FOXO Technologies Inc. today announced that it has closed a $10 million investment led by healthcare and technology investor Bespoke Growth Partners, Inc.
The investment represents the first external capital FOXO has received and brings its total funding to $40 million.
FOXO uses AI-driven bioinformatics and DNA microarray technology to develop and commercialize epigenetic biomarkers of health and aging. FOXO sees broad application for its proprietary biomarker technology for insurers, health researchers, and life science companies. This funding round will support FOXO’s mission to modernize life insurance with the purchase of Memorial Life Insurance Company of America, which upon regulatory approval and closing, will be renamed FOXO Life.
“We are entering a new epoch in our understanding of biological systems,” said Jon Sabes, CEO and Founder of FOXO. “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.”
With $40 million in funding secured to date, FOXO provides epigenetic biomarker services with the Infinium Methylation Array and the Infinium Mouse Methylation Array, as well as bioinformatics software and AI-services with MethylSuite and DataRobot. FOXO plans to launch FOXO Life, which seeks to reimagine the role life insurance plays in the health of its customers with life insurance designed to keep you alive. FOXO has also entered into research agreements with top universities to further its work in creating and commercializing epigenetic biomarkers of health and wellness from data rich longitudinal studies.
The $10 million round was initiated and led by healthcare and technology investor Bespoke Growth Partners, Inc. and Joseph Gunnar & Co., LLC acted as the exclusive placement agent.