MedGenome, a genetic diagnostics, research, and data company, has secured $50 million led by Novo Holdings, a Denmark-based life science venture capital investor. The Bengaluru and Delaware-headquartered company also roped in existing backers LeapFrog Investments and Sofina in the new round.
LeapFrog led a $55 million round in MedGenome in April 2020. The company has raised around $190 million to date from investors including Sequoia, International Finance Corporation (IFC) and HDFC.
According to MedGenome, new investment will be used to broaden the product offering and improve the reach of its key diagnostic services, and enhancement of its bioinformatics and SaaS offerings. Novo’s investment will also strengthen MedGenome’s scale beyond India and South Asia into Africa and the Middle East.
MedGenome’s genetic testing provides insights into complex, noncommunicable diseases to aid in drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, cardiology, and other rare diseases.
The nine-year-old company claims that it has administered more than 300,000 complex genetic tests and served over 200,000 patients. Per the company, it obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe.
While MedGenome is yet to file its annual report for FY22 for US or India-based entities, the company’s revenue from operations in India surged by 51% to Rs 164 crore in FY21. As per its regulatory filings with RoC, the Indian entity also reported profits of Rs 10.5 crore in FY21 while it was in loss (Rs 48 crore) during FY20.
In an interview with YourStory in June 2021, MedGenome’s co-founder Sam Santhosh said that the company reported a revenue of Rs 220-230 crore in FY21 and it’s likely to hit Rs 280-300 crore in FY22. Santosh also hinted at a possible IPO in the next couple of years.
Update: We have updated the headline to reflect that MedGenome raised $50 million in this round. An earlier version of the story mentioned $55 million in the heading. We regret the error.