Japan-based consumer genomics company Genesis Healthcare has received $5.1m in funding from conglomerate Mitsui and venture capital firm Founders Fund in return for a combined 6% stake, The Bridge reported on Wednesday.
Founded in 2004 as Weight Management, Genesis produces genetic testing kits that allow users to gain insights into their ancestry, predisposition for cancer, dietary fat intake and other genetics-based information.
The kit costs ¥29,800 ($243) and is sold in stores, and online by retailers including internet company Yahoo Japan, which also acts as a marketing firm for Genesis. Consumers use the kit to take a saliva sample and send it to Genesis, which then analyses a total of 68 genes.
Genesis plans on using the funding to support a global expansion, continue development of its product and, with the help of Mitsui, apply its technology to the food and healthcare services sectors with as yet undisclosed products and services.
The company has not disclosed details about previous funding rounds, but revealed in a press release that it has raised $6m to date.