NEA’s Patrick Chung Gets Board Seat on Genomics Start-up 23andMe - CBL

By Citybizlist Staff

BALTIMORE -- New Enterprise Associates partner Patrick Chung has taken a board seat with 23andMe, the personal genomics company started by Google co-founder Sergey Brin's wife, Anne Wojcicki.

Chung was listed as a board member in April, when 23andMe reported in a regulatory filing that it had raised $11 million out of a $24.26 million Series B round, according to PEhub.com.

In 2007, when 23andMe raised its Series A round of around $9 million from Mohr Davidow Ventures, Genentech and Google, all of California -- and NEA, with offices in Baltimore and Chevy Chase , Md. -- Chung was not on the start-up's board, said the report at the private-equity community's Web site.

Mountain View, Calif.-based 23andMe reportedly had a policy barring board seats for venture capitalists, leading Mohr Davidow to sell its small stake and invest in a rival start-up, Navigenics.

Foster City, Calif.-based Navigenics and 23andMe offer DNA tests to detect human predisposition to genetic diseases.

NEA is a technology-focused venture capital firm with about $8.5 billion in committed capital.

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Bio from NEA's Web site:

Patrick Chung
Partner
Investing Area: Information Technology

?Patrick joined NEA in 2004 and became Partner in 2007. Patrick focuses on consumer, Internet and mobile investments across stage. He is a director of 23andMe, Loopt, GoodGuide, Quantios and Realtime Worlds, and is actively involved with Nurien, Xoom and the firm's venture growth activities. Prior to joining NEA, Patrick helped to grow ZEFER, an Internet services firm (acquired by NEC) to more than $100 million in annual revenues and more than 700 people across six global offices. Prior to ZEFER, Patrick was with McKinsey & Company, where he specialized in hardware, software, and services companies. Patrick received a joint JD-MBA degree from Harvard Business School and Harvard Law School, where he served as an Editor of the Harvard Law Review. Patrick was a Commonwealth Scholar at Oxford University, where he earned a Master of Science degree. Patrick earned his A.B. degree at Harvard University in Environmental Science. He is a member of the New York and Massachusetts bars, and a member of the Committee to Visit Harvard College.

Bio from 23andMe's Web site:

Anne Wojcicki
Co-Founder

Anne brings to 23andMe a 10-year background in healthcare investing, focused primarily on biotechnology companies. Anne left the investing world with the hope that she could have a positive impact on research and medicine through 23andMe. From her vantage point, Anne saw a need for creating a way to generate more information - especially more personalized information - so that commercial and academic researchers could better understand and develop new drugs and diagnostics. By encouraging individuals to access and learn about their own genetic information, 23andMe will create a common, standardized resource that has the potential to accelerate drug discovery and bring personalized medicine to the public. (Plus, getting access to her own genetic information and understanding it has always been one of Anne's ambitions.) Anne graduated from Yale University with a B.S. in biology.