U.S medical genetics company Invitae Corporation today announced that it has entered into a definitive agreement to acquire Clear Genetics, founded by Israelis Moran and Guy Snir, for $50 million.
Under the definitive agreement, Invitae will acquire Clear Genetics for aggregate consideration of approximately $50 million, approximately $25 million in cash and the remainder in shares of Invitae common stock.
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Clear Genetics, a Y Combinator company, equips patients with actionable information throughout the genetic testing process and provides guidance on understanding test results. Clear Genetics’ chatbot called Gia is currently being used by customers in Invitae’s direct channel. Gia was developed in collaboration with genetic counselors to ensure information is offered in a medically responsible way.
Gia can guide patients regarding consent, personalized risk assessment, insurance benefits, pre/post-test education and understanding their test results, all through an intuitive online conversation. Patients ask Gia questions throughout the process, and Gia uses natural language processing to respond with the resources they need.
In addition to Gia, Clear Genetics’ Clinic Hub provides clinicians with similarly easy-to-use software to help manage patient care, including, for example, automated patient triage.
“We founded Clear Genetics with a mission to simplify the genetic testing process for as many people as possible by providing easy-to-use, automated tools that help both patient and clinician from the initial appointment to results,” said Moran Snir, co-founder and CEO of Clear Genetics. “Our shared mission to bring genetics to mainstream medicine makes joining Invitae the perfect next step on our path to delivering better healthcare and personalized treatment options globally.”
The company serves leading health systems, clinics and commercial labs across the U.S such as Geisinger and Huntsman Cancer Institute, among others.
“For genetics to truly go mainstream, patients and clinicians need automated workflow solutions like those Clear Genetics has created,” said Sean George, co-founder, and CEO of Invitae. “In working with the Clear Genetics team over the past year, we have first-hand experience with the value of their patient-centric services. With their capabilities, we will greatly enhance our ability to provide streamlined customer experience, enable scaled clinician education and support, and arm genetics experts with the tools they need to keep up with the exploding demand for genetic information in healthcare.”