Hong Kong, S.A.R., China-based venture capital fund Beyond Ventures and the Alibaba Hong Kong, S.A.R., China Entrepreneurs Fund have led a US$40 million investment in Prenetics Limited ("Prenetics").
Other strategic investors include Yuantai Investment Partners, mFund and eGarden Ventures. Previous investors have included Ping An Ventures, Lippo Group-backed Venturra Capital and RE.A.PRA.
Prenetics is Southeast Asia's leading genetics-focused digital health company, having already processed nearly 200,000 DNA samples. Genetic testing has been garnering rapid momentum around the globe, with sales of genetic tests expected to reach US$10 billion within a decade. Genomics-based wellness solutions are of significant interest to employers and insurers who are looking for tools to improve wellbeing and engagement. As such, corporate wellness programs and insurance benefits increasingly include sponsored access to genetic tests.
The company partners with insurance companies such as Prudential, AIA, HSBC Insurance and Muang Thai Life to empower policyholders with valuable health information. This enables them to lead healthier lives by proactively preventing diseases and better managing existing ailments. An exclusive digital health-coaching app, for example, provides individuals with a DNA profile in order to facilitate optimal diet, fitness and response to drugs.
The app also helps people understand their genetic risk of common health conditions such as Type 2 Diabetes, High Blood Pressure and High Cholesterol. In addition, Prenetics provides Next-Generation DNA sequencing for individuals to understand their risk of common hereditary cancers, and use this knowledge to create a personalised health plan. The company also provides a family-prep DNA screen for couples seeking to have children.
In a little more than two years, Prenetics has grown to a team of more than 100 strong members that has already launched products in Hong Kong, S.A.R., China, Singapore, Malaysia and Thailand, with more country releases under planning.
Prenetics has now raised more than US$50 million, which will be used to build infrastructure designed to modernize health care. Funding will be spent on exploiting big data, machine learning and artificial intelligence as part of an overall health eco-system, continued R&D, recruitment of top engineers and scientists, M&As and expanding the company's footprint throughout Southeast Asia and China. In addition, Prenetics "Labs" will be launched as a fast-paced experimental product-engineering facility that will work on special projects.
Danny Yeung, CEO of Prenetics and one of Hong Kong, S.A.R., China's most well-known serial entrepreneurs, said: "We are thrilled to welcome Beyond Ventures, Alibaba, Yuantai, mFund and eGarden Ventures to our team because we all share a common goal, which is to provide high-calibre health technology for millions of people in Asia."
He added: "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."
Lap Man, Co-Founder and Managing Partner of Beyond Ventures, said: "The Beyond Ventures goal is to help start-ups go global and maximise their potential. This is why we have brought in venture capital funds that have invested extensively in the health care sector and are experienced in China markets. A sharp focus on preventative and digital health means Prenetics has the potential to significantly disrupt the health care sector and improve the lives of millions of people around the world."
He added: "The Beyond Ventures investment strategy is not just about seeking return -- we are also interested in the positive impact companies like Prenetics can have on society. This investment demonstrates our confidence in Danny as a serial entrepreneur and the amazing team he has built around him. In fact, we are delighted to partner with Prenetics and will continue to invest in the health care sector, an area in which Hong Kong, S.A.R., China enjoys a certain competitive advantage."
Cindy Chow, Executive Director of Alibaba Hong Kong, S.A.R., China Entrepreneur's Fund, said: "We ha...
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