Bengaluru-based genomics diagnostics and research firm MedGenome has secured $30 million in a Series C round led by existing investor Sequoia Capital and new investor Sofina.
The fresh funding round also saw the participation of existing investor Zodius Capital, while Infosys co-founder and former CEO Kris Gopalakrishnan; and former Cognizant CEO Lakshmi Narayanan contributed in their individual capacities.
As per MedGenome’s statement, the latest proceeds will accelerate development of the company’s diagnostics tests and expand market penetration by increasing customer awareness on the importance of genetic tests.
“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,” said Sam Santhosh, Founder and Chairman of MedGenome, reports ET.
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.
MedGenome’s diagnostics tests include 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.
It uses DNA sequencing to conduct clinical genetic testing of complex diseases related to oncology, cardiology and ophthalmology among others. These tests help doctors determine how different medicines will react to different patients. The firm has over 100 genetic tests for ailments like cancer, metabolic diseases, neurological disorders, prenatal disorders, and eye diseases.
Earlier, the firm had raised $4 million in Series A funding round from a clutch of investors led by Emerge Ventures and Papillon Capital and others followed by Series B round of $20 million from Sequoia Capital.
Mapmygenome, Xcelris, SciGenom, Ganit Labs Bio-IT center and Xcode Life sciences are some Indian startups working in the same segment.