NEW YORK – Cancer research and diagnostics company Yemaachi Biotech closed $3 million in a seed round led by V8 Capital, the firm announced on Monday.
The Accra, Ghana-based company will use the funds to further develop its pan-African genomic and clinical knowledge base and to continue advancing its precision oncology efforts.
These include a study of breast cancer mutational profiles among Ghanaian women, in collaboration with Lucence, and the recent launch of the at-home and self-administered Sheba HPV test.
As part of its work to improve African genomics knowledge and testing capabilities, Yemaachi actively seeks out research and clinical partnerships throughout Africa and offers clinical testing services, including NGS-based screening and diagnostic services optimized for local populations.
Other investors in this round included the LifeLine Family Heritage Fund, Y Combinator, Tencent, LoftyInc Capital, VestedWorld, V Square Capital, and Ethan Perlstein.
In addition to the seed investments, Yemaachi Cofounder and CEO Yaw Bediako recently received a $1 million grant from the Bill and Melinda Gates Foundation as part of the Calestous Juma Science Leadership Fellowship, which supports scientists developing innovations addressing urgent global health priorities.
"We've only begun to scratch the surface of genomic data and understanding," Bediako said in a statement. "We know genetic outcomes are context dependent, including within the genome. Creating a dataset that has the greatest genomic diversity can enable rapid discoveries that have long-term implications for cancer research, drug development, and patient care, not just in Africa, but globally."