Prenetics Limited, a Hong Kong-based health technology startup, raised US$40m in funding.
The round was led by Beyond Ventures and the Alibaba Hong Kong Entrepreneurs with participation from Yuantai Investment Partners, mFund and eGarden Ventures. Previous investors included Ping An Ventures, Lippo Group-backed Venturra Capital and RE.A.PRA.
The company, which has now raised more than US$50m, intends to use the funds to continue R&D, recruit top engineers and scientists, make acquisitions and expand its presence throughout Southeast Asia and China.
Led by Danny Yeung, CEO, Prenetics is a genetics-focused digital health company, having already processed nearly 200,000 DNA samples. The company partners with insurance companies such as Prudential, AIA, HSBC Insurance and Muang Thai Life to give policyholders with valuable health information to proactively prevent diseases and better manage existing ailments.
A digital health-coaching app provides individuals with a DNA profile in order to facilitate optimal diet, fitness and response to drugs and enables them to 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 more than two years, Prenetics has grown to a team of more than 100 members and has already launched products in Hong Kong, Singapore, Malaysia and Thailand, with more country releases under planning.