Bengaluru-based MedGenome, a genomics research, and diagnostics startup is all set to raise $10 million (Rs 65 crore) in series C round. The fund will be led by its existing inventor Sequoia capital, new investor Sofina and others.
This will mark the second leg of funding in the Series C round. Earlier, in August this year, the startup had raised Rs 196 crore in the same round.
The latest proceeds will be deployed to enhance the development of the company’s diagnostics tests.
Founded in 2013, MedGenome provides genetic tests for lots of diseases like cancer, metabolic diseases, neurological disorders, prenatal disorders, and eye diseases.
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.
MedGenome chairman Sam Santhosh talking to PTI said that the company in August this year, in Series C funding round, has raised $30 million and raising another $10 million soon. The firm will use the funds to accelerate the company’s journey towards biomarker discovery programmes and also reach the precision medicine.
The company is expanding market penetration by increasing customer awareness on the importance of genetic tests.
It operates the largest Next Generation Sequencing (NGS) in South-East Asia, and the CLIA-certified, CAP- accredited sequencing lab in Froster city, California. After first two years of its operation, the company claimed to achieve break even.
Earlier, the firm had raised $4 million followed by another round of investment, ($20 million) from Sequoia capital. In the latest C Round Series, the firm had secured $30 million from existing investor Sequoia capital followed by new investor Sofina.