[Funding Alert] Genomics Research Startup MedGenome raises $50 Mn to expand globally

Funding

Bengaluru-based genomics research startup MedGenome has raised $50 million in a strategic funding round led by life sciences investor Novo Holdings. Other existing investors such as LeapFrog Investments and Sofina also joined the round.

Novo Holdings said in a statement that the investment will give the asset management company a significant minority stake in MedGenome.

As part of the deal, Novo Holdings Equity Asia Senior Partner Amit Kakar and Principal Navjeewan Khosla will join MedGenome’s board as a director and observer.

The startup will use the funding to expand its geographic reach beyond South Asia to Africa and the Middle East. MedGenome will also use the investment to expand its product portfolio and improve the reach of its diagnostic services across the reproductive and oncology domains. It will also invest in enhancing its bioinformatics and software-as-a-service (SaaS) offerings.

Founded in 2013 by Mahesh Pratapneni and Sam Santhosh, MedGenome is a genomics research and diagnostics company that offers a range of products including genetic testing and drug discovery solutions.

Mahesh Pratapneni, CEO of MedGenome, said, “We are thrilled to have the support of a leader in the international life sciences behind us. we are expanding into new global markets and expanding access to affordable and life-changing testing.”

MedGenome last raised $55 million in 2020 in a funding round led by LeapFrog Investments. According to Crunchbase, the startup has so far raised $185.5 million in multiple funding rounds. The startup claims to offer more than 1,300 genetic tests across various disease categories and has over 700 clinical geneticists, genomic analysts and bioinformatics engineers.

It claims to have conducted more than 3 Lakh comprehensive genetic tests and served more than 2 Lakh patients. According to its website, the startup has more than 250 operational locations across South Asia and has partnerships with more than 4,000 hospitals.

In India, it primarily competes with players like MapMyGenome and Positive Bioscience.

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