This archive report was first published on 2 July 2019.
54gene Secures $4.5M to Pioneer World's First African DNA Biobank ¶
July 2, 2019
54gene, a healthtech startup, has secured $4.5 million in seed funding to build the world's first biobank for African DNA datasets. The investment was led by Y Combinator, Fifty Years, Better Ventures, KdT Ventures, Hack VC, and Techammer, among others.
The early-stage investment will enable 54gene to pioneer and build the world's first African DNA biobank, install electronic data capture systems in leading tertiary hospitals in Nigeria, and expand its world-class teams in the US and Nigeria. This move is part of the company's expansion plans on the continent.
According to Abasi Ene-Obong, PhD, Founder and CEO of 54gene, 'The genomic revolution has taken place everywhere except for Africa, home to more than 1 billion people, and the very birthplace of humankind. What many people don't realize is how genetically diverse Africa is, and that Africans have married within their tribes for thousands of years, which makes our DNA ideal for studying loss-of-function type mutations that can be replicated into new drugs.'
As of 2018, only 2% of the data used in Genome-wide Association Studies (GWAS) were of African ancestry. 54gene is now positioned to build the largest database of genomic and phenotypic consented data of Africans. The unique data sets will be used exclusively for research to proactively address the significant gap the genomics market currently poses for Africa.
Following a successful pilot in three of Nigeria's largest academic tertiary hospitals, 54gene is strategically expanding its biobanking activities to 10 of the country's academic tertiary hospitals. The biobank's focus has also expanded from oncology to include cardiology, neurology, endocrinology, and sickle cell disease. The company expects to secure 40,000 biobank samples by the end of this year.
The global pharmaceutical industry is expected to reach $1.34 trillion by 2020. 54gene will focus its attention on Africa and the African Diaspora, charting new territory for the global pharma industry.
Seth Bannon, Founding Partner at Fifty Years, said, 'It's a dirty secret that the world's genomic datasets are overwhelmingly caucasian. By building datasets that are more inclusive, 54Gene will help democratize molecular medicine while unlocking insights that will lead to better therapeutics for everyone.'
Mack Healy, KDT, added, 'KdT is thrilled to partner with Abasi and 54gene as they unlock insights from an under-explored genetic data layer. The subsequent diagnostic and therapeutic insights will be invaluable in the advancement of the quality of healthcare and well-being of an increasingly large and underrepresented population.'
Wes Selke, Better VC, concluded, 'We're thrilled to be working with Abasi and the team at 54Gene as they unlock the potential of the African genome to benefit global health and democratize access to molecular medicine. Abasi is the quintessential mission-driven founder we seek to back who is using breakthrough technology to solve a big problem.'
