Research & Diagnostic Startup MedGenome Raises Additional $10Mn In Series C From HDFC
Genomics-based Research and diagnostic startup MedGenome Labs, today announced a USD 10 million capital infusion from HDFC and its subsidiaries HDFC Life and HDFC Asset Management Company, completing its $40 million Series C round of funding including $30 million raised earlier led by Sequoia Capital, Sofina SA along with the participation of Zodius Capital.
The raised capital will be used to expand the clinical genomic testing market by penetrating small towns.
The startup is backed by Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan.
“We believe understanding genetic information can have a big impact on the Indian healthcare industry through early detection of disease risk and development of new medicines,” said Deepak Parekh, chairman, HDFC Group, in a media statement.
Research and diagnostic startup MedGenome Labs was founded in 2013 by Sam Santosh in Bengaluru, as a subsidiary of Kerala-based SciGenom Labs Pvt. Ltd and had raised $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013 followed by a $20-million Series B round of funding from Sequoia Capital, in 2015. The startup has raised a total of about $94 million, till date.
The startup, which is present in both India and the US, claims to operate the largest next-generation sequencing (NGS) lab in Southeast Asia, and a CLIA-certified, CAP-accredited sequencing lab in California.
Genetic sequencing is in nascent stage in India, there a few startups working in this domain such as Ahmedabad based Xcelris and Chennai-based Xcode Life Science.
Another similar startup iGenetic Diagnostic Pvt Ltd had secured funding of around INR 130 crore from Manipal Education and Medical Group and UK firm CDC Group plc, in March 2017.