Malaysian molecular diagnostics, genomics startup Biogenes scores US$5.7M funding
- by XM Admin
The Biogenes team
Biogenes, a Malaysian molecular diagnostics and genomics startup, has secured US$5.7 million in a Series A investment round from local VC firm Pembangunan Ekuiti.
This capital will help Biogenes to expand its proprietary technology platforms across Southeast Asia.
Biogenes designs and supplies biosensors products and services for R&D and commercial use in healthcare, animal breeding, agriculture, aquaculture, and food safety & environmental testing.
Its platform technologies include printed nano-coated sensors, immobilisation of DNA probes and aptamers (synthetic antibodies), and in-silico design and validation of new aptamers.
The startup has signed two agreements, enabling its entry into the Philippines and Indonesia in 2023.
“Biogenes will invest in a medical-grade manufacturing facility, advancing our technology portfolio and expanding our sales outreach to the Southeast Asia region and other parts of the world. We target to have the capacity to produce 10 million test kits per year and, in parallel, to usher in the new age of aptamer-based diagnostic solutions. Aptamer diagnostics will disrupt the current antibody diagnostics by enabling lower-cost, stable and more accurate diagnostic solutions,” said Tang KM, Co-Founder and CEO of Biogenes.
Since its founding, the biotech firm has also received support from key government agencies, such as Platcom Ventures, Cradle, Malaysian Technology Development Corporation (MTDC), MOSTI, and Bioeconomy Corporation.
In 2020, Biogenes received a seed investment from Antler, a global venture firm, making Biogenes their first investment in Malaysia.
The firm is progressing towards production upscaling with an approved National Technology and Innovation Sandbox project grant worth RM5.5 million (US$1.3 million). Of this, RM3.3 million will be provided by the MTDC.