Google pours another $3.2M into genetics startup

11-Nov-2010

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Mr. Gao co-found and became the CFO at Oxstones Capital Management. Mr. Gao currently serves as a director of Livedeal (Nasdaq: LIVE) and has served as a member of the Audit Committee of Livedeal since January 2012. Prior to establishing Oxstones Capital Management, from June 2008 until July 2010, Mr. Gao was a product owner at Procter and Gamble for its consolidation system and was responsible for the Procter and Gamble’s financial report consolidation process. From May 2007 to May 2008, Mr. Gao was a financial analyst at the Internal Revenue Service’s CFO division. Mr. Gao has a dual major Bachelor of Science degree in Computer Science and Economics from University of Maryland, and an M.B.A. specializing in finance and accounting from Georgetown University’s McDonough School of Business.

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SEATTLE (AP) — Google Inc.’s venture capital arm, Google Ventures, invested $3.2 million in a genetics startup run by Google CEO Sergey Brin’s wife in November, bringing the Web search leader’s total investments in 23andMe Inc. to $10.2 million.

In a Securities and Exchange filing, Google said it participated in a Series C preferred financing round and continues to hold a minority stake in 23andMe. In a separate SEC filing, 23andMe reported it raised a total of $22.2 million in the round.

Google said its audit committee approved the investment. A new lead investor determined the valuation of the Series C investment, and not Google, according to the Web search company. It did not name the new lead investor.

Anne Wojcicki, co-founder of 23andMe, is married to Brin, who personally invested about $3.4 million in the financing.

The startup offers genetic testing for people interested in what diseases they might be genetically predisposed to, or for people who want to learn more about their ancestry. The tests cost between $400 and $500.

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