Research And Diagnostics Testing Firm MedGenome Secures Series C Funding From Sequoia
Genomics-based diagnostics and research firm MedGenome has raised US$30 million (INR 192 crore) in a Series C round led by existing investor Sequoia Capital and Sofina SA along with the participation of existing investor Zodius Capital.
Apart from them Infosys co-founder and former CEO Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan, too contributed to the round in their individual capacities.
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.
The raised capital through latest round will help the firm to accelerate development of the company’s affordable diagnostics tests and expand the market penetration by increasing customer awareness on the importance of genetic tests. Additionally, the funding will be used to broaden biomarker discovery programs, it said.
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.”
The investors see this partnership as an exciting opportunity in the development of precision medicine. “We are excited to continue this partnership that will strengthen its proposition to consumers and doctors in these markets,” Abhay Pandey, Managing Director, Sequoia Capital India Advisors.
Till date, the Bengaluru-based startup has raised a total of US $54 million. MedGenome currently has more than 360 employees across its headquarters in Foster City, California and its offices/labs in Bangalore, Delhi, and Singapore.