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23andMe gets another $2 million from Google
- patio11 17y agoBut it's still a head-scratching investment. Not because of the family ties between the companies, but because why does Google want or need to own a piece of a biotech company? At the risk of belaboring the obvious, Google wants to own a piece of a biotechnology company because it is owned by the wife of one of the founders. If nepotism were a phenomenon unknown to the human experience, we wouldn't have a word for it. Theoretically, adult supervision is supposed to intervene at some point and say "Um, this is both embarrassing and a waste of our shareholders' resources bordering on embezzlement, perhaps we should reconsider?" but, even in a straight-laced old-economy company, it happens occasionally. People also occasionally get thrown on out on their rumps for it, and for less than $2 million, too.
- aj 17y agolol.. True and funny. I was thinking the exact same thing. Is the investment really because of the work of 23andMe or because it is Mrs Google's company?
- menloparkbum 17y agoGoogle wants to own a piece of a biotechnology company because it is owned by the wife of one of the founders Still, I've always wondered why this was an investment by Google, rather than having the money come out of Sergey's pocket.
- lsb 17y agoYou'll probably be amused to note that the Latin word "nepos" can mean both "descendant" and "spendthrift".
- narag 17y agoIIRC they were Pope's nephews.
- jeremyawon 17y agowhy does Google want or need to own a piece of a biotech company? have you seen GATTACA? a 23andMe scan will eventually be part of the recruiting process.
- deleted 17y ago[deleted]
- froo 17y agowhy does Google want or need to own a piece of a biotech company? Honestly, I think this is part of their "index all the world's information" strategy, which is why it is coming out of corporate pockets rather than Brin's own bank account. Human Genome data would be up there with health information that Google is already trying to gather with their Google Health product (https://www.google.com/health https://www.google.com/health). I would suggest there is at least some minor correlation between the two, even if it is distant.
- kqr2 17y agoSergey Brin could easily finance that amount himself. It's a bit puzzling why google would want to taint themselves with a potential conflict of interest.
- MaysonL 17y agoAccording to this TC article, he also lent them $10 million. http://www.techcrunch.com/2009/06/18/all-in-the-family-sergey-brin-loans-23andme-10-million-and-google-ponies-up-26-million/ http://www.techcrunch.com/2009/06/18/all-in-the-family-serge...
- ktharavaad 17y agoWell, as they tell you: Girlfriends are expensive, wife even more so. But seriously, why would one of their early investors divest themselves and invest in a competing company? something just doesn't seem right.
- poshj 17y agothe same reason google used to invest in baidu
- peregrine 17y ago23andMe has the potential to change the way people look at medicine, physical care, and life in general. If I had as much cash in the bank as Google I would being the same with more capital. Even if this company flounders the work they are doing has the potential to be big,
- colinplamondon 17y agoThere are other companies doing the same thing, however. They might not be as far along or have the same credentials as 23andMe, but one would that that Google, Inc. as an entity would want to avoid the conflict of interest, and, if it's a strategic investment in personalized DNA analytics, invest in a similar company just to avoid that conflict.