Deal focus: GPs boost Prenetics' Asia genetics effort

The explosion of computing power worldwide over the past few decades has also enabled a revolution in genetics, allowing scientists to understand the human genome and how it affects health to a degree once believed impossible.

Hong Kong-based Prenetics is among a wave of companies that aim to bring the computer-genetic relationship back to the consumer by providing users personalized health advice based on their genetic profiles. Now, after a new $40 million funding round led by Beyond Ventures and Alibaba Group’s Hong Kong Entrepreneurs Fund, the company plans to take its health solutions further into Southeast Asia and beyond.

Prenetics has grown quickly in the past three years. Since its founding in 2014 the company has built a staff of over 100, developed a genetic testing infrastructure that has already processed nearly 200,000 DNA samples and created a suite of digital apps that use individuals’ genetic profiles, created through saliva samples, to construct personalized diet and lifestyle advice.

The company got a boost last year with a $10 million round led by Ping An Ventures, the VC arm of China’s Ping An Insurance Group. This was noteworthy because, after consumers, Prenetics sees insurance companies as among the biggest beneficiaries of its technology: if clients lead healthier lives, long-term healthcare costs will go down. For example, users with a genetic predisposition toward high cholesterol and high blood pressure receive customized 16-week lifestyle plans based on guidelines from the Centers for Disease Control.

With the fresh capital the company will focus on improving its technology infrastructure, recruiting new talent, and engaging in M&A in its target markets. The new investors will play a major role here as well.

“We plan to leverage all of our new investors – this includes working with Alibaba-related companies in the areas of genetic testing and on digital health where applicable,” says Danny Yeung, CEO of Prenetics. “Beyond Ventures also has a very strong network of companies and market knowledge that can help us enter new markets. Lap Man, the co-founder of Beyond, is a highly successful entrepreneur who can add lots of value and insights to our business.”

Prenetics operates in Hong Kong, Singapore, Malaysia and Thailand, and will enter Vietnam soon. The company also plans to leverage its experience in Hong Kong to enter mainland China. Despite the differences between these markets, the company believes its vision of personalized healthcare can connect to any client base.

“These are different customers and we’ll have to plan and strategize to make sure we get it right,” says Yeung. “Our strengths lie in our team, which is very passionate and dedicated across the board. We have strong scientific, engineering, commercial, and product teams. Our mission statement is ‘Give everyone the power to be in control of their own health,’ which is what we live for daily.”

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Southeast Asia
• Early-stage
• Healthcare
• Technology
• China
• Hong Kong (China)
• Singapore
• Alibaba Group
• TMT