Bulgaria's BlackPeak Capital leads fund-raiser for Slovenian biotech GenePlanet

BlackPeak Capital invested alongside German AI-enabled genetic data technology developer Darwin, Slovenian companies Kolektor and FMR as well as Designed Impact Ventures, the Bulgarian firm said in a press release.

The new funds will help GeneTech broaden its product portfolio, make targeted add-on acquisitions in medical DNA testing and invest in big data infrastructure, according to the statement. The Slovenian company will also deploy some of the capital to further develop an advanced AI system for large-scale language models that will enhance activities linked to the interpretation of the human genome.

"With this investment, we can accelerate our expansion, aiming to establish profitable operations in fifty countries within the next five years, while also investing in cutting-edge AI technology to revolutionize genetic testing," GenePlanet CEO Marko Bitenc said.

Founded in 2008, GenePlanet has been developing clinical, non-invasive early prenatal testing for chromosomal abnormalities and lifestyle genetic testing solutions based on whole genome technology. An established market leader in Central and Eastern Europe (CEE), the biotech has already begun entering new markets in Western Europe, Latin America and Asia.

As part of the transaction, Niklas Pichler, a managing partner of BlackPeak Capital, will join the board of GenePlanet to help drive forward its growth plans, the investment firm also said.

($ = 0.8963 euro)