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 …