This archive report was first published on 16 September 2021.
On September 16, 2021, 54gene, a Nigerian health tech startup, secured $25 million in a Series B round to advance its global drug discovery capabilities.
Founded in 2019, 54gene is a research, services, and development company that uses human genetic data from various African populations to improve the development, availability, and efficacy of medical products.
The latest investment, led by Cathay AfricInvest Innovation Fund, will be used to expand 54gene's capabilities in sequencing, target identification and validation, and precision medicine clinical trials.
According to Dr. Abasi Ene-Obong, CEO of 54gene, 'It's truly incredible to witness the impact of African scientists in global research and it is critical to global health that this continues.'
54gene plans to use the additional capital to catalyze its endeavors and scale its contribution to global drug discovery by developing life science capabilities on the continent.
As part of its expansion plans, 54gene will also expand its genomics and molecular diagnostics division across Africa, ensuring that African patients have access to accurate diagnostics and allowing precision medicine to be used in clinical settings across the continent.
