Genoplan

About Genoplan

Genoplan operates in the direct-to-consumer genetic testing market, offering individuals insights into their health based on their DNA. Founded in 2014 by Byungkyu Kang, the company was established to address a gap in genetic data and services specifically for Asian populations. Kang, who studied economics and later earned a master's degree from Boston University's School of Medicine, previously worked as a gene researcher at Samsung before venturing into entrepreneurship. His journey began with a small bank loan and a vision to make biotechnology more accessible and less intimidating to the average consumer.

The company's core business revolves around a DNA testing kit that analyzes a customer's saliva sample. From this sample, Genoplan provides comprehensive reports on over 500 items, including predispositions to various cancers, chronic diseases, and other health-related traits. These reports cover areas like metabolic diseases, brain health, circulatory health, and even responses to certain drugs. The service is designed to empower users to take proactive steps towards a healthier lifestyle by understanding their genetic predispositions.

Genoplan's business model is primarily B2C, selling DNA kits directly to consumers. However, it has also developed a B2B2C strategy, partnering with companies in the healthcare and insurance sectors. For instance, the company collaborates with insurers to bundle the DNA test kits with their products, a model that has reportedly increased sales conversion rates for its partners. This approach provides a more holistic offering to clients, combining financial protection with preventative health measures. The company generates revenue through the sale of these kits and its health analytics platform. Since its inception, Genoplan has raised approximately $20 million in funding from investors including GC Holdings, SparkLabs, and Samsung Venture Investment.