MedGenome Labs Pvt. Ltd, a genomics-based diagnostics and research firm, on Wednesday said it has raised $55 million (Rs 411 crore) in a fresh funding round led by LeapFrog Investments.
Existing investors Sofina and Sequoia also participated in the round, MedGenome said in a statement. The fresh capital will help MedGenome expand access and affordability of genetic testing services across India and accelerate its drug discovery programs, it added.
MedGenome, which gets samples from more than 550 hospitals and 6,000 clinicians across India, has completed over 200,000 genomic tests so far.
Sam Santhosh, CEO and founder at MedGenome, said genetics is having a transformational impact on families through early disease risk detection, inherited disease prevention, health care personalization, and new therapy development.
“MedGenome strives to deliver these benefits to India and emerging markets, where the burden of many inherited and complex diseases is even higher than in western markets," he added.
The Bengaluru-based company is a subsidiary of Kerala-based SciGenom Labs Pvt. Ltd. It was started by Sam Santhosh in 2013 as a spin-off from SciGenom, which he had founded in 2009.
MedGenome had raised $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013. In 2015, it had raised $20 million in a Series B round of funding from Sequoia Capital.
In 2017, the firm raised $30 million (Rs 192 crore) in a Series C round led by Sequoia and new investor Sofina SA. The following year, it mopped up fresh funds from new investors HDFC Ltd and its associates as part of its extended Series C funding round.
Last month, VCCircle reported that MedGenome had raised venture debt from InnoVen Capital.
The genomics and the high-end diagnostics segment is at a nascent stage in India, but it has been attracting private investments for a while. Other funded players in the segment include iGenetic Diagnostics Pvt. Ltd, which is backed by Manipal Education and Medical Group as well as UK-based development finance institution CDC Group Plc; and Core Diagnostics Pvt. Ltd, which is backed by Artiman Venture and Eight Roads. Core Diagnostics had earlier raised venture debt from InnoVen Capital.
LeapFrog
Founded in 2007 by Andrew Kuper and Jim Roth, the investment firm typically invests $10 million and $50 million in capital in high-growth businesses in emerging markets.
Last year, the London-based impact investor closed its third fund at $700 million, topping its initial target of $600 million.
In an interaction with VCCircle, Leapfrog, partner Michael Fernandes, had said it may invest over $200 million in India from the third fund.
In India, it has backed a slew of financial services firms including Northern Arc Capital, Fincare Small Finance Bank, NeoGrowth and Dvara Kshetriya Gramin Financial Services. In 2017, it exited Mahindra Insurance Brokers Ltd.