Lalamove raised a massive US$100 million investment and this Prenatics funding would qualify as one of the bigger rounds in Asia outside of mainland China.

Copyright: sergireboredo / 123RF Stock Photo

The post Hong Kong startup Prenetics raises US$40M to use DNA testing for a healthier life appeared first on e27.


Source: e27

Send in your scoop to news@theindependent.sg 

- Advertisement -

Almost 8 out of 10 vote PN can’t survive GE 15 without UMNO

Almost eight out of 10 respondents on a Twitter survey voted that Bersatu will not survive GE-15 without UMNO, according to BFM radio survey held this morning (22/2/2021) during its Morning Run programme. Of the 206 voters (respondents) in the final countdown,...

Foodpanda rider called “Blur Sotong” by netizen

Singapore — A Foodpanda rider shared his unfortunate experience with a customer. He took to Facebook on Saturday morning (Feb 20), sharing screenshots of the conversation. Posted by Chan Okada SJ on Friday, 19 February 2021 The rider shared that the customer had asked...

Journalist claims Karen Mok is the only woman Stephen Chow has ever thought of marrying

Hong Kong -- Last year, comedian Stephen Chow's public and ugly legal battle with his former girlfriend over their finances gave a rare peek into the personal life of the fiercely private 58-year-old. It was reported that out of all the women...

Send in your scoop to news@theindependent.sg 

Theindependent