30 August 2017 | News
The healthtech startup will use the proceeds to accelerate development of its affordable diagnostics tests.
Bengaluru-based genomics research and diagnostics company MedGenome has secured $30 million in Series C financing led by Sequoia India and Sofina s.a. The round also saw participation from Zodius Capital, Kris Gopalakrishnan of Infosys, and Lakshmi Narayanan, former CEO of Cognizant. The healthtech startup will use the proceeds to accelerate development of its affordable diagnostics tests.
MedGenome will also tackle market penetration by increasing customer awareness on the importance of genetic tests. Additionally, the funding will also be used to broaden biomarker discovery programmes.
The genomics-driven research and diagnostics 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.
With over a million babies born each year with genetic disorders, India carries a huge genetic disorder burden. It is this burden that MedGenome aims to reduce through its services. The company’s services are being leveraged by pharmaceutical and biotech companies across the globe. Its diagnostics tests include many firsts for genetic diagnostics in India, including first liquid biopsy OncoTrack for monitoring cancer treatment, a non-invasive prenatal screening test (NIPT) for pregnant women, and whole exome sequencing test for identifying mutations in rare diseases.