Roche : 23andMe raises $250m in financing, research points towards its future
The company earned backers from
The press release to accompany the news stated that: The financing will enable 23andMe to accelerate customer growth, continue funding its expanding therapeutics group, and invest in its crowdsourced genetic research platform, already the world`s largest interactive database for genetic research.
The key behind how the company is set to grow came in another press release that was also announced by 23andMe, alongside researchers from
23andMe ostensibly sells consumer-directed genetic testing kits, which provide purchasers with information on their DNA including likely heritage and, due to recent
The collection of consumer DNA profile is managed through an opt-in process when customers sign up for results from the testing. If they choose to allow their data to be used, and 23andMe suggests 85% of customers consent to this, the company can then market the data to be used on a drug discovery or licensing basis with pharmaceutical companies.
In this particular case, 23andMe had partnered with
This is why there is substantial investor interest in the company, as it adds to its genetic database through the consumer-model then it becomes more valuable to potential pharma collaborators.
23andMe is primed for growth with the only
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