Maven co-leads GBP3.4m funding round for Gen inCode
UK private equity manager Maven Capital Partners (Maven) has invested GBP1.5 million in Gen inCode, a genetic testing business specialising in the risk assessment and prediction of cardiovascular disease.
Gen inCode raised in total GBP3.4 million, where Maven invested alongside another institutional investor and existing private shareholders.
Gen inCode has developed a range of patented DNA risk assessment products which utilise AI, bioinformatics and a globally recognised clinical evidence base to provide predictive analysis of a patient’s health risk. Proprietary algorithms are used to predict the probability of adverse events, resulting in a comprehensive risk evaluation that provides key insights into a patient’s susceptibility to disease and clinically actionable results that empower patients to take steps to reduce their risk.
Gen inCode’s advanced clinical diagnostic tests cover major global disease areas such as Cardiovascular, Cancer and Diabetes. Its solutions are enabling healthcare practitioners to identify high risk patients and proactively develop targeted treatment and prevention plans; helping to transform the delivery of healthcare, reduce costs and improve patient outcomes.
Healthcare is shifting away from ‘one-size-fits-all’ treatments towards targeted approaches that utilise patients’ genetic information to inform healthcare decisions. Gen inCode’s predictive modelling of patient data is helping personalise treatment pathways by more accurately addressing disease risk and the appropriate course of treatment to be taken.
Gen inCode was founded in 2018, acquiring the assets of the Ferrer inCode and the Gendiag.exe businesses, then part of Ferrer, a large Spanish pharmaceutical and healthcare company. The business has built up a strong IP portfolio and today’s funding will enable the business to expand overseas, particularly in the US, capitalising on the growth in emerging precision medicine market.
Stella Panu, Partner at Maven, says: “Gen inCode represents a fantastic opportunity for Maven to support a truly innovative business which is utilising AI and bioinformatics in order to enable medical practitioners to make more proactive, precise and impactful decisions on how they treat their patients. The precision medicine market is an exciting space and we believe Gen inCode is well positioned to grow, leveraging its advanced genomic technology and the valuable IP it has amassed to date. We look forward to working with the senior management team to fulfil the company’s potential.”
Matthew Walls, Chairman and CEO, Gen inCode says: “We are delighted to complete the institutional round of funding and welcome our new institutional investors. The funding will prepare the Company for accelerated growth and international scale and supports our regulatory and clinical pathway into the US market. We look forward to advising the market on our progress and further milestones in due course.”