Washington D.C-Nigerian genomics research healthtech 54gene has raised $25 million in a Series B round led by Cathay AfricInvest Innovation Fund alongside participation from some existing investors such as Adjuvant Capital, KdT Ventures, and Ingressive Capital.
54gene CEO Abasi Ene-Obong said the new capital will advance plans for a global African drug discovery company leveraging deep insights in genomics research in diverse populations ensuring true equity for Africa’s population.
54gene was founded in 2019 has far raised $45 million in funding to date. The company looks to advance the field of African genomics that enables scientific discoveries and improves diagnostic and treatment outcomes in Africa and the international community. This company generates genetic insights from research cohorts drawn from the world’s most diverse populations looking to improve the development, availability, and efficacy of therapeutics and diagnostics proving beneficial to everyone.
The DNA research startup is looking to expand its genomics and molecular diagnostics division across Africa to ensure African patients receive access to accurate diagnostics while enabling the application of precision medicine in a clinical setting across the continent.
The global pandemic has amplified the push by African countries to pursue research, biotechnology, and medicine.