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December 9, 2013 11:00 pm GMT
Balaji Srinivasan, a Stanford academic who co-founded a major genetic testing company Counsyl, is stepping up as Andreessen Horowitz’ eighth general partner. The firm, which is just four years old, tends to pick general partners who have built or operated large companies before. So this is in keeping with that philosophy. While teaching at Stanford, Srinivasan started Counsyl, a South San Francisco-based company that helps prospective parents test their risks of passing on genetic conditions to their future children. While Counsyl doesn’t get as much hype as other consumer Internet or mobile startups in Silicon Valley, they are the forefront of “big data” meeting the rapidly dropping costs of full genome sequencing. The company is testing somewhere around 3 to 4 percent of all births in the U.S. So with 4 million births per year, that would put them at around 120,000 to 160,000 tests per year. At around $500 to 600 per test (depending on whether there are insurance discounts), they’re on a annualized revenue run-rate of about $60 to 80 million a year and we hear that the company was last valued at $1 billion in the most recent round. What Srinivasan brings to Andreessen Horowitz is the kind of expertise that will help the firm sort out health-related deals. But he has a pretty broad range of interests. He also runs the Stanford Bitcoin group and teaches a MOOC (or a massive open online course) about startup engineering at Stanford that has reached about 125,000 students. “I’m interested in businesses that take digital bits and turn them into interfaces for physical atoms,” said Srinivasan, who will be the firm’s youngest partner at 33. “I’m also interested in drones, Bitcoin and 3D printing.” It took Andreessen Horowitz about six months to recruit Srinivasan over. “Marc was very persuasive with the idea that I could have leverage across a bunch of industries,” Srinivasan said. “Being a VC will definitely be different in certain ways. The biggest change is that I can’t be as hands-on in a company as I normally would be.” The firm’s co-founder Marc Andreessen added, “We met Balaji back in the spring. He’s spent a lot of time at the firm. We’ve gotten to know him, built a great relationship so we decided to pull the trigger.” Andreessen said that he has no plans to open any kind of health or biotech-specific funds. Instead, he’s looking
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/yijz9bLW51Q/
Counsyl Co-Founder Balaji Srinivasan Steps Up As Andreessen Horowitz Newest General Partner
Balaji Srinivasan, a Stanford academic who co-founded a major genetic testing company Counsyl, is stepping up as Andreessen Horowitz’ eighth general partner. The firm, which is just four years old, tends to pick general partners who have built or operated large companies before. So this is in keeping with that philosophy. While teaching at Stanford, Srinivasan started Counsyl, a South San Francisco-based company that helps prospective parents test their risks of passing on genetic conditions to their future children. While Counsyl doesn’t get as much hype as other consumer Internet or mobile startups in Silicon Valley, they are the forefront of “big data” meeting the rapidly dropping costs of full genome sequencing. The company is testing somewhere around 3 to 4 percent of all births in the U.S. So with 4 million births per year, that would put them at around 120,000 to 160,000 tests per year. At around $500 to 600 per test (depending on whether there are insurance discounts), they’re on a annualized revenue run-rate of about $60 to 80 million a year and we hear that the company was last valued at $1 billion in the most recent round. What Srinivasan brings to Andreessen Horowitz is the kind of expertise that will help the firm sort out health-related deals. But he has a pretty broad range of interests. He also runs the Stanford Bitcoin group and teaches a MOOC (or a massive open online course) about startup engineering at Stanford that has reached about 125,000 students. “I’m interested in businesses that take digital bits and turn them into interfaces for physical atoms,” said Srinivasan, who will be the firm’s youngest partner at 33. “I’m also interested in drones, Bitcoin and 3D printing.” It took Andreessen Horowitz about six months to recruit Srinivasan over. “Marc was very persuasive with the idea that I could have leverage across a bunch of industries,” Srinivasan said. “Being a VC will definitely be different in certain ways. The biggest change is that I can’t be as hands-on in a company as I normally would be.” The firm’s co-founder Marc Andreessen added, “We met Balaji back in the spring. He’s spent a lot of time at the firm. We’ve gotten to know him, built a great relationship so we decided to pull the trigger.” Andreessen said that he has no plans to open any kind of health or biotech-specific funds. Instead, he’s lookingOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/yijz9bLW51Q/
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