FOXO Technologies, which leverages AI-driven bioinformatics and microarray technologies for the life science space, has closed a $10m investment round.
The capital injection was led by healthcare-focused investor Bespoke Growth Partners.
This investment is the first external capital to be raised by FOXO Technologies, but brings its total funding to $40m.
The company uses AI-driven bioinformatics and DNA microarray technology to build and commercialise hereditary biomarker technology for health and aging. Its aim is to provide this technology to insurers, health researchers and life science companies to improve health and wellness.
Funds from the round will support its purchase of Memorial Life Insurance Company of America, which is currently undergoing regulatory approval.
The company is looking to launch FOXO Life, which aims to reimagine the role life insurance has in the health of its customers through policies designed to keep you alive.
FOXO CEO and founder Jon Sabes said, “We are entering a new epoch in our understanding of biological systems. The maturation of DNA sequencing technology platforms coupled with AI and bioinformatic tools is creating a new era in the science of health and wellness.
“We are harnessing these technologies to create proprietary, hyper-personalized epigenetic biomarkers of health and wellness that work synergistically with life insurance. Not only will our technology better predict lifespan, but it will help improve it as well.”
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