Prenetics, a precision medicine life sciences company focused on personalized, predictive and preventive treatments announced a US$10 million series A strategic investment led by Ping An Ventures, the venture capital arm of Ping An Insurance Group, one of the largest insurance companies in China and in the World.
Other investors include Indonesian Lippo Group backed Venturra Capital, Capital Union Investments and existing investors 500 Startups, COENT Venture Partners. The strategic financing represents the first ever fundraising of a Hong Kong based company by Ping An Ventures and Venturra Capital.
Prenetics seeks to democratize precision medicine in treating chronic illness and cancer patients. Prenetics’ proprietary iGenes test helps physicians prescribe medications and dosages to achieve the most effective results with the least side effects, based on a patient’s unique genetic profile. iGenes is a non-invasive buccal swab test with results available on the Prenetics mobile app within 48 hours.
READ MORE: Transformers: Prenetics’ Danny Yeung
Ping An Ventures Managing Director Jiang Zhang stated: “We believe precision medicine is the future of healthcare, primed to happen now. Prenetics has built an amazing team with a world-class scientific, medical and commercial team. We are excited to integrate Prenetics innovative DNA tests to help our 200 million customers live longer, healthier lives while saving substantial healthcare costs.”
“The strategic investment by Ping An and Venturra is a huge win for us as it signifies the validation of our technology and allows us to help millions of people,” said Danny Yeung, CEO of Prenetics.
“Every year millions of people suffer from adverse drug reactions and 190,000 deaths alone in China due to ADR’s. Our goal is simple: reduce adverse drug reactions, saving lives and reducing the cost of healthcare. Over the coming months, we’ll be launching new products and services out that will continue to shape the future of healthcare and the US$213 Billion market.”