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Prenetics Raises US$10M Strategic Investment Led by Ping An
March 16, 2016
Prenetics, a precision medicine life sciences company focused on personalized, predictive and preventive treatments announced a US$10 MillionSeries 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.
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."
Managing Partner of Venturra Capital, Rudy Ramawy stated "Prenetics is a game-changer and we are working closely to bring precision medicine to Indonesia and across Southeast Asia."
About Ping An Ventures
Ping An Ventures is a professional VC firm under Ping An Insurance (Group) Company of China, with focused interest in startups of emerging innovation. It is committed to helping its portfolio companies grow and succeed in the China market by providing not only funding but also managerial advice, introductions to Chinese key opinion leaders and partners, and other needed resources. A Fortune 100 Global Company, Ping An's Chairman & CEO was named to Fortune's 25 Top Business Leaders of 2015.
About Venturra Capital
Venturra Capital is a Southeast Asia focused venture capital firm investing in early and growth stage consumer technology-enabled companies. Venturra's mission is to provide capital, operational empowerment, and market access to founders of innovative, industry-transforming, technology-enabled businesses.
Prenetics is a Precision Medicine Life Sciences company. Prenetics proprietary iGenes test enables physicians to help patients identify the right drug, right dosage and to list out potential adverse drug reactions, based on one's genetic profile. Prenetics vision is to improve quality of life, prevent ADR's and to save on healthcare costs by providing the tools essential for personalized medication management. For more information, visit http://prenetics.com .