Prenetics raised $40 million to expand DNA test market

Prenetics Limited raised US$40 million in Series B funding to expand the DNA test market. The startup of medical diagnoses headquartered in Hong Kong says Alibaba, Beyond Ventures and three other investors have made the funding to be used to expand the services and series of DNA testing products to Southeast Asia.

Prenetics announced it has raised new funding by investors to expand its services and market share coverage. Startup set up by Dr. Lawrence Tzang, Ph.D has processed nearly 200,000 DNA samples since launching in late 2014.

"We have a genetic test platform and we have also evolved to provide digital health, all in one application," said Prenetics CEO Danny Yeung.

Prenetics currently has a product of risk screening for genetic diseases, cancer screening, and family planning screening. Subscription digital healthcare products consist of nutrigenomics for nutritional analysis tailored to the results of DNA testing and pharmacogenomics for treatment.

"The app also tells you about how food is daily based on genetics. A person has a high risk of type 2 diabetes and we know 90 percent worldwide can be prevented with the right diet. Genes are not destiny," Yeung said.

Prenetics tests are available in Hong Kong, Singapore, Malaysia, and Thailand. Yeung said there would be more launches in Southeast Asia. Startups also make money by partnering with a number of major insurance companies.