Genomics research firm MedGenome has raised additional $10 million to make a total of $40 million in its Series C round. This marks the second leg of funding in the Series C round. Last year in August, the Bengaluru-based firm had raised Rs 196 crore in the same round.
Earlier, it was speculated that MedGenome is planning to raise around $10 million Series C round from its existing investors Sequoia capital, new investor Sofina and others.
The genetic diagnostics startup will use the fresh capital to expand the clinical genomic testing market by penetrating all the Tier II and Tier III cities and democratize the critical genetic tests like noninvasive pre-natal screening (NIPT) and newborn genetic testing.
The company also plans to establish more genetic centers in hospitals across the country for supporting clinics and to enable patients to make an informed decision.
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.
The firm has completed over 100,000 genomic tests and supported clinicians in diagnosing more than 40 per cent unresolved cases.
After first two years of its operation, the Sequoia-backed company claimed to achieve break even. It had increased its revenue by 63 per cent, and reached to Rs 96.94 crore in revenue from Rs 59.50 crore in FY 2015-16. It has posted a profit of Rs 1.54 crore in last financial year.
Currently, about 70 per cent of the company’s revenue is earned from project-based research primarily for US-based pharmaceutical clients. Remaining revenue comes from consumer diagnostic tests in Asia.
Mapmygenome, Xcelris, SciGenom, Ganit Labs Bio-IT center and Xcode Life sciences are some Indian startups working in the same segment.