FOXO Technologies

FOXO Technologies (FOXO) utilizes a saliva-based epigenetic technology to offer an underwriting platform and life insurance services through its subsidiaries, FOXO Labs and FOXO Life, (formerly youSurance), respectively. 

FOXO’s epigenetic technology works by conducting non-invasive DNA tests on consumers that are analyzed using AI and machine learning to identify DNA methylation biomarkers across over 860,000 sites along the epigenome. These findings are used to develop an epigenetic clock that provides a biological age for a user (which may differ from his or her chronological age) to assist in personalized wellness and disease prevention.

In April 2023, the company launched its direct-to-consumer longevity report, providing insights and actionable strategies for individuals to improve their health and wellness.

The company also offers a Bioinformatics Services platform, which provides advanced data analytics solutions, allowing FOXO’s clients in academia, healthcare, and pharma to process data for analyzing and interpreting complex diseases and accelerate discoveries in biology, biotech, healthcare, and epigenetic research.

In November 2023, FOXO Technologies partnered with KR8, an AI analytics firm, to develop a consumer app providing personalized health and wellness advice using epigenetic data and AI. Under the partnership, FOXO planned to use KR8's AI software in its projected health and wellness offering, which included a user app that reportedly provides individualized insights on the user’s biological age along with health improvement suggestions.

Key customers and partnerships

FOXO worked with researchers at the Van Andel Institute and Illumina in 2019 to commercialize a first-of-a-kind microarray, Infinium Mouse DNA Methylation BeadChip, designed to advance epigenetic research in model organisms. Illumina began selling them in Q4 2020, with FOXO earning a royalty on all sales.

Moreover, it has obtained three exclusive rights from the University of California, Los Angeles (UCLA): 1) Mortality Predictor Extrinsic Epigenetic Age Acceleration (EEAA), which estimates an individual’s longevity for purposes of evaluating the potential value of entitlements, such as life insurance policies, annuities, pensions, or other such benefits to be used in actuarial predictive modeling and underwriting 

2) PhenoAge, an epigenetic biomarker of aging that measures healthspan in regard to cancers, physical functioning, and Alzheimer’s disease

3) GrimAge, an epigenetic clock that measures all causes of mortality and epigenetic age using large-scale validation data from thousands of individuals

FOXO started collaborating with biotech company GERO in August 2023 to develop an AI-driven personalized wellness and longevity recommendation engine based on proprietary epigenetic data. Further, in the same month, the company partnered with AI infrastructure company DataRobot to use DataRobot's AI platform to analyze large amounts of complex data for the identification of key biomarkers. 

Funding and financials

In February 2022, Foxo announced a merger with special-purpose acquisition company (SPAC) Delwinds Insurance Acquisition Corp. at a combined value of USD 369 million. The funds through this merger were to be used for product development and the launch of its proprietary products, such as life insurance. Following regulatory approval, the company was listed on the NYSE American under the ticker “FOXO” and began trading in September 2022.

In 2022, the company generated revenue of USD 511,000 (up 325.8% YoY) while it generated net losses of USD 95.3 million compared to a loss of USD 38.5 million in FY2021.