MIAMI, Nov. 16, 2021 /PRNewswire/ -- SelfDecode – a precision health software that uses AI and machine learning to provide accurate risk scores and personalized health recommendations – has raised more than $8 million following a successful fundraising round.
SelfDecode uses artificial intelligence and machine learning to analyze and interpret the millions of pieces of information contained within a person's DNA, lab tests and environmental data. The company is providing individual consumers and health practitioners with easy access to precision medicine software that delivers targeted, actionable suggestions that can improve overall health and prevent disease.
Key investors in the round included Igor Lychagov ($6.5MM), Dan Magnuszewski ($500K), and a group of crowdfunding partners via WeFunder ($1MM).
"Personalized health strategies are the future of medicine, and my investment in SelfDecode reflects the need to provide consumers with an actionable plan to address their health issues," said investor Igor Lychagov, co-founder at Ornament Health and a board member at SelfDecode. "Their product is innovative and sophisticated but also easy to use, affordable and market-proven. The company is experiencing strong growth while delivering an outstanding consumer experience and I expect SelfDecode to keep its lead on the market over time and ultimately be a very profitable investment for its shareholders."
With a team of 88 people, SelfDecode will use the investment to tailor its product to independent clinics, physicians and health practitioners who need an easy-to-use genomics-based clinical decision support system.
Additionally, it will expand its B2B offerings to enable health apps, supplement companies and others to provide business-relevant personalized recommendations using SelfDecode reports and polygenic risk scoring.
In the longer term, the company will partner with corporations to reduce healthcare costs via preventative treatments, provide clinical decision support systems to a broader group of medical providers, and conduct clinical trials for FDA approval for patented diagnostic tests.
"We believe the real promise of precision medicine is empowering healthcare practitioners and health-related businesses that already play a key role in people's lives with the power of genomics," said Joe Cohen, SelfDecode founder and CEO. "We are leading that revolution by using AI and machine learning to decode genetics into actionable insights on people's health."
The ongoing WeFunder crowdfunded round is a format making angel investing available to average investors who are seeking opportunities to build a portfolio of high-growth technology companies. As evidenced by the investment's "buzz" page – which includes over 300 investor testimonials – SelfDecode's growth and promise are being noticed.
Some key metrics that attracted investors included:
- 2.5M in revenue over the past year
- Growth Potential: Digital health market will be worth $639B by 2026 and medical apps market size is growing at 23%/yr
- Highly Rated: 4.6 Trustpilot score, 98% retention rate, 75 Net Promoter Score
SelfDecode is a fast-growing precision health company providing consumers with tools that allow them to take a personalized approach to their health. Using AI, SelfDecode combines DNA, lab, and environmental data to provide science-based health advice tailored to each individual.