SelfDecode has just announced an $8 million funding round to continue developing its platform that provides personal healthcare advice through the artificial intelligence and machine learning-powered analysis of DNA tests. The startup is remote-first but is based in Miami and Tel Aviv.
This funding round was led by Igor Lychagov, co-founder of healthtech startup Ornament and a SelfDecode board member. Other investors include entrepreneur Dan Magnuszewski and more than a thousand WeFunder crowdfunding participants who collectively pitched in $1 million and counting.
“We feel that, especially with Covid, people are looking to improve their health,” Joe Cohen, SelfDecode founder and CEO, told Refresh Miami. “We’re already in the generation of precision health and precision medicine, and people are looking for something better than what is typically offered.” He noted that the startup’s platform enables users to “decode their genetics into actionable insights” that improve their health using the latest technology.
Customers can input their DNA or lab tests, or order a test through SelfDecode. The startup’s platform then analyzes the user’s genomic sequence and generates a personalized report containing suggestions on steps they can take to improve their health.
SelfDecode’s DNA wellness report provides users with insights about how to lower their blood pressure, lose weight, or improve their mood. Their lab test analyzer tool helps users more effectively interpret the tests they receive at the doctors office.
As of writing, an annual subscription to SelfDecode starts at less than $100, or under $200 including a DNA test kit. Lifetime access to the platform is available for under $300, or $400 with a DNA test kit. The startup boasts its high user satisfaction ratings: a 4.6 Trustpilot score, 98% retention rate, and 75 Net Promoter Score.
“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 in a statement.
He continued: “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.”
This funding round will enable SelfDecode to expand their B2B offerings. This has the potential to let third parties like health apps and supplement companies provide their customers with relevant health-related recommendations using SelfDecode’s reports.
Another important stakeholder Cohen is excited to serve are independent physicians: “This funding will enable us to make the product into an all-in-one platform for independent physicians to be able to help their patients.”
“It’s a win-win,” he explained. Users will be provided with a deeper understanding of their health and ultimately better outcomes, and physicians can provide these insights more easily and at an accessible cost. “This is something that’s been missing from the market – it’s really an untapped market.”
The startup, which was founded in 2017, has 88 employees and reports $2.5 million in revenue over the past year. The team is globally dispersed, and Cohen goes back and forth between Miami and Tel Aviv. The SelfDecode team sees a bright future, with the digital health market expected to be worth $693 billion by 2026, while the medical apps market size is growing at 23% a year.
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