Biotech startup Nalagenetics raises US$12.6m in Series A funding round

BIOTECHNOLOGY startup Nalagenetics announced on Friday (Mar 25) that it has raised US$12.6 million in a Series A funding round, co-led by Intudo Ventures and Vulcan Capital.

Other investors included Singapore-based Diagnostics Development Hub through the Agency for Science, Technology and Research's (A*STAR) A*ccelerate Technologies, Indonesia-based Dexa International, Diagnos Laboratories and more.

Founded in 2016, Nalagenetics is a genetic testing solutions provider in Southeast Asia. With its software and solutions, the company aims to encourage the implementation of predictive and pre-symptomatic testing to prevent diseases from chronic conditions.

Patrick Yip, founding partner at Intudo Ventures said: "With solutions custom tailored to local contexts, Nalagenetics is integrating targeted products and services into local healthcare systems to offer genetics testing services and analytics for patients that would otherwise not have access to such services."

Fresh funds from the round will be used for product development of the company's end-to-end software solution, known as Clinical Decision Support (CDS). It is a portal that enables lab providers to analyse sequencing and genotyping data. Nalagenetics plans to extend the CDS platform to more providers and hospitals.

The solution offers modules for healthcare professionals about pre-testing, analysis and reporting. The modules help professionals understand which patients need genetic testing, how to summarise testing results, how to integrate genetic information into healthcare systems and more.

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With the funds, the company also plans to grow its workforce specifically hiring experts in areas such as bioinformatics, software engineering and genetics.

Currently, the startup is active in Indonesia and Singapore but has plans to expand into Malaysia and other countries in 2022. To date, the company has signed service agreements with over 40 hospital and clinic partners. It plans to launch its services with its new lab location in Singapore as well.

Prior to this round of financing, Nalagenetics clinched US$1 million in its seed funding round.