Sobank Invests in US Pet Dog DNA Startup

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[Asia Economy Reporter Yujin Cho] Embark Veterinary, a U.S. biotechnology startup researching pet dog genetics, has attracted investment from Japan's SoftBank Group (SBG).

According to Bloomberg on the 26th (local time), Embark announced that it raised a total of $75 million (approximately 86.3 billion KRW) in a funding round led by SoftBank's Vision Fund 2.

Ryan Boyko, CEO of Embark, stated that the company was valued at $700 million during this fundraising process.

Embark plans to use the funds raised from this investment for new hiring and product development.

Embark provides genetic (DNA) testing services for pet dogs. Based on genetic testing, it claims that customized management such as dietary control can extend a pet dog's lifespan by three years.

Despite the COVID-19 pandemic, Embark's sales increased by 235% compared to the previous year, and it expects to exceed $100 million this year.

In addition to SoftBank Vision Fund 2, investors in this round included F-Prime, SV Angel, Freestyle Capital, and Slow Ventures.

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