Beyond Ventures, Alibaba inject $312.31m in genetics firm

Prenetics is raising money to use on digital health infrastructure.

Venture capital firm Beyond Ventures and Alibaba Hong Kong Entrepreneurs Fund raised $312.31m (US$40m) to inject in genetics-focused health company Prenetics Limited (Prenetics).

According to a press release, Yuantai Investment Partners, mFund and eGarden Ventures joined the fund's strategic investors.

Prenetics is a genetics-focused digital health company. It said that it is expected to reach $78.08b (US$10b) sales of genetic tests within a decade.

Prenetics has now raised more than $390.39m (US$50m) to build infrastructure that will focus on exploiting big data, machine learning and artificial intelligence as part of an overall health eco-system.

One of its products is a digital health-coaching app which provides individuals with a DNA profile in order to facilitate optimal diet, fitness and response to drugs.

The app also helps users understand their genetic risk of health conditions such as Type 2 Diabetes, High Blood Pressure and High Cholesterol.

Prenetics has launched its products in Hong Kong, Singapore, Malaysia, and Thailand.