Monday, April 22, 2024
HomeStart UpAnswer Genomics raises $500K in pre-Series A round

Answer Genomics raises $500K in pre-Series A round

Answer Genomics, a hyper-personalized and data-driven wellness platform, has secured $500,000 in funding from Inflection Point Ventures in a pre-series A Round. The firm will use the funds to boost Sales & Marketing and expand the team through strategic hiring. Additionally, this investment will help Answer Genomics advance genomics research and improve individual well-being by sequencing 10,000 genomes next year. 

Answer Genomics, founded in 2019, is a precision health company that uses data to help people make informed health decisions. They examine genetic, microbiome, and physiological data to understand physical and mental health.

Rahul Ranganathan, a Molecular Biologist with an MBA from XLRI Jamshedpur and experience at PepsiCo and Flipkart, leads the company as CEO. 

Dr Balamurali AR, a PhD in AI/ML from IITB and Monash University, with a Post Doc in AI/ML from CNRS France, serves as the CTO and brings over 20 years of experience from companies like IBM and Samsung, as well as being a Visiting Faculty at IIM Vizag.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “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 bio hacks 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 organizations to create better products.”

With its vast and diverse population, India lacks global representation in genetic information, often relying on data from Western countries. This can lead to inaccurate test results that may have harmful consequences. Answer Genomics aims to harness the potential of genetics to address various health and lifestyle issues.

The company is building a genetic database by collecting samples from individuals with their consent. They take a small amount of blood and analyze over 5 million data points. This comprehensive approach enables them to provide personalized health advice based on factors such as genes, medical history, microbiome, and lifestyle. Their advice covers nutrition, lifestyle choices, supplements, and medications to promote current and future well-being. Answer Genomics is already collaborating with major companies to assist their employees in understanding health issues using genomics.

Furthermore, the company has applied for two patents and has published papers in reputable peer-reviewed journals.

Rahul Ranganathan, CEO, Answer Genomics, says, “The advent of 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 the 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 unique in the genomics field as it’s the only company covered by insurance. With a presence across India, it’s well-positioned in a booming healthcare market. In 2022, the Indian healthcare sector was valued at $372 billion, according to Niti Ayog. The preventive healthcare segment in India is set for remarkable growth, with a projected annual expansion of 22% in the coming years. By 2025, this sector is expected to reach an impressive market size of $197 billion, as reported by Redseer, Chirate, and AWS. This growth highlights the increasing focus on preventive healthcare in India’s healthcare landscape.

In the Asia-Pacific region, the genetic testing market is expected to grow at a CAGR of 7.65% and reach $15.33 billion by 2027. Remarkably, within the APAC region, the Indian genetic testing market stands out as the fastest-growing segment.

Subscribe To Newsletter


BRL Editor
BRL Editor
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.