London-based start-up Bioniq has secured £11.5m in funding through its Series B round, which will be used to further expand its global market share. The company, established in 2019, plans to integrate global laboratory networks, expand operational and human resources in the US and the Middle East, and develop a corporate platform for medical, wellness and athletic institutions. Bioniq has the largest proprietary biochemical database of its kind, which uses blood test data from customers globally. Its AI-powered algorithm identifies micronutrient imbalances to create personalised supplement formulas, making it the product of choice for top athletes worldwide. The funding round was oversubscribed and was led by principal investors HV Capital and Unbound, with a company value of $75m.
Bioniq’s algorithm offers two different options to its customers, Bioniq PRO, which includes blood biomarker data, with the ability to upload existing bloodwork into the system or book a blood test through partner labs. It also has Bioniq GO, which recommends a unique supplement blend to users based on a questionnaire.
David Kuczek, a general partner at HV Capital, commended Bioniq’s growth as a testament to its innovative approach to personalised health solutions, adding that the company is “well-positioned to continue its trajectory of rapid expansion”.
Bioniq also collaborates with leading health and sports institutions such as Lanserhof and UFC. Its partnerships with these institutions depend on its ability to provide quantifiable before-and-after snapshots of users’ nutrient needs and optimisation progress. CEO and co-founder Vadim Fedotov noted that most customers require advanced, adaptable products that provide evolving support for personal health goals. He added that Bioniq’s focus is on setting a new standard in the industry by making the process and results transparent to users.
Bioniq has become a popular option for a majority of users in North America, with over 50% of its customer base originating in the US. The company has worked to develop a comprehensive expansion plan to continue to grow its customer base.
