Genomics research and diagnostics company MedGenome has secured $30 million (around Rs 192 crore) in series C funding led by Sequoia India and Sofina SA and aims to accelerate adoption of cost-effective genetic diagnostics.
The latest funding round also saw participation by Zodius Capital; Kris Gopalakrishnan, co-founder and former CEO of Infosys and Lakshmi Narayanan, former CEO of Cognizant, a company release said.
The funding will accelerate development of the company's diagnostics tests and expand market penetration by increasing customer awareness on the importance of genetic tests.
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Additionally, the funding will be used to broaden biomarker discovery programs, it said.
"MedGenome has established leadership in genetic diagnostics for inherited diseases in India. We will now expand DNA-based testing to cover infectious diseases like tuberculosis," said Sam Santhosh, founder and Chairman of MedGenome.
MedGenome's diagnostics tests include first liquid biopsy 'OncoTrack' for monitoring cancer treatment, non-invasive prenatal screening test (NIPT) for pregnant women, carrier screening test for couples planning on a baby, and whole exome sequencing test for identifying mutations in rare diseases.
"We believe MedGenome's efforts will have a definitive impact on healthcare delivery in India and around the world," said Xiao-Tian Loi, Investment Manager at Sofina.
Gopalakrishnan said: "I am investing in MedGenome which addresses the extraordinary opportunities that exist today in the development of precision medicine".
