Genomics-based diagnostics and research firm MedGenome has raised $30 million in a Series C round, led by existing investor Sequoia Capital and Sofina SA.
Along with them, the round also saw participation from its existing investor Zodius Capital. Infosys co-founder and former CEO Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan have also contributed to the current round.
The proceedings of the current round will help the company to accelerate development of its affordable diagnostics tests and expand the market penetration by increasing customer awareness on the importance of genetic tests. Additionally, the company will also spend money on broadening biomarker discovery programs.
Commenting on the development, Sam Santhosh, Founder, and Chairman of MedGenome said,
Precision medicine is the ultimate goal of clinicians and patients alike which can be enabled through extensive biomarker discovery. We have established leadership in genetic diagnostics for inherited diseases in India. We will now expand DNA based testing to cover infectious diseases like tuberculosis.
Abhay Pandey, Managing Director at Sequoia Capital India Advisors stated,
Sequoia is excited to continue this partnership and we are committed to helping MedGenome strengthen its proposition to consumers and doctors in these markets and become a significant player globally in the arena of precision medicine through data from the currently underrepresented emerging markets including India.
Founded in 2013, MedGenome’s approach is two fold — on the one hand, it provides a range of genetic diagnostic tests in India, including prenatal, pediatric inherited disorders, and oncology testing. On the other hand, its lab in Silicon Valley offers sequencing platforms, bioinformatics, computing, and big data analytics.
Till date, the Bengaluru-based startup has raised a total of $54 million in various funding rounds. It currently has more than 360 employees across its headquarters in Foster City, California and its offices/labs in Bangalore, Delhi, and Singapore.
The company aims to improve global health by decoding the genetic information contained in an individual’s genome. Its access to genomics data with clinical and phenotypic data provides insights into complex diseases at the genetic and molecular level to facilitate research in personalised health care.