23andMe announced that it has raised more than $50 Million dollars in a fresh round of financing. One of the contributors to the new round of funding is Yuri Milner – the russian venture capitalist who also funded Facebook and Twitter. Other investors are Sergey Brin, 23andMe CEO Anne Wojcicki, New Enterprise Associates, Google Ventures and MPM Capital.
Announcing the new round of financing 23andMe dropped its personal genetic test kit price to $99. Although the price drop from 23andMe comes during this years holiday time, this drop is not just a special deal. 23andMe’s $200 price drop is a permanent move by 23andMe to reach its personal genetic testing service to one million customers. 23andMe currently has about 180,000 customers.
Announcing the news in a press release Anna Wojcicki said
A community of one million actively engaged individuals will be transformational for research. A community of this magnitude will improve researchers’ ability to quickly answer questions about genetic function and the role of environmental factors. In addition, it will enable researchers to understand medication efficacy and side effects, in both medications that exist today and medications are that are in development.
The Cost of Personal Genetics at 23andMe: $999 in 2007 to $99 in 2012
This is the second time 23andMe dropped its personal genetic kit’s price this year. In May this year, 23andMe dropped the price by $100 from $399 to $399. It also simplified its pricing structure by removing the subscription plan. The new pricing means that 23andMe has dropped $900 for its personal genetic test service since it started offering personal genetic testing service in 2007 for $999.
The new $99 price for 23andMe personal genetic kit is valid from November 26. 23andMe tweeted that customers who bought the kit on or after 26th November will receive details to get the refund soon.
@mbarulli If you ordered on or after Nov. 26, look for an email with refund details in your inbox soon.
— 23andMe (@23andMe) December 11, 2012
23andMe stands alone at the top
The personal genetics company/market has changed a lot during this year (especially this week). While, the personal genetic company 23andMe is standing tall and rising up, the other two major players Navigenics and deCODE are kind of out of personal genetic market. Just yesterday, deCODE was acquired by Amgen. And Navigenics was acquired by Life Technologies earlier this year.
- Press release: 23andMe Raises More Than $50 Million in New Financing
- Blog post: One Million Strong, A Note from 23andMe’s Anne Wojcicki