23andMe's Database of Genetic Information Is Going to Make It Lots of Money

January 7, 2015 10:52 PM

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For quite some time, tech companies have realized big data means big bucks. (Hello cookies and updated privacy policies.) Facebook is notorious for collecting information on its users, Foursquare sells its users' data to ad-targeting firms and Twitter allows scientists to mine its data. Indeed, consulting firm McKinsey called it a $300 billion industry back in 2011, a number that has surely grown since.

Yesterday, the company announced that it is teaming up with the biotech firm Genetech to try and identify new treatments for Parkinson's disease. The genetics company received a payment of $10 million (with "as much as $50 million" in additional payments down the line) from the biotech firm in excha...

Also read: Apple tells feds ‘new entrants’ to auto industry should get same testing rights as incumbents

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