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kindrik partners advises prenetics on alibaba transaction
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Our lawyers Lee Bagshaw and Chris Wilson advised Prenetics (a Hong Kong based startup making DNA testing products) on its USD40million investment round, led by Alibaba and Beyond Ventures amongst others. Prenetics had previously raised money from Ping An, China’s largest insurer.
Prenetics partners with insurance companies to provide DNA testing to policyholders. It currently operates in Hong Kong, Singapore, Malaysia and Thailand, and with this investment, it plans to expand to more countries. To date, Prenetics has processed 200,000 DNA samples.
As ever, we’re delighted to be working on venture capital deals with leading startups in Asia, especially in breakthrough areas like digital health. Danny Yeung (Prenetics’ CEO and founder) continues to be inspirational. With its technology, rapid growth, and new association with Alibaba and Ping An, Prenetics looks set to be a worldwide leader in genetic testing.
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
