The funding round was led by Novo Holdings, with participation from existing investors such as LeapFrog Investments and Sofina
MedGenome will use the funding to expand its geographical footprint beyond South Asia to Africa and the Middle East
MedGenome is a genomics research and diagnostics startup that offers a host of products, including genetic testing and drug discovery solutions
Bengaluru-based genomics research startup MedGenome has raised $50 Mn 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 Sofina.
The startup will use the funding to expand its geographical footprint beyond South Asia to Africa and the Middle East.
MedGenome will also use the investment to broaden its product portfolio and improve the reach of its diagnostic services across reproductive and oncology domains. It will also invest in enhancing its bioinformatics and software-as-a-service (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.
In a statement, Novo Holdings said that the investment will give the asset management company a significant minority stake in MedGenome.
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.
“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,” MedGenome CEO Pratapneni said.
MedGenome had last raised $55 Mn in 2020 in a funding round led by LeapFrog Investments. According to Crunchbase, the startup has so far raised $185.5 Mn in multiple funding rounds. The startup 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 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.
In India, it primarily competes with players such as MapMyGenome and Positive Bioscience.
According to a report, India’s genetic testing market is expected to be worth $60.78 Mn at the end of 2022. This number is further expected to surge to $90.52 Mn by 2028, growing at a CAGR of 6.94% between 2022 and 2028.