Prenetics Secures $48M to Advance AI Cancer Detection and Expand Bitcoin Treasury
Hong Kong-based health technology firm Prenetics has successfully raised $48 million in equity funding, earmarking a significant portion to advance its artificial intelligence (AI)-driven cancer detection initiatives and bolster its Bitcoin treasury. The company aims to achieve $1 billion in annual revenue and a substantial Bitcoin portfolio within the next five years.
Tencent’s $30M Boosts Cancer Detection Partnership
A key component of this funding is a $30 million investment from Tencent, solidifying their partnership in Insighta, a joint venture focused on revolutionizing early cancer detection. Insighta leverages the power of AI in conjunction with genetic testing to identify cancer at its earliest stages, before symptoms manifest. The objective is to create a fast, accurate, and affordable solution for early cancer detection, dramatically improving patient outcomes. Prenetics co-founder and CEO Danny Yeung emphasizes the company’s life-saving mission: to develop tools capable of identifying cancer before individuals are even aware they are unwell. This contrasts with traditional cancer detection methods that often identify the disease in later stages when treatment options are more limited. Insighta’s AI-powered approach to analyzing genetic data offers the potential to detect cancer cells far earlier, leading to more effective interventions.
This infusion of capital will enable Prenetics to accelerate its innovative work in early cancer detection through Insighta, while also strategically expanding its digital asset holdings. The company’s dual focus underscores its commitment to both cutting-edge healthcare solutions and strategic financial planning for long-term growth.
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