NEW YORK (GenomeWeb) – Biotechnology start-up GenePlanet announced today that it has closed a €10 million ($11.8 million) equity deal with Zurich-based JF Investments.
As part of the agreement, JF investments will obtain a undisclosed, "qualified minority stake" of the Ljubljana, Slovenia-based firm.
GenePlanet will use the funds for product development and international expansion. Specifically, the firm said it will focus on developing its Health Intelligence platform, which integrates biological data such as genetic predispositions and current status of blood biomarkers with information from smart devices and wearables to provide health recommendations. According to the firm, Health Intelligence will act as a digital health engagement platform that improves a person's health and well-being.
GenePlanet also said it plans to expand its business to Asia due to the region's market size and potential. In addition, the company is considering opening an office in London to strengthen its presence in the UK and Western Europe.
According to Founder and CEO Marko Bitenc, the investment represents an important step for the firm's future growth and expansion.
"We believe that our Health Intelligence platform will bring better results than the currently available solutions and will help customers to live a healthier lifestyle," he said in a statement. "The investment will help us to develop our successful portfolio beyond genetics."