LabGenomics invests in Humanscape's overseas subsidiary... Targeting Southeast Asian market using Mamitok

Genome molecular diagnostics specialist LabGenomics is participating as a strategic investor in Genoscape PTE. LTD., the overseas subsidiary of digital healthcare startup Humanscape. The two companies are accelerating their efforts to target the Southeast Asian healthcare market.

LabGenomics announced on the 3rd that it participated in a paid-in capital increase conducted by Genoscape, securing a 30% stake and becoming the second-largest shareholder. Genoscape is a subsidiary established by Humanscape to enter the Southeast Asian diagnostics market. Humanscape is a company that addresses unmet needs throughout the human life cycle by providing services such as the pregnancy and childcare platform Mamytalk and the rare disease integrated solution Rarenote. In 2021, Kakao made a strategic investment of 15 billion KRW in Humanscape and remains the largest shareholder.

With this investment as a turning point, LabGenomics and Genoscape will collaborate comprehensively in areas including genome molecular diagnostics services, DTC (Direct-to-Customer) genetic analysis, joint development of biomarkers, and Next Generation Sequencing (NGS). The two companies plan to sequentially expand their business in Southeast Asian countries such as Indonesia, Vietnam, and Malaysia.

Recently, domestic healthcare companies have been actively pursuing entry into the Southeast Asian market, which has high growth potential due to its high population growth rate and economic growth rate. LabGenomics’ strategic investment in Genoscape is supported by the judgment that cooperation with a digital healthcare platform company can secure a leading position in the Southeast Asian genetic testing market.

Synergy from the collaboration between LabGenomics and Humanscape is also anticipated. LabGenomics possesses various molecular diagnostic testing technologies, including prenatal genetic testing, cancer genetic testing, genetic disease testing, and NGS. By combining with Humanscape’s Rarenote and Mamytalk, they are also exploring ways to advance services in various forms.

A LabGenomics official stated, “We are very much looking forward to the synergy between the two companies through cooperation with Mamytalk, which has the largest number of domestic maternal users. This Genoscape investment goes beyond a simple investment; we have become the second-largest shareholder and will participate in management, collaborating with Genoscape in various ways to directly showcase Korea’s NGS technology overseas.”

He added, “Furthermore, by providing DTC genetic testing that combines personalized diagnostic content and entertainment elements for various age groups from infants to adults, we will secure a leading position in the Southeast Asian DTC genetic market.”

Currently, LabGenomics holds a dominant share of the domestic DTC market. Industry experts believe that LabGenomics’ outstanding domestic DTC market share and experience will be a great asset in Genoscape’s overseas market expansion.

‘Mamytalk,’ launched by Humanscape in 2020, is a pregnancy and childcare app that has secured approximately 670,000 users domestically. In Indonesia, the first overseas expansion region, it currently has over 100,000 subscribers and has begun monetizing the solution. In Vietnam, it is also conducting local sales activities in cooperation with the Ministry of Health’s Population Department.

A Genoscape official said, “Thanks to establishing a strategic partnership with LabGenomics, we have been able to accelerate our efforts to target the Southeast Asian market, which has high growth potential in the healthcare sector. We will develop various business models such as genome analysis and joint biomarker development in the Southeast Asian market.”

This content was produced with the assistance of AI translation services.