Alibaba goes in on $40m boost for DNA-testing startup Prenetics

Photo credit: luchschen / 123RF.

Alibaba, China’s US$460 billion online shopping giant, has invested in one of Asia’s top genetic testing startups.

Prenetics, which makes a series of DNA-testing products, has pocketed US$40 million, led by Alibaba and Beyond Ventures, with three other investors joining in its series B funding. It comes 19 months after the Hong Kong crew’s first major round, worth US$10 million.

The service has processed nearly 200,000 DNA samples since it launched late 2014. At the time, it was doing only non-invasive pre-natal testing, but that’s no longer on offer.

“We have a platform of genetic tests, and also we’ve evolved into providing digital health, all within a single app,” says CEO Danny Yeung.

Its line-up now consists of genetic disease risk screening, cancer screening, and family planning screening. The “digital health” part consists of nutrigenomics (how nutrients will affect you, tailored to your DNA results) and pharmacogenomics (the same but for medication).

Not a death sentence

With this evolution, the startup is no longer a one-off purchase to get your results, but a healthcare hub where customers can stick around for guidance.

“The app tells you – hey, these are your results, this is what you should be eating on a daily basis due to your genetics for your most optimal diet,” Yeung tells Tech in Asia. Inside the app, users can talk to dieticians and coaches.

Danny Yeung. Photo credit: Rise.

Even where test results reveal serious predispositions towards life-altering or life-threatening diseases, the entrepreneur wants people to realize that we can do a lot to mitigate the threat.

“For example, even though someone might have a high risk of type 2 diabetes, we know today that approximately 90 percent of type 2 diabetes around the world can be prevented with a proper diet,” he explains. A healthier lifestyle helps in many cases too.

“Genes aren’t your destiny,” says Yeung.

See: I had my genes analyzed for ‘precision wellness.’ Here’s how it went.

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