Prenetics Secures $40 Million Series B Funding Led by Alibaba Hong Kong Entrepreneurs Fund to Expand Genetic Testing Services Across Asia
According to foreign media reports, genetic testing startup Prenetics recently completed a new round of financing worth $40 million, approximately RMB 290 million. The lead investors in this round were two institutions: Hong Kong-based Beyond Ventures and Alibaba (Alibaba Entrepreneurs Fund).
Image from the official Prenetics website
Prenetics, founded in 2009, is a Hong Kong-based genetic testing startup. The company is dedicated to leveraging genetic technology to provide health support by enabling users to adjust their daily diet and lifestyle habits based on their genetic information. With just a simple saliva sample, Prenetics provides insights into drug responses, as well as disease and cancer risks, empowering users to understand their genetic profile and optimize their daily dietary and lifestyle choices.
Dr. Zeng Zhixiong, the company’s Founder and Chief Scientific Officer, graduated from City University of Hong Kong. With over 15 years of experience in the molecular diagnostics industry, he has led the development of more than 30 diagnostic assays, including DNA microarray chips and microfluidic platforms. Dr. Zeng currently holds seven global patents (granted and pending) and is a founding member of the Hong Kong Society for Behavioral and Neurogenetics.
Co-founder Dr. Mengsu Yang, Chair and Professor of the Department of Biomedical Sciences at City University of Hong Kong, serves as a member of the company’s Chief Scientific Committee. Dr. Yang earned his Ph.D. from the University of Toronto. His research primarily focuses on the molecular mechanisms underlying the interactions between stem cells, cancer stem cells, and their microenvironment, as well as the clinical applications of biochips and nanomedicine.
CEO Yang Shengwu is a serial entrepreneur who started his first business at the age of 25. In 2010, he founded uBuyiBuy, a group-buying website that was acquired by Groupon in 2013, when its annual revenue exceeded $130 million. Yang Shengwu is also a partner at SXE Ventures.
Chief Technology Officer Wang Yonghao graduated from the University of Oxford. Prior to joining Prenetics, he served as Technical Director at Travelex, where he led the team in successfully launching Travelex Wire, the company’s new international money transfer service platform.
In addition to covering the fields of biotechnology and IT, Prenetics has also established a team of clinicians and pharmacists with international backgrounds, better serving users through the integration of omics and clinical practice.
Prenetics has currently launched a total of four products, including nutrigenomics, pharmacogenomics, hereditary cancer screening, and family planning screening.
myDNA is a testing product designed for nutrigenomics. Through this product, Prenetics enables users to assess and analyze their nutritional needs, dietary sensitivities, athletic performance, and other factors. Upon completion of the testing and analysis, Prenetics provides users with a detailed report, which can also be accessed online via the myDNA mobile application.
Image from the official Prenetics website
Moreover, Prenetics aims to provide users with online health coaching and dietary consultation services, allowing them to consult on diet and exercise issues via digital platforms.
Family Planning Screening is a prenatal genetic screening product primarily designed for individuals preparing for pregnancy. If both parents carry the same genetic disorder, is there a risk that their child may also be affected?
Prenetics has launched a family planning screening product to address this pain point. This product primarily targets recessive genetic disorders such as Wilson’s disease, cystic fibrosis, and Bloom syndrome. By conducting gene-level testing to predict risks for the next generation, it provides recommendations for prospective parents who are planning for pregnancy or are currently pregnant.
The family planning screening package covers the potential genetic risks of over 100 hereditary diseases. Upon completion of the testing report, users can view their results via the website and mobile application.
Notably, Prenetics also offers users free hereditary genetic counseling services.
Image from the official Prenetics website
Pharmacogenomics products and hereditary cancer screening products target drug-metabolizing enzymes and 35 tumor-associated mutation sites, respectively. The hereditary cancer screening product offers users free genetic counseling services; however, online reports are currently unavailable for both products.
It is reported that Prenetics has processed over 200,000 DNA samples, with its services extending to Southeast Asian countries including Singapore, Malaysia, and Thailand.
Prenetics completed its Series A financing in March 2016. To date, the company has accumulated a total of $50 million in funding.