Ping An leads $10m Series A for Hong Kong's Prenetics
Ping An Ventures, the VC arm of China's Ping An Insurance Group, has led a $10 million Series A round for Hong Kong-based genetic test developer Prenetics.
Existing investors Venturra Capital and 500 Startups also participated in the round, according to a release. 500 Startups contributed to Prenetics' $2.65 million seed round in 2014; Venturra committed an undisclosed amount to the company last November.
Prenetics' tests are designed to screen patients for genetic anomalies that could interfere with the proper functioning of prescribed medications. In addition to compatibility, the test presents doctors with dosage recommendations. The company also operates an online service that reminds patients to take their medication through a mobile app.
The new capital will be used to help Prenetics expand into mainland China. Ping An will also help the company reach the China market by facilitating collaboration with its insurance arm.
"Prenetics has built an amazing team with a world-class scientific, medical and commercial team," said Ping An Ventures Managing Director Jiang Zhang. "We are excited to integrate Prenetics' innovative DNA tests to help our 200 million customers live longer, healthier lives while saving substantial healthcare costs."
Ping An Ventures was founded in 2012 with an initial fund of RMB1 billion ($157 million), and invests in start-ups in the fields of financial services, consumer products, healthcare, automotive, and tech, media and telecom. It recently launched a $500 million joint venture fund with Adamas Asset Management to invest in growth-focused Chinese small and medium enterprises (SMEs).
Venturra, which focused on start-ups in Southeast Asia, launched last October, taking over the portfolio of Lippo Digital Ventures. The Lippo Group is the largest single LP in the $150 million debut fund, and Lippo Director John Riady is one of the firm's three managing partners; the other two are former Lippo Digital Ventures managing partner Rudy Ramawy and former Monk's Hill Ventures partner Stefan Jung.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.