Japan’s SoftBank backs dog DNA start-up Embark that aims to increase canine lifespans
- Embark hopes to increase canine lifespans by three years toward the end of this decade by screening for health risks and avoiding inbreeding
- SoftBank’s funding values the US-based company, whose revenue surged 235 per cent in 2020 from a year earlier, at US$700 million
The transaction values the US-based company at US$700 million, Embark CEO Ryan Boyko said in an interview.
“We give pet owners and breeders tools to create the best future for their dogs and want to be able to expand our audience,” Boyko said, noting that Embark plans to use the proceeds for hiring and product development. “The topic of mortality, because of the pandemic, has made families realise they want their dogs around for as long as possible.”
Other firms to participate in the funding round include F-Prime Capital, SV Angel, Freestyle Capital, Slow Ventures and Third Kind Venture Capital.
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Embark’s “Breed ID,” the official DNA test of the Westminster Kennel Club Dog Show, sells for US$129. It offers other tests that screen for more than 200 health risks. Boyko said clients have lengthened their dogs’ lives by avoiding certain drugs, altering diets or making other changes based on Embark’s data.
Embark’s revenue surged 235 per cent in 2020 from a year earlier and is poised to eclipse US$100 million this year, a person with knowledge of the matter said.
The firm’s dog database will top 1 million in coming months, said Boyko, who founded Embark in 2015 with his brother Adam, an associate professor at the Cornell University College of Veterinary Medicine in Ithaca, New York.
Embark found that avoiding inbreeding, which can cause allergies and other maladies, is a simple way to add two years to a dog’s life.
Embark “is creating a new standard of personalised care through digital-based DNA insights,” Lydia Jett, a partner at SoftBank Investment Advisers who’s joining the start-up’s board, said in an emailed statement.
