A startup that got its start in Mason and raised early backing from CincyTech, along with veteran Shark Tank investor Mark Cuban, has been acquired. The deal marks an exit for the company and a new chapter for its team. One of the co-founders has already moved on, stepping into a fresh role after the acquisition closed.
Mark Cuban Backed Genetesis Sells After Raising $40M
The global health-tech company Genetesis has quietly wound down after selling its assets last summer to a major technology company. Little was said about the deal at the time, and that low profile held even as CEO Peeyush Shrivastava stepped into a new role as a principal at the O.H.I.O. Fund on Jan. 26.
About Genetesis
- Founded: 2013
- Capital Raised: $40M+
- Product: CardioFlux
- Exit Type: Asset sale
Shrivastava said the buyer has not been named. The financial details of the transaction have also been kept private.
How Genetesis Spent 12 Years Developing CardioFlux
The sale wrapped up more than a decade of work. Genetesis spent 12 years building CardioFlux, a heart scanner designed to detect cardiac signals without touching the patient. The system resembled an MRI in purpose and relied on magnetocardiography to do the job.
During that stretch, the company emerged as one of the region’s best-funded startups. It raised over $40 million before the exit, with backing from Mark Cuban’s investment firm and other well-known investors.
CEO Peeyush Shrivastava commented on the ordeal, saying, “We were back on the fundraising trail and planning to continue growing the business. This was a serendipitous opportunity that came up. We’ve known these guys for a little while, and they’ve known us for a while, but the timing was just right.”
Genetesis Co-Founder Steps Into New Role at O.H.I.O. Fund
After several months away, Shrivastava stepped into a role at the O.H.I.O. Fund. The firm takes a broad approach to investing in Ohio, putting capital behind businesses, founders, property, and major development efforts across the state.
The Genetesis workforce has moved forward as well. The entire 30-person team has taken on new paths since the transaction, he said. A number of them are now building or exploring new startup concepts in Ohio.
Peeyush connected with the O.H.I.O. Fund through Mike Venerable, one of the firm’s founding partners who leads its health care and life sciences efforts. Venerable previously ran CincyTech, which backed Genetesis early on, and spent years helping guide the Avondale-based seed firm.
In his new role, the former Genetesis founder will focus on identifying and evaluating investment opportunities. He aims to help steer more capital toward companies and projects across the Greater Cincinnati region.
Peeyush Shrivastava on Joining the O.H.I.O. Fund at an Early Stage
The O.H.I.O. Fund launched in July 2024 as a private investment vehicle and, around the same time, closed its 30th deal, bringing on Shrivastava. The fund has raised $356 million so far and has already put $196 million to work. Over the past two years, it has sent more than $75 million back to investors.
The fund models part of its approach on Temasek, the Singapore sovereign investor with a $341 billion portfolio. Temasek has earned a reputation for driving sustained economic growth and helping shape the country’s long-term development.
Peeyush Shrivastava elaborated on the same by saying, “It was nice to take a step back – I took a breath, and I traveled – but the opportunity to work with Mike again and the fact that the O.H.I.O. Fund is also a startup in its own right … I didn’t think I could stay on the sidelines. This group is firing on all cylinders. And we think we’re uniquely advantaged in that the Temasek model has been very well validated.”
The Science and Strategy Behind CardioFlux
Shrivastava launched Genetesis in 2013 alongside Vineet Erasala and Manny Setegn with a clear goal. The team wanted to push magnetocardiography into broader clinical use and catch heart disease earlier.
That vision took shape in CardioFlux, the company’s core product. The system tracked heart signals over time, giving clinicians a way to assess heart health and cardiac fitness without invasive testing.
Genetesis changed course late in its run and tested a new way to reach customers. It launched a CardioFlux Imaging Institute in Mason as a pilot, with plans to replicate the model nationwide. The space resembled a gym more than a clinic and relied on a membership setup. That location is now closed, according to Shrivastava. The buyer does not have operations in Ohio.
Shrivastava said the buyer took notice as years of testing and results piled up, and the team showed how the technology could perform in clinical settings.
The company hit key regulatory markers along the way. Its platform secured FDA 510(k) authorization in 2019 and later received breakthrough device recognition in both 2020 and 2023.
A Familiar Arc for Mark Cuban Backed Health Tech Bets
The outcome also fits a familiar pattern for Mark Cuban, who has backed companies willing to tackle complex health care problems with long timelines and uncertain paths.
Genetesis followed that arc from early conviction to eventual exit. Even without fanfare, the deal closes the loop on a bet that stretched well beyond a TV pitch.
