Genetic testing startup Prenetics has raised $40 million in a Series B funding round led by Hong Kong-based venture capital fund Beyond Ventures and the Alibaba Hong Kong Entrepreneurs Fund.

The round also includes capital from Yuantai Investment Partners, mFund and eGarden Ventures, and brings the startup’s total raised to more than $50 million.

Prenetics said it will use the funds for leveraging Big Data, machine learning and artificial intelligence (AI), continued R&D, hiring more engineers and scientists, M&A and expanding its footprint throughout Southeast Asia and China.

“A sharp focus on preventative and digital health means Prenetics has the potential to significantly disrupt the health care sector and improve the lives of millions of people around the world,” said Lap Man, Co-Founder and Managing Partner, Beyond Ventures.

“In a short time, (Prenetics) has emerged as Southeast Asia’s market leader in genetic testing and digital health. We look forward to working closely with Prenetics throughout Alibaba’s network of companies to provide individuals with valuable health information,” said Cindy Chow, Executive Director, Alibaba Hong Kong Entrepreneur’s Fund.

Alibaba Hong Kong Entrepreneurs Fund was launched as a nonprofit in 2015 to support companies that can potentially contribute to Alibaba’s ecosystem. While Alibaba is best known for e-commerce, the tech giant also runs a healthcare subsidiary called Alibaba Health Information Technology (known as Ali Health).

Prenetics claims to have already processed nearly 200,000 DNA samples. The company said that sales of genetic tests are expected to reach $10 billion within a decade.

Prenetics also partners with insurance companies such as Prudential, AIA, HSBC Insurance and Muang Thai Life to provide health information for policyholders. It currently offers its products in Hong Kong, Singapore, Malaysia and Thailand.