Answer Genomics has raised $500K in a pre-series A round from Inflection Point Ventures. The funds will be utilised for supporting sales and marketing efforts and expanding the talent pool through strategic hiring initiatives. Additionally, these investments will enable Answer Genomics to continue pioneering advances in genomics and ultimately enhance the well-being of individuals through personalised health insights by sequencing 10K genomes in the next 12 months, the companies said in a joint statement.
The funds will be utilised for growth, sales and marketing expenses, along with talent hiring.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said in the statement, “Research and development in healthcare has always been of critical importance, with genomics being at the cutting edge. Data science lends itself very well to genomics, allowing healthcare companies to provide deep insights, and biohacks to improve one’s lifestyle quality. As an early mover, Answer Genomics not only addresses an individual’s need for better health, but also provides data for large organisations to create better products.”
India, with one of the largest and diverse populations in the world, is not represented well globally when it comes to genetic information. Most of the data used for reference comes from Western countries. This can lead to incorrect results in the tests, which would prove harmful. Answer Genomics plans to unlock the power of genetics to provide potential know-how for dealing with several health and lifestyle ailments, the statement claimed.
The company is collecting samples from people with their consent to create a database of genetic information. They take a small amount of blood and analyse over five million data points from it. They look at various parameters including genes, medical history, microbiome and lifestyle.
The company has also filed for two patents, and holds publication papers in peer-reviewed journals.
Rahul Ranganathan, CEO, Answer Genomics, also said in the statement, “The advent of Artificial Intelligence (AI) is changing the landscape of healthcare. We now possess the technology capable of understanding the human body for the masterpiece that it is. Multi-omnic data collected over a course of time forms a picture of current and future health allowing accurate prognosis, early diagnosis and precision treatment. We believe precision health would reduce the burden on our healthcare infrastructure by allowing for accurate predictions, remote interventions and faster recoveries.”
Answer Genomics is the only company in genomics that is covered under insurance, with a pan-India presence, concluded the statement.
