China-based biotechnology company Prenetics has raised $10m in a series A round backed by Ping An Ventures, the corporate venturing subsidiary of insurance provider Ping An, TechCrunch reported today.
The round was also supported by Venturra Capital, a venture capital firm that raised a $150m fund in October 2015 backed by diversified conglomerate Lippo Group, as well as 500 Startups, Coent Venture Partners and Capital Union Investments.
Prenetics, spun out of City University of Hong Kong in 2009 as Multigene, originally provided prenatal screening technology.
The company is now offering DNA testing technology that helps medical staff prescribe drugs that do not cause any adverse reactions in patients. Doctors can collect a DNA sample through a mouth swab and have results delivered to a mobile app within 48 hours.
Prenetics will use the money to expand across Southeast Asia and launch additional products.
The company raised $2.65m in a 2014 seed round featuring 500 Startups, SXE Ventures, Coent Venture Partners, as well as Danny Yeung, chief executive of Prenetics, and angel investor Joel Neoh.