Sequoia Capital-backed genomics research startup MedGenome has raised $50 million as part of a strategic funding round led by life sciences investor Novo Holdings. The round also saw participation from other existing investors such as LeapFrog Investments and Belgium's Sofina.
The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which led a $55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor Sofina, it said.
As part of the deal, senior partner at Novo Holdings Equity Asia Amit Kakar and principal Navjeewan Khosla will join the board of MedGenome as director and observer, respectively.
The US-headquartered startup will use the funding to expand its geographical footprint beyond South Asia to Africa and the Middle East. It provides research services to US clients and genetic diagnostic tests in Bengaluru.
The company said that the "...latest round of funding will be used to broaden MedGenome's product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as the enhancement of MedGenome's bioinformatics and SaaS offerings".
Founded by Mahesh Pratapneni and Sam Santhosh in 2013, MedGenome is a genomics research and diagnostics company that offers a host of products, including genetic testing and drug discovery solutions. MedGenome is the co-founding member of GenomeAsia 100K project and has built largest database of South Asian genetic variants.
"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 Pratapneni, CEO at MedGenome.
MedGenome had last raised $55 million in 2020 in a funding round led by LeapFrog Investments. The startup has so far raised $185.5 million in multiple funding rounds.
The company claims to offer more than 1,300 genetic tests across multiple disease categories and has over 700 clinical geneticists, genome analysts and bioinformatics engineers on its rolls.
It also claims to have administered more than 3 lakh complex genetics tests and has served more than 2 Lakh patients. According to its website, the startup has more than 250 serviceable locations across South Asia, and has partnerships with more than 4,000 hospitals.
It competes with players such as MapMyGenome and Positive Bioscience in India.