MedGenome Secures $30 Million Series C Funding Led by Sequoia India and Sofina
IMT News Desk
MedGenome, the leading genomics research and diagnostics company, announced completion of $30 million in Series C financing led by Sequoia India and Sofina s.a., with participation by Zodius Capital; Kris Gopalakrishnan, co-founder and former CEO of Infosys; and Lakshmi Narayanan, former CEO of Cognizant.
The Series C funding will 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 also be used to broaden biomarker discovery programs.
MedGenome operates the largest Next Generation Sequencing (NGS) lab in South East Asia, and a CLIA-certified, CAP-accredited sequencing lab in Foster City, CA. The company’s services are being leveraged by pharmaceutical and biotech companies across the globe. MedGenome’s diagnostics tests include many “firsts” for genetic diagnostics in India, including first liquid biopsy “OncoTrack” for monitoring cancer treatment, non-invasive prenatal screening test (NIPT) for pregnant women, carrier screening test for couples planning on a baby, and whole exome sequencing test for identifying mutations in rare diseases.
With over a million babies born each year with genetic disorders, India carries a huge genetic disorder burden.
“Precision medicine is the ultimate goal of clinicians and patients alike which can be enabled through extensive biomarker discovery,” said Sam Santhosh, Founder and Chairman of MedGenome. “MedGenome has established leadership in genetic diagnostics for inherited diseases in India. We will now expand DNA based testing to cover infectious diseases like tuberculosis” he added.
“MedGenome continues to emerge as a leading genomics company bringing affordable and high quality genetic testing to emerging market consumers, supporting physicians make better decisions and leveraging the power of that data to potentially impact global drug discovery market,” said Abhay Pandey, Managing Director at Sequoia Capital India Advisors. “Sequoia is excited to continue this partnership and 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”.
"I am investing in MedGenome which addresses the extraordinary opportunities that exist today in the development of precision medicine” said Kris Gopalakrishnan, Co-founder and former CEO Infosys. “MedGenome’s platform and network are designed to generate actionable insights for clinicians to diagnose and provide better management for complex diseases at reasonable costs."
“Sofina is looking forward to this partnership to broaden the use of genomics-based diagnostics in the Indian healthcare sector, and tap into the value of Indian genetic data for research. We believe MedGenome's efforts will have a definitive impact on healthcare delivery in India and around the world,” said Xiao-Tian Loi, Investment Manager at Sofina.
