EY (formally Ernst & Young) recently announced four winning start-ups that have secured their place in the firms accelerator program, targeted towards early stage start-ups in the accounting, tax, fintech, legal tech and regulatory sector. EY Foundry was established in November 2018 and gives the winners a six-month residency at EY’s Sydney office. During their Read More…
Genetics company welcomes Swisse CEO as a board member following $10m funding round
Mon 8 May 2017 - 1:59 pmFunding | Investment | Startup
Having led myDNA’s $10m Series A funding round, the CEO of vitamin brand Swisse Wellness Radek Sali has joined the board of the Melbourne-based consumer health venture.
myDNA CEO Dr Lior Rauchberger told Dynamic Business that the company’s latest capital raise, which follows a $4.5m seed round in 2015, demonstrates the “market is ready for genetic science to be brought to consumer health in Australia”.
“It also demonstrates that myDNA, with its highly credentialed, scientific genesis, has the backing to deliver this nationally,” he said. “We’re sending a message that anyone should be able to access the answers about their body, which a simple DNA test can provide – from the best diet to which medications will work, to how to exercise for the best results. To this end, we’ll be investing our Series A funding in technology, global growth and product expansion, with exponential growth in the number of DNA findings available to consumers planned for the coming 24 months.”
Dr Rauchberger said Sali’s decision to back myDNA, through his investment firm Light Warrior Group, “signals the huge positive impact genetics can make on the future of Australian healthcare – improving efficiency, reducing wasted time and effort, and delivering better outcomes”. He continued, “As well as the support of Light Warrior Group, which is known for investing in companies that create positive socioeconomic outcomes, we’re fortunate that to have welcomed other investors with our Series A funding round – their involvement being smaller, yet instrumental to the growth of myDNA.”
Asked to account for myDNA’s success to date, Dr Rauchberger credited the company’s “investment in expert science and best technologies”, its “commitment to making genetics accessible to improve everyday health outcomes”, the make-up of its team and the vision of its founder, Associate Professor Les Sheffield.
“Since the 1980s, Les – a pioneer in the field of genetics – has been at the forefront of research into pharmacogenomics,” he said. “He was among the first to see the potential to improve treatment outcomes by taking into account the way a person metabolises drugs. After many years of research, in 2007 he started myDNA (previously known as GenesFX) and began offering genetic testing with clinical interpretation, so that medications and dosages would be prescribed, based on an individual’s genetic profile, rather than trial and error.
“Today, our team combines pharmacologists with molecular and clinical geneticists, as well as nutritionists and doctors. They work together to provide expert answers, based on genetics and to explain what this means, to individuals and to their healthcare professional.”
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