Startup Funding: Wellness platform Answer Genomics announced that it has raised $500k in a pre-series A round of funding from the venture capital firm Inflection Point Ventures. The platform plans to invest the funds to scale up sales and marketing activities, and talent acquisition. The startup also plans to utilise the funds for further research and development in Genomics and sequence over 10,000 genomes in the next 12 months.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “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.”
Answer Genomics works in the field of healthcare by utilizing multi-omics data to make informed decisions about the individual’s health. The process involves a genetic blueprint, microbiome, and physiological parameters, decoding both physical and mental health factors. By collecting samples consensually, the company creates a database of genetic information. It analyzes 5 million data points from a very small amount of blood.
The process helps provide health advice considering various parameters such as genes, medical history, microbiome, and lifestyle-related advice. Other than this, it helps by suggesting food habits, lifestyle choices, supplements, and medications.
Rahul Ranganathan, CEO, Answer Genomics, said, “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-omics 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.”
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According to the data of NITI Aayog cited in the release, the Indian healthcare market in 2022 was estimated to be valued at $372 billion, according to Niti Ayog. The Indian preventive healthcare market is poised for substantial growth, projected to expand at an impressive compound annual growth rate (CAGR) of 22%.