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HomeInsightFunding Alert MedGenome raises $50 mn in funding

[Funding alert] MedGenome raises $50 mn in funding

Genetic diagnostics, research, and data company MedGenome, has raised $50 million in funding from Novo Holdings , with participation from LeapFrog Investments.

Genetic diagnostics, research, and data company MedGenome, has raised $50 million in funding from Novo Holdings , with participation from LeapFrog Investments.

The company plans to use the funds to broaden its product offering and improve the accessibility of its key clinical services, including reproductive and oncology services, and to develop bioinformatics and SaaS offerings.

It will also use the fresh capital scales beyond India and South Asia to Africa and the Middle East and democratize access to genetic testing and personalized health care in emerging markets.

Read also – [Funding alert] TyrePlex raises Rs 12 Cr in pre Series A round

The Bengaluru-based MedGenome was founded in 2013 by Mahesh Pratapneni and Sam Santhosh, It claims that its genetic testing provides data on complex, non-communicable diseases to aid in drug discovery and clinical trials for treatments in the areas of oncology, diabetes, ophthalmology, cardiology and other rare diseases.

The company said it has performed more than 300,000 complex genetic tests and served more than 200,000 patients.

It also receives samples from around 4,000 hospitals and 10,000 physicians around the world.

“The MedGenome team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests, at the same global standard of quality as other market leaders, and at a fraction of the cost. We’re thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and scale access to affordable and life-changing testing,” said Mahesh Pratapneni, Group CEO of MedGenome.

“The success that the MedGenome team has achieved over the last decade is extraordinary. MedGenome’s mission to transform the future of personalized healthcare―one that is affordable, inclusive, and equitable―is a perfect fit with Novo’s investment strategy and broader portfolio,” said, Amit Kakar at Novo Holdings.

In April 2020, MedGenome had rasied $55 million in funding from LeapFrog Investments along with participation from existing investor Sofina.

Read also – [Funding alert] Perpetuity Capital raises Rs 1 cr in funding

About MedGenome

MedGenome is a genomics-driven research and diagnostics company with a mission to improve global health by decoding the genetic information contained in an individual’s genome. Their powerful genomics solutions accelerate biomarker identification and discovery research for pharma and biotech companies.

Their unique access to genomics data with clinical and phenotypic data provides insights into complex diseases at the genetic and molecular level to facilitate research in personalized healthcare. MedGenome Inc. has its Corporate Headquarters and a Next Generation Sequencing (NGS) lab in Foster City, California, US. MedGenome Labs is the market leader for genetic diagnostic testing in India and South Asia.

They deliver AI-driven and Validated Genetic testing solutions through new-age proprietary tools and technologies to empower the Clinicians for better management of disease cohorts in rare inherited diseases, reproductive genetics, cancer, eye & neurological disorders, diabetes, cardiovascular diseases and more.

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