(Ecofin Agency) - South African biotechnology start-up 3X4 Genetics, which offers genetic testing to patients through a network of health practitioners, announces the raising of $2.5 million from US venture capital firm Alethea Capital Management.
The company, founded in 2017 by Jason Haddock (photo, left) and Yael Joffe (photo, right), will have the opportunity to receive additional funding of $2.5 million during its next development phase. As part of this investment, 3X4 Genetics plans to relocate its office to the United States. The reason for this decision, according to Jason Haddock, is that the United States represents a larger market for genetic testing than South Africa.
3X4 Genetics claims to have performed nearly 3,000 genetic tests in its laboratory in Durban, South Africa, with the support of more than 200 health practitioners. These tests have helped treat patients and enabled them to adopt an appropriate lifestyle.