MedGenome, a genomics-driven research and diagnostics company, announced it has raised $55 million in a new round of funding, led by global impact investment firm LeapFrog Investments.
According to the Company’s statement: “The company’s two existing backers, Sequoia Capital and Belgian investor Sofina, have also participated in the latest round of equity financing.”
The funds will be utilised to expand clinical genomic testing to India’s tier-2 and tier-3 towns and cities, as well as towards accelerating its drug discovery programs.
“Genomics and personalised medicine are the future of healthcare, but emerging markets remain significantly under-penetrated. As the largest player in India in applied genomics, we are well-positioned to fill this gap,” Sam Santhosh, founder and chief executive of MedGenome, said.
Earlier, the company had raised an estimated $55 million in equity funding, as well as a smaller amount in venture debt financing from InnoVen capital.
“As the leading player in its field, we believe that our investment will enable MedGenome to rapidly consolidate its position in Asia and become a significant player in the global market for drug discovery and precision medicine,” Felix Olale, global co-lead for healthcare investment at LeapFrog, said. Olale also led the transaction in MedGenome on behalf of LeapFrog.
“Our investment will also drive the development of new drug discovery platforms that will have an enormous impact on cancer and cardiovascular disease,” he said.
MedGenome claims to have built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has completed over 200,000 genomic tests to date and obtains samples from more than 550 hospitals and 6,000 clinicians across India, the press release stated.
MedGenome was founded by Santhosh in 2013. The company has emerged as a prominent genetic diagnostic testing company in Asia’s third-largest economy, a sector, which is still, however, considered a nascent one in the world’s second most populous nation.
