MedGenome closes $40 M Series C funding, HDFC group invests in company
Genomics research and diagnostics company MedGenome on Monday announced it had completed its $40 million Series C funding with an investment from HDFC Ltd, HDFC Life, and HDFC Asset Management.
The company plans to utilise this capital to expand its market reach for clinical genomic testing by penetrating Tier II and Tier III cities, and democratising critical genetic tests like non-invasive prenatal screening (NIPT) and newborn genetic testing. The company plans to establish more genetic centers in hospitals across the country to support clinicians, and to enable patients to make informed decisions.
In 2017, MedGenome had raised $30 million as a part of its Series C funding led by Sequoia India and Sofina, with participation from Zodius Capital, Kris Gopalakrishnan, Co-founder and former CEO of Infosys, and Lakshmi Narayanan, former CEO of Cognizant.
MedGenome claims to have completed over 100,000 genomic tests, and supported clinicians in diagnosing more than 40 percent unresolved cases. About 6 percent of the children born in India have genetic diseases, which is double the worldwide occurrence rate.
Deepak Parekh, Chairman, HDFC Group said, “We believe understanding genetic information can have a big impact on Indian healthcare industry through early detection of disease risk, and development of new medicines. We are very happy to see an Indian company take a lead in a deep technology area like genomics, and have decided to support MedGenome in its endeavor to make genetic tests affordable and accessible widely.”
Sam Santhosh, Founder and Chairman of MedGenome, said, “MedGenome’s goal is to significantly reduce the burden of inherited diseases in India, and assist clinicians in implementing precision medicine. We are excited about partnering with HDFC to increase adoption of genomics across India.”
MedGenome operates the largest CAP-accredited Next Generation Sequencing (NGS) lab in South Asia. Its diagnostics tests include many breakthroughs for genetic diagnostics, including the first proprietary liquid biopsy (OncoTrack) to monitor cancer treatment, noninvasive prenatal screening test for pregnant women, carrier screening for couples planning children, and whole exome sequencing for cost-effective identification of rare mutations.
MedGenome works in the same segment as Hyderabad-based Mapmygenome, which works as a B2B and B2C company with molecular diagnostics kits that specialise in tuberculosis and dengue. The company offers Genomepatri, which is essentially a personal report of an individual’s genetic makeup.