Beyond Ventures and Alibaba lead US$40 million investment in Prenetics

Hong Kong, S.A.R., China-based venture capital fund Beyond Ventures and the Alibaba Hong Kong, S.A.R., China Entrepreneurs Fund have led a US$40 million investment in Prenetics Limited ("Prenetics").  

Other strategic investors include Yuantai Investment Partners, mFund and eGarden Ventures. Previous investors have included Ping An Ventures, Lippo Group-backed Venturra Capital and RE.A.PRA.

Prenetics is Southeast Asia's leading genetics-focused digital health company, having already processed nearly 200,000 DNA samples. Genetic testing has been garnering rapid momentum around the globe, with sales of genetic tests expected to reach US$10 billion within a decade.  Genomics-based wellness solutions are of significant interest to employers and insurers who are looking for tools to improve wellbeing and engagement. As such, corporate wellness programs and insurance benefits increasingly include sponsored access to genetic tests.

The company partners with insurance companies such as Prudential, AIA, HSBC Insurance and Muang Thai Life to empower policyholders with valuable health information. This enables them to lead healthier lives by proactively preventing diseases and better managing existing ailments. An exclusive digital health-coaching app, for example, provides individuals with a DNA profile in order to facilitate optimal diet, fitness and response to drugs.

The app also helps people understand their genetic risk of common health conditions such as Type 2 Diabetes, High Blood Pressure and High Cholesterol. In addition, Prenetics provides Next-Generation DNA sequencing for individuals to understand their risk of common hereditary cancers, and use this knowledge to create a personalised health plan. The company also provides a family-prep DNA screen for couples seeking to have children.

In a little more than two years, Prenetics has grown to a team of more than 100 strong members that has already launched products in Hong Kong, S.A.R., China, Singapore, Malaysia and Thailand, with more country releases under planning.

Prenetics has now raised more than US$50 million, which will be used to build infrastructure designed to modernize health care. Funding will be spent on exploiting big data, machine learning and artificial intelligence as part of an overall health eco-system, continued R&D, recruitment of top engineers and scientists, M&As and expanding the company's footprint throughout Southeast Asia and China. In addition, Prenetics "Labs" will be launched as a fast-paced experimental product-engineering facility that will work on special projects.  

Danny Yeung, CEO of Prenetics and one of Hong Kong, S.A.R., China's most well-known serial entrepreneurs, said: "We are thrilled to welcome Beyond Ventures, Alibaba, Yuantai, mFund and eGarden Ventures to our team because we all share a common goal, which is to provide high-calibre health technology for millions of people in Asia."

He added: "The significance of being able to build a DNA-digital blueprint of a human is almost incomprehensible. Out of all advances in technology, this opportunity may give millions of people the power to take control of their health."

Lap Man, Co-Founder and Managing Partner of Beyond Ventures, said: "The Beyond Ventures goal is to help start-ups go global and maximise their potential. This is why we have brought in venture capital funds that have invested extensively in the health care sector and are experienced in China markets. A sharp focus on preventative and digital health means Prenetics has the potential to significantly disrupt the health care sector and improve the lives of millions of people around the world."

He added: "The Beyond Ventures investment strategy is not just about seeking return -- we are also interested in the positive impact companies like Prenetics can have on society. This investment demonstrates our confidence in Danny as a serial entrepreneur and the amazing team he has built around him. In fact, we are delighted to partner with Prenetics and will continue to invest in the health care sector, an area in which Hong Kong, S.A.R., China enjoys a certain competitive advantage."

Cindy Chow, Executive Director of Alibaba Hong Kong, S.A.R., China Entrepreneur's Fund, said: "We have been highly impressed with the mission and business strategy adopted by Prenetics. In a short time, the company has emerged as Southeast Asia's market leader in genetic testing and digital health. We look forward to working closely with Prenetics throughout Alibaba's network of companies to provide individuals with valuable health information."

About Beyond Ventures

Beyond Ventures is a Hong Kong, S.A.R., China-based venture capital fund established by eGarden Ventures in partnership with locally-grown serial entrepreneurs. eGarden Ventures is a venture capital fund focused on technology, media and telecoms (TMT) and holds an 18-year investment track record in mainland China. The fund is also supported by leading investment company Hony Capital, which manages more than US$10 billion in assets.

Adopting the slogan "From Hong Kong, S.A.R., China For Hong Kong, S.A.R., China", Beyond Ventures seeks to revitalise Hong Kong, S.A.R., China's innovation ecosystem by bringing experienced venture and private equity funds together with successful entrepreneurs able to provide start-ups with mentoring support. 

Running the fund is a trio comprising Alex Fang, a seasoned venture capitalist in Hong Kong, S.A.R., China and mainland China and co-founder of eGarden Ventures; Lap Man, Founder and CEO of DYXnet Group; and Marvin Hung, Vice Chairman of Hung's Group and Executive Director and CEO of Hop Hing Group Holdings Limited (stock code: 47). 

Beyond Ventures is the only venture capital fund focusing solely on Hong Kong, S.A.R., China. It aims to help start-ups grow and extend their business networks throughout and beyond Hong Kong, S.A.R., China by drawing on vast experience accumulated by the founders, as well as the extensive resources held in mainland China and elsewhere by Hony Capital and eGarden Ventures.

For more information about Beyond Ventures, please visit the official website at www.beyondventures.hk.

About Alibaba Hong Kong, S.A.R., China Entrepreneurs Fund

Alibaba Hong Kong, S.A.R., China Entrepreneurs Fund is a not-for-profit initiative launched by Alibaba Group in 2015.  The Fund's mission is to help Hong Kong, S.A.R., China-based entrepreneurs and young people realize their dreams and visions for their businesses and help them engage their communities regionally and globally. Currently, the Fund runs two programs to fulfil this mission. The Investment Program provides Hong Kong, S.A.R., China-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate global markets by utilizing Alibaba's vast ecosystem. The Internship Program offers Hong Kong, S.A.R., China graduates and students from tertiary institutions a chance to learn with us by providing valuable internship opportunities at Alibaba Group and our affiliate companies. For more information about Alibaba Hong Kong, S.A.R., China Entrepreneurs Fund, please visit at www.ent-fund.org

About Prenetics

Prenetics is the leading genetics-focused digital health company in Southeast Asia. Prenetics empowers individuals with valuable health information. With a simple saliva sample, individuals can discover how their genes affects their diet, drug response, disease and cancer risk. This information enables people to make health a choice, by living healthier and proactively preventing diseases. Learn more at www.prenetics.com

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Source: Beyond Ventures and Prenetics

Related Links:

http://www.beyondventures.hk

http://www.prenetics.com