Nalagenetics raised $12.6 M in Series A round to expand its genome analysis platform
Nalagenetics, a Southeast Asian firm that provides genetic testing services, announced today the completion of a $12.6 million Series A fundraising round.
Strategic investors included Singapore-based Diagnostics Development Hub (DxD Hub) through the Agency for Science, Technology and Research’s (A*STAR) A*ccelerate Technologies Pte Ltd, and Indonesia-based Dexa International, Diagnos Laboratories, among others, in the funding round led by Intudo Ventures and Vulcan Capital.
It came after the business launched a $1 million pilot fundraising round in November 2018.
“We are excited to continue advocating the development of cost-effective genetic screening for personalisation of prescription and screening, especially for cardiovascular, neurodegenerative, and cancers as the biggest killers in Southeast Asia. As the momentum for genetic testing and adoption of value-based care is increasing, we see a lot of interest from hospitals and providers that did not exist before,” said Levana Sani, co-founder and CEO of Nalagenetics in a press statement.
The funds will be used to focus on product development for Clinical Decision Support (CDS), the company’s proprietary end-to-end software system, with the objective of enabling whole-genome analysis and integration with more providers and hospitals. It also wants to hire people with skills in bioinformatics, software engineering, and genetics.
Nalagenetics was created in April 2016 as part of A*STAR’s Innovation Fellow programme at the Genome Institute of Singapore (GIS).
The firm seeks to empower healthcare providers to apply predictive and pre-symptomatic testing for the prevention of often recognised chronic illnesses in Southeast Asia, such as malignancies, by developing end-to-end genetic testing solutions.
Nalagenetics currently offers end-to-end solutions that include constructing, deploying, and integrating genetic information in healthcare systems, in addition to its original capabilities of manufacturing inexpensive genotyping kits and bioinformatics tools for genetic data interpretation.
Its CDS platform includes a Pre-Test Module to determine which patients require genetic testing; Analysis Modules to convert raw machine data into readable files (CSV format); Reporting Modules to generate reports with guideline-compliant recommendations; a Dashboard Module to summarise genetic testing results and inform providers and researchers; and a Post-Test Module to integrate genetic information into health records.
Wet-lab procedures, bioinformatics algorithms, clinical advice, and API connections are all part of Nalagenetics’ end-to-end services, which let hospitals and labs execute efficient genetic testing services. The company is now operational in Indonesia and Singapore, with intentions to expand this year to Malaysia and other countries. It has struck service agreements with more than 40 hospitals and clinics, and its new lab site in Singapore is beginning its services.
