Dog DNA Startup Embark receives $700 Million from SoftBank

Softbank Group Corp.’s Vision Fund 2 has recently led to a $75 million funding round to Embark Veterinary Inc. It is a genetic startup that seeks to increase the lifespan of dogs.

During an interview, Embark Chief Executive Officer Ryan Boyko said the transaction values the Boston-based company at $700 million. He plans to use the proceeds to hire and for product development.

Embark Veterinary plans to process the DNA of a dog that belongs to the SoftBank founder Masayoshi Son. He hopes to increase the lifespan of canines by three years towards the end of the decade. The firm, which primarily caters to clients in Canada and the US, is considering an international expansion.

The other firm participating in the funding round includes Third Kind Venture Capital, Freestyle Capital, SV Angel, and F-Prime Capital.

Embark’s ‘Breed ID’ kit sells $129, while another breeder-specific kit, the official DNA test of the Westminster Kennel Club Dog Show, retails for $149. It also offers tests on other screens for more than two hundred health risks. As per Bokyo, clients come with dogs who have lengthened their dogs’ lives by altering diets, avoiding certain drugs, and making other changes.

The motive of Embark is to create a new standard of personalized care through digital-based DNA insights.

Source: Bloomberg