Vitagene, a US-based health technology startup backed by biotechnology company Illumina, has raised $5.5m in a seed round led by venture capital firm Spectrum 28.
The round’s other participants included hedge fund Viking Global Investors, Neil Hunt, chief product officer at online video streaming service Netflix: Ken Goldman, chief financial officer of internet company Yahoo; and Yuri Milner, founder of investment firm DST Global.
Vitagene provides partnering physicians with a data analytics platform that enables them to offer monthly health supplements tailored to fit the DNA profiles, health requirements and lifestyles of patients who subscribe to Vitagene’s service.
Proceeds from the funding will be used to expand the company’s sales and marketing teams as well as develop customised membership engagement programs to reflect individual needs, so a patient recovering from bariatric surgery for example receives appropriate nutritional supplements.
Mehdi Maghsoodnia, Vitagene’s co-founder and chief executive, said: “The current healthcare model is broken. It is time to shift the conversation from disease treatment to prevention.
“This new funding supports Vitagene in our mission to empower physicians and patients to change this conversation through data-driven, individualised products and solutions.”
Vitagene was one of four startups Illumina selected for the 2015 batch of its accelerator, which helps early-stage companies working in genomics to launch in the San Francisco Bay area.
Angel investors to provide access to seed investment through the accelerator in the form of equity and convertible note financing, and startups that raise between $1m and $5m of qualifying capital are eligible to receive match funding through Illumina’s $40m Accelerator Boost Capital fund.