Wellness Startup Answer Genomics Secures $500K in Pre-Series A Round Led by Inflection Point Ventures
- ByStartupStory | October 5, 2023
Wellness platform Answer Genomics has announced the successful raise of $500,000 in a pre-series A funding round, with leading investment from venture capital firm Inflection Point Ventures. The company intends to allocate these funds towards scaling its sales and marketing operations, talent acquisition, and furthering research and development in the field of genomics. Over the next 12 months, Answer Genomics plans to sequence more than 10,000 genomes as part of its mission to enhance health and wellness.
Vikram Ramasubramanian, Partner at Inflection Point Ventures, commented on the significance of genomics in healthcare. “Research and development in healthcare has always been of critical importance, with Genomics being at the cutting edge,” he said. “Answer Genomics not only addresses an individual’s need for better health but also provides data for large organizations to create better products.”
Answer Genomics specializes in leveraging multi-omics data to inform healthcare decisions for individuals. This comprehensive approach encompasses factors such as genetic profiles, microbiome data, and physiological parameters, resulting in a holistic understanding of both physical and mental health. By collecting consented samples and curating a vast genetic information database, the company analyzes 5 million data points from a minimal blood sample.
This data-driven process allows Answer Genomics to offer personalized health advice, taking into account various parameters, including genetic makeup, medical history, microbiome composition, and lifestyle choices. The platform provides guidance on dietary habits, lifestyle decisions, supplement recommendations, and suitable medications.
Rahul Ranganathan, CEO of Answer Genomics, emphasized the transformative potential of AI in healthcare. “The advent of AI is changing the landscape of healthcare,” he stated. “Multi-omics data collected over 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.”
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According to data from NITI Aayog, the Indian healthcare market was estimated to be valued at $372 billion in 2022, with the preventive healthcare segment projected to grow significantly at a compound annual growth rate (CAGR) of 22%. Answer Genomics is poised to play a vital role in this evolving landscape by providing data-driven insights and innovative solutions for enhanced wellness and healthcare outcomes.
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