The genomics research firm MedGenome, based in Bengaluru, has raised $50 million as part of a strategic investment round that was led by life sciences investor Novo Holdings. LeapFrog Investments and Sofina were two additional previous investors who took part in the round.
With the new round of investment, the company plans to broaden its global reach beyond South Asia to include Africa and the Middle East.
Furthermore, MedGenome aims to increase the scope of its diagnostic services in the oncology and reproductive fields and to diversify its product line. Additionally, it will make investments to improve its software-as-a-service (SaaS) and bioinformatics services.
MedGenome is a genomics research and diagnostics company founded in 2013 by Mahesh Pratapneni and Sam Santhosh. It provides a variety of goods, such as genetic testing and solutions for medication discovery.
According to a statement from Novo Holdings, the investment will provide the asset management firm a sizeable minority ownership share in MedGenome.
MedGenome to scale access to cost efficient diagnostics
Amit Kakar, a senior partner at Novo Holdings Equity Asia, and Navjeewan Khosla, a principal, will join MedGenome’s board as directors and observers, respectively, as part of the agreement.
The CEO of MedGenome, Pratapneni, said, “We’re happy to have the backing of the leader in global health sciences funding behind us as we grow into new global markets and scale access to cheap and life-changing testing.
The most recent $55 million raised by MedGenome was in a fundraising round led by LeapFrog Investments in 2020. Crunchbase reports that the business has so far raised $185.5 million in several fundraising rounds. The business says it has over 700 clinical geneticists, genome analysts, and bioinformatics engineers on staff and that it offers more than 1,300 genetic tests for a variety of diseases.