23andMe, Inc. is a personal genomics and biotechnology company based in California. Anne Wojcicki, one of the founders of 23andMe, stated that she wanted to do something that was going to help people be healthier. 23andMe aims to give people access to their own genetic material so that people could make informed behavioral choices to lower their hereditary illness risk factors.
23andMe is best known for offering genetic testing services that only take a short amount of time. They deliver an instant result by testing saliva samples provided by their customers in a laboratory utilizing single nucleotide genotyping. Customers then would be able to learn about their ancestors and genes that quickly.
The company's name is inspired by the fact that a wild-type human cell contains 23 pairs of chromosomes. 23andMe was the first firm to provide autosomal DNA testing for ancestry way back in 2007. Previously, because of its genetic health testing, the company had a conflict with the US Food and Drug Administration.
However, as of October 2015, DNA tests ordered in the US have an updated health component, resulting in them to be approved by the FDA. And now, 23andMe is the first and only direct-to-consumer DNA test that provides 55+ health reports that fulfill FDA standards.
In June 17, 2021, 23andMe went from a privately held company to public through Purpose Acquisition Company (SPAC), SPAC companies are publicly listed businesses formed with the intention of purchasing or merging with an existing company, they raise capital through an initial public offering (IPO) with the intention of acquiring an existing functioning firm.
According to several market analysts, 2021 is the year of the SPAC, so 23andMe decided to jump on board with the trend through a merger with Richard Branson, the founder of Virgin Group, in a deal worth nearly 2.2 billion AED, valuing the company at 12.85 billion AED. On its first day of trading as a public company, 23andMe stock rose by 21% on the Nasdaq.