Bioniq has raised £11.5 million in Series B funding for its personalised supplements based on blood biomarker data.
Founded in 2019, the London firm will use the funds to further expand its global market share.
It will focus on global laboratory network integrations; market, operational and human resources expansion in the US and the Middle East; and implementing a corporate platform for medical, wellness and athletic institutions.
The US market now makes up over 50% of its customer base.
Bioniq says its ability to provide quantifiable before-and-after snapshots of users’ nutrient needs and optimisation progress has been one of the biggest assets in its partnerships with leading health and sports institutions such as Lanserhof and UFC.
It has since become the product of choice for many of the world’s top athletes, including Manchester United’s Diogo Dalot and former NBA All-Star Andrei Kirilenko, who have used Bioniq for years to optimise their micronutrient levels and enhance performance and recovery.
The oversubscribed round was led by principal investors HV Capital and Unbound. It values the company at $75m.
“We’ve entered a new era in nutritional supplementation over the last six years, where it’s become clear that one-size-fits-all solutions are simply inefficient,” said Vadim Fedotov, co-founder and CEO.
“Everyone’s health journey is unique and fluid. Customers need advanced, adaptable products that provide evolving support for personal health goals. Our AI-driven approach and extensive biochemical database allow us to create customised supplements that provide quantifiable results and cater to individuals’ specific needs.
“Beyond meeting consumer demand, we’re setting a new standard in the industry by making the process and results transparent to the users.”
Over the last decade, Bioniq has built the largest proprietary biochemical database of its kind, which leverages blood test data from customers across five continents. The AI-powered patent-pending Bioniq algorithm assesses an individual’s height, weight, age, lifestyle and health goals to precisely identify micronutrient imbalances and create a tailor-made supplement formula to help optimise health.
Bioniq PRO offers high performers and health enthusiasts the greatest level of personalisation and incorporates blood biomarker data into its algorithm, offering users the option to upload existing bloodwork into the system to gain recommendations based upon a global repository of data or book a blood test through Bioniq via a partner lab.
Blood biomarker data is then analysed to assess current nutrient status, identify imbalances, and address them by providing users with a tailor-made daily supplement formula.
1:1 nutrition consultations also allow users the opportunity to discuss unique needs and next steps with a registered dietitian.
Bioniq GO utilises the company’s same proprietary database to offer users a more accessible option, based on a questionnaire that prompts the AI algorithm to recommend users with a unique supplement blend based on their responses and previous users’ blood biomarker data.
“Bioniq’s exceptional growth is a testament to its innovative approach for high quality personalised health solutions that professional athletes across the world rely on,” said David Kuczek, general partner at HV Capital.
“With sales from across 60 countries with the majority coming from North America, the most important market for health solutions globally, Bioniq is well-positioned to continue its trajectory of rapid expansion.”