54gene, a HealthTech startup based in Washington, has raised $25 million in Series B funding to advance African genome research.
The funding round, which was led by the Cathay AfricInvest Innovation Fund, brings the total funding raised by the startup to over $45 million. Other investors who participated in the round include Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingression Capital, etc. Yassine Oussaifi, Partner at Cathay AfricInvest, commented on the round:
“As a pioneer in genomic and precision medicine in Nigeria, 54gene has built a unique health technology platform leveraging African resources to unlock scientific discoveries for the benefit of African and global communities. At Cathay AfricInvest Innovation, we’re dedicated to backing innovative, inclusive solutions that connect African technology and research with global innovation ecosystems to help them scale. 54gene works across drug discovery, molecular diagnostics and clinical trials, boosting access and affordability of various healthcare solutions that will have a positive impact worldwide. We look forward to working with the 54gene team on their development on the continent and beyond.”
Founded in 2019, 54gene is looking to revolutionize African genomics to improve the diagnosis and treatment of medical conditions around the world by offering valuable data for the development of new therapeutic approaches. The new funding will be used to expand its sequencing, target, identification, and validation capabilities, which will facilitate the discovery of new drugs in Africa and their application on a global scale 54gene’s CEO, Dr. Abasi Ene-Obong said in this regard:
“It’s truly incredible to witness the impact of African scientists in global research and it is critical to global health that this continues. We want to scale our contribution to global drug discovery by extensively developing life science capabilities on the continent and this additional capital will catalyse our endeavors.”
The use of genomics to improve the drug discovery process has gained continued traction over the past decade by revealing the underlying mechanisms of diverse diseases and conditions. The healthtech startup has already provided the scientific community with deep insights, which has allowed it to become a leading player in the field.