A Nigerian health tech company 54gene is progressing African genomics research for improved global health outcomes. The company has secured $25M in a Series B round. The company aspires to use the funding to expand its capabilities in drug discovery in Africa.
The funding round was led by Cathay AfricInvest Innovation Fund with participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital, and others. The biotech startup in April 2020 closed a $15 million Series A.
The recent funding brings the Nigerian health tech company’s total investment to over $45M since it was founded by Dr. Abasi Ene-Obong in 2019. The company continues to lead the new generation of health technology in Africa. In December of 2020, 54gene unveiled the first genome sequencing lab in Nigeria in partnership with Illumina, an American biotech company.
54gene worked closely with Nigeria’s Center for Disease Control during the pandemic in conducting COVID-19 tests across the country. This played a key role in buying necessary equipment like PPE, test kits, and others needed to combat the virus. The company plans to utilize funding to expand its capabilities in drug discovery in Africa for Africans and the global population. The technology company will focus on sequencing, target identification and validation, and precision medicine clinical trials. The company also plans to use this new funding to enter more African countries.