Genobank

Giving You Control Over Your DNA

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Company Information

Website:

https://genobank.io/

Sector:

Consumer Biotech

Location:

San Francisco, CA

Genobank is giving you control over your DNA.

It’s creating the world’s first encrypted DNA extraction kit. Using patent-pending blockchain technology, Genobank anonymizes your DNA data and stores it inside an encrypted DNA Wallet.

For the first time, consumers can control who they share their DNA data with, and receive scientific analysis of their sample without worrying about it being sold or misused. They can even earn token rewards by participating in clinical trials or health studies.

Ensuring the privacy and security of people’s genetic data, or DNA, is critical. Not only does this data encode people’s “blueprint,” but that of their family, too.

The problem is DNA data is being abused. Consumers today unknowingly forfeit ownership of their DNA to at-home testing kit businesses, large pharmaceutical corporations, and third-party companies. This has led to the commoditization of DNA and allows it to be bought and sold, just like traditional data — but unlike your password or credit card number, DNA can’t be changed.

By 2025, the global genetic testing market is expected to surpass $25 billion. It’s estimated that 15% of the world’s population will have had their DNA tested by that time.

Despite this market size, 65% of people willing to take a DNA test express privacy concerns, specifically with regards to the idea of a single company owning their genomic profile.

Every year, drug makers like GlaxoSmithKline (NYSE: GSK), Procter & Gamble (NYSE: PG), and Pfizer (NYSE: PFE) spend millions to obtain DNA records from testing companies. In August 2018, DNA testing company 23andMe agreed to sell consumers’ anonymized genetic data to GlaxoSmithKline in a $300 million deal.

Genobank is creating the first privacy-preserving personal DNA kit that guarantees consumers complete ownership and control over their DNA.

To achieve this, the company uses blockchain technology to register each user’s DNA data as a unique digital asset.

Unlike existing options, Genobank is the only company that has multiple pending patents over decentralized DNA data management platforms that are designed to protect DNA data and users’ identity.

Simply put, Genobank’s DNA test kits and storage platform allows:

• Pharmaceutical companies to have a process to ethically and systematically rent genetic records directly from DNA owners.

• Patients suffering from undiagnosed illnesses and diseases to benefit from finding DNA-based clinical trials without risking their identities.

• And users to be protected from government warrants and legal overrides.

Here are the steps involved in Genobank’s DNA collection process:

1. Setup “DNA Wallet” — Each user’s DNA wallet will be used to securely store and access their genetic data. These wallets are only accessible with a private pin code.

2. Submit DNA — Genobank sends a user a saliva collection kit, which they’ll send back to an approved lab for analysis. Each lab is reviewed and certified to insure they abide by Genobank’s privacy policies, and each specimen is immediately associated with a unique digital address that matches the user’s personal DNA wallet.

3. Sequencing — Once the lab receives the specimen, it sequences and analyzes the DNA.

4. Tokenization — A unique ID is created as a “non-fungible token (NFT)” and recorded into the blockchain. Throughout the process, each user is registered as an exclusive owner of their DNA data.

5. Access — A user’s encrypted DNA data is made available through their personal wallet. No one will ever have unauthorized access to these records, not even Genobank.

6. Sharing — This optional feature requires a user’s explicit consent to be used and is turned off by default. Genobank hosts genetic counselors, bioinformaticians, and data scientists that can request access to various research projects. Pharmaceutical companies can also inquire to rent users’ data for commercial use.

To securely store DNA, Genobank has partnered with Oasis Labs, a blockchain-based platform providing privacy for user data. Oasis has developed a new “privacy preserving” cloud that makes medical information more easily shared and accessible to researchers, while maintaining individual privacy.

Here’s an example of a Genobank user named “Alice” who wants her DNA data analyzed:

• First, Alice takes a Genobank test to learn about her ancestry and risk for certain illnesses.

• Next, Alice grants “read access” to a pharmaceutical company for her anonymous genome data, which is stored and safe-guarded by the Oasis Network. With access granted, this pharma company can analyze Alice’s data.

• Finally, Alice gets the results on her genetic test, along with guarantees that the results will only be visible to her and anyone to whom she grants access.

Genobank aims to become the first DNA test provider that treats its users as data partners and enables other companies to launch their own branded DNA testing kits.

The company will create two sources of revenue:

First, it will sell DNA kits online direct to consumers. It will also sell these kits at drug stores, wellness and fitness centers, airports, and malls. To do this, the company plans to deploy DNA test kit “ATMs.” This would be the world’s first DNA test kit available for purchase at kiosks. Genobank’s machines are patent-pending.

Second, the company will sell a white label version of its test kits to health clinics, genetic counselors, nutritionists, and hospitals. This will enable these companies to launch their own co-branded DNA test kits.

Genobank has raised $215,000 from angel investors. It’s also received funding from Oasis Labs as part of their partnership.

The company has launched a beta version of its test kit, and is partnering with RIO, a chain of health clinics that serve approximately 1,000 patients a month. This beta trial started in Q4 2019 with seven clinics.

With funds raised, Genobank will continue to develop its DNA wallet and aims to secure its first 2,000 to 3,000 customers by the end of 2020.

Team Background

Daniel Uribe - Co-Founder & CEO

Daniel began his career with Sun Microsystems, a company that sold computers and computer software. He worked as an engineer and a service delivery partner.

From there, he spent eight years with Emerson (NYSE: EMR), a manufacturing company specializing in products and services for industrial and consumer markets.

In 2004, Daniel co-founded United IT, a consulting business providing IT and cyber security services. He ran this business until starting Genobank.

He earned a Bachelor’s degree in Communications from Ciudad de Mexico, and an MBA from IPADE Business School.

Gabriel Manjarrez - Chief Operating Officer

Prior to Genobank, Gabriel was co-founder and CEO of Lumbrera, a financial services company providing consumer and small business loans to applicants in Mexico City. He held this position for nearly 12 years.

Before that, he was a member of the Board of Advisors for several companies, including Abra, a mobile financial technology platform for transferring money, and PayJoy, another consumer-based financial app.

Earlier in his career, he was a Hispanic Marketing Executive for Bank of America, and started as an analyst with McKinsey & Company, a management consulting company.

Gabriel earned a Bachelor’s degree in Business from The Autonomous Technological Institute of Mexico and an MBA from Stanford.

Everardo Barojas - Co-Founder & CTO

Before Genobank, Everardo founded Prescrypto, a platform that can create, send and audit electronically signed medical prescriptions.

Prior to that, he spent four years as a Ph.D. candidate at the National Autonomous University of Mexico.

He was a business developer for Volabit, a startup focused on the cryptocurrency industry, and began his career as a co-founder of Tecsus, a startup offering custom engineering-based solutions for businesses.

Everardo earned a Master’s degree in Electrical and Electronics Engineering and a Ph.D. in Management from the National Autonomous University of Mexico.

Raising
$1.07 million
Committed
$157K (15%)
Current Valuation
$10 million Cap / 15% Discount
Min. Investment
$100
Deal Type
Title III
(For all investors)
Offering Type
SAFE
Finance History
  • $50K
    2019-02-24
    Unknown
    (SAFE)
  • $25K
    2019-03-20
    Unknown
    (SAFE)
  • $50K
    2019-10-24
    Unknown
    (SAFE)
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