MINNEAPOLIS, April 7, 2021 /PRNewswire/ — FOXO Applied sciences Inc. (“FOXO”) at present introduced that it has closed a $10 million funding led by healthcare and know-how investor Bespoke Development Companions, Inc. The funding represents the primary exterior capital FOXO has obtained and brings its whole funding to $40 million.
FOXO makes use of AI-driven bioinformatics and DNA microarray know-how to develop and commercialize epigenetic biomarkers of well being and ageing. FOXO sees broad utility for its proprietary biomarker know-how for insurers, well being researchers, and life science firms. This funding spherical will assist FOXO’s mission to modernize life insurance coverage with the acquisition of Memorial Life Insurance coverage Firm of America, which upon regulatory approval and shutting, will probably be renamed FOXO Life.
“We’re coming into a brand new epoch in our understanding of organic methods,” mentioned Jon Sabes, CEO and Founding father of FOXO. “The maturation of DNA sequencing know-how platforms coupled with AI and bioinformatic instruments is creating a brand new period within the science of well being and wellness. We’re harnessing these applied sciences to create proprietary, hyper-personalized epigenetic biomarkers of well being and wellness that work synergistically with life insurance coverage. Not solely will our know-how higher predict lifespan, however it should assist enhance it as nicely.”
With $40 million in funding secured up to now, FOXO offers epigenetic biomarker companies with the Infinium Methylation Array and the Infinium Mouse Methylation Array, in addition to bioinformatics software program and AI-services with MethylSuite and DataRobot. FOXO plans to launch FOXO Life, which seeks to reimagine the position life insurance coverage performs within the well being of its clients with life insurance coverage designed to maintain you alive. FOXO has additionally entered into analysis agreements with high universities to additional its work in creating and commercializing epigenetic biomarkers of well being and wellness from information wealthy longitudinal research.
The $10 million spherical was initiated and led by healthcare and know-how investor Bespoke Development Companions, Inc. and Joseph Gunnar & Co., LLC acted because the unique placement agent.
FOXO Applied sciences Inc. makes use of AI-driven bioinformatics and microarray applied sciences to develop and commercialize epigenetic biomarkers of well being and ageing. FOXO offers insurers, well being researchers, and life science firms with laboratory companies, microarray design, and AI-driven bioinformatics software program options for producing novel health-based insights into lifespan. For extra details about FOXO, go to www.foxotechnologies.com or e mail [email protected].
SOURCE FOXO Applied sciences