GenoBank
GenoBank is a digital identity wallet for individuals to privately store and manage genomic data.
Website: https://genobank.io/
HQ: Palo Alto, California, United States
Active Markets: United States and Global
Problem Addressed
According to GenoBank, 56% of people believe they have a right to own and manage their own personal genomic information without going to a healthcare provider. Currently, access to this information in siloed, healthcare provider managed databases not easily accessed by the individuals who generate those data.
Project Description
Genobank’s personal data non-fungible tokens are stored on the blockchain with access privileges controlled by smart contracts. Participants submit anonymous DNA kits, the results of which are tokenized as BioNFTs – private, permissioned blockchain nonfungible tokens. Users can choose to monetize their data by selling it to companies, donate the information to research initiatives, and track changes over time.
With the use of smart contracts and zero-knowledge proof technology, participants are able to share data without revealing private information or revealing their identity. GenoBank works with laboratories and researchers to manage DNA collection through programs across the globe. GenoBank only works with parties that are willing to comply with participant rights to revoke participation with full data removal at any time. GenoBank also offers livestock and animal pedigree certification services, with verifiable records stored on chain.
Business Data
Status: Active
Constituency Served: General public, researchers research organizations
Networks: Ethereum
Known Investors: EXPERT DOJO, EOS VC Fund, Block.one
Additional References: N/a
Progress to date
In March 2024, GenoBank was announced as a member of the TechStars Web3 class of 2024. GenoBank closed a Republic crowdfunding round in August of 2020 for over $450,000. In total, GenoBank has raised $564,000 in funding as of April 2024.
Business Model
GenoBank charges fees for products and services.
Traction
CEO Daniel Uribe explained in an interview with CCI that GenoBank is measuring success on the amount of laboratories the company onboards, indicating that they want to get to 100 before the end of 2023.