One size doesn't always fit all, especially when it comes to health care.
That's the philosophy behind Miami-based SelfDecode, an artificial intelligence-powered platform that provides personalized health recommendations based on an individual's DNA, lab work and environment. The startup announced it raised $8 million in a fundraising round led by investor Igor Lychagov, co-founder of Ornament Health, a health monitoring app. The round included $1 million in equity crowdfunding raised through SelfDecode's ongoing campaign on WeFunder.
"We're empowering individuals and doctors to uncover actionable insights from DNA and offer health recommendations based on that information," said founder and CEO Joe Cohen. "We believe that's the future of health care and medicine."
Cohen was inspired to the launch the venture after suffering from chronic health conditions such as fatigue, brain fog, digestive problems and depression. He said he started to study his genes to find a solution, but he couldn't find all of the information he wanted through the DNA testing kits that were on the market.
"I was getting information about genetic traits like having dimples, stuff that wasn't important to me," Cohen said. "There was no direct-to-consumer software available that could provide what I was I looking for."
SelfDecode customers can order a DNA testing kit or upload existing DNA reports and lab tests to receive a wellness report that covers areas like anxiety, blood pressure, chronic fatigue, gut issues, heart health and more. The report offers lifestyle suggestions to help customers optimize their health based on their genome. That might include supplement recommendations to boost energy or diet changes best suited to help a customer lose weight.
Founded in 2017, SelfDecode is a remote-first company with 88 employees and 70,000 customers, including individual consumers, physicians and health care providers. Cohen said the startup will use the new funding to expand its business-to-business offerings, which could include partnerships with supplement ventures or health applications that want to incorporate genomic data into their business.
In the long term, SelfDecode aims to partner with corporations to help them reduce health care costs with the help of preventative treatments that can be uncovered via DNA analysis, Cohen added.
The digital health care market is projected to reach $639 billion by 2026, an opportunity for startups operating in that sector. Still, in its WeFunder campaign, SelfDecode acknowledged that it faces "severe competition from other technology companies that provide DNA wellness or similar reports to consumers and if we cannot compete effectively our business and financial condition will suffer."
SelfDecode reports it has generated $2.5 million over the past year.
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