- GenePlanet, a Slovenian biotech company specializing in genetic testing solutions, has secured EUR 20 million in a series B funding round.
- The investment was led by BlackPeak Capital, a leading growth equity firm in Southeast Europe.
- Following the round, GenePlanet aims to establish profitable operations in 50 countries within the next five years, drive the development of new products, and invest in robust big data infrastructure.
Founded in 2008, GenePlanet rides along the new breed of innovators highlighted by the European Union as one of the European ventures with the highest potential to become the next unicorns. It has also been recognized as one of the 1000 fastest-growing companies in the EU by the Financial Times
By now, the company has established itself as a market leader in DNA testing in Central and Eastern Europe. This funding round capitalizes on the rising demand for personalized medicine and proactive health management. The global personalized medicine market is expected to hit US$ 5.7 trillion by 2030, growing at a notable CAGR of 11.6%.
The company’s founder and CEO, Marko Bitenc, is an award-winning entrepreneur in the health and molecular diagnostics market. He completed his Masters of Science on cellular/molecular biotechnology at Wageningen University, and he is a a member of the GSP-10 Singularity University global solutions program in Moffet Field, California, focused on developing moonshot innovations to positively transform the future of humanity.
Niklas Pichler, Managing Partner of BlackPeak Capital, who led the transaction, expressed excitement about partnering with GenePlanet, recognizing the company’s role in driving preventive healthcare and personalized medicine innovation:
“We believe that GenePlanet has tremendous growth potential, and we look forward to working with the company’s management team to help realize that potential.”
From clinical to lifestyle tests
The company’s tests empower individuals to take control of their health and that of their babies, while also assisting doctors in therapeutic procedures. They collaborate with more than 1,000 medical centers, doctors, and insurance companies to deliver high-quality tests based on the latest scientific discoveries.
On the clinical genetic testing solutions, particularly in the non-invasive prenatal testing (NIPT) segment, which accurately identifies specific chromosomal abnormalities in the fetus during early pregnancy stages (around 10 gestational weeks).
In addition to clinical applications, GenePlanet offers lifestyle tests that provide individuals with insights into their genetic predisposition to various conditions, including cancer and heart disease. These tests also shed light on genetic traits related to diet, exercise, sleep, stress, and other lifestyle factors.
The new funding round will allow the company to expand its product portfolio, pursue targeted add-on acquisitions in medical DNA testing, enhance its big data infrastructure, and drive global expansion plans.
Plans also include advancing its advanced artificial intelligence (AI) system for large-scale language models. The platform will enable sophisticated browsing and interpretation of the human genome, aiming to revolutionize personalized medicine and deliver significant health benefits to individuals worldwide.