MedGenome secures series C funding
MedGenome announced completion of $30 million in Series C financing led by Sequoia India and Sofina s.a., with participation by Zodius Capital; Kris Gopalakrishnan, co-founder and former CEO of Infosys; and Lakshmi Narayanan, former CEO of Cognizant.
The Series C investment will accelerate biomarker discovery programs and further the development of MedGenome's OncoPept™ suite of cancer immunotherapy biomarker solutions. These efforts will enable American and European genomic and biopharmaceutical researchers to access MedGenome's advanced research solutions and leverage the world's most diverse genetic variant database, drawn from Indian population, for early drug discovery and target validation.
MedGenome has built the largest database of South Asian genetic variants through its research partnerships, leadership in genetic diagnostics in India and work with GenomeAsia 100K as a co-founding member. Although the subcontinent contributes around 20% of the world's population, the DNA sequences of its people make up around 0.2% of global genetic databases.
"Precision medicine is the ultimate goal of clinicians and patients alike, which can be enabled through extensive biomarker discovery," said Sam Santhosh, Founder, Chairman and Global CEO of MedGenome. "Our work in helping researchers discover disease biomarkers – thanks in large part to our unparalleled collection of genotype and phenotype information across India – gives us confidence in our unique approach. The next step: drug target validation centers to bring treatments and cures to market faster."
MedGenome operates the largest Next Generation Sequencing (NGS) lab in South East Asia and a CLIA-certified and CAP-accredited sequencing lab in Foster City, CA. Its services are valued by pharmaceutical and biotech companies performing research in cancer, immunotherapy, diabetes, cardiovascular disease, metabolic disease, Parkinson's disease, kidney disease, liver disease, ophthalmological disease, rare disorders, deafness and aging.
MedGenome's proprietary diagnostics tests, offered in India, include many breakthroughs for genetic diagnostics including the first liquid biopsy (OncoTrack) for monitoring cancer treatment, non-invasive prenatal screening test (NIPT) for pregnant women, carrier screening for couples planning for children, and whole exome sequencing for cost-effective identification of rare mutations.
"MedGenome continues to emerge as a leading genomics company bringing affordable and high quality genetic testing to emerging market consumers, supporting physicians make better decisions and leveraging the power of that data to potentially impact global drug discovery market," said Abhay Pandey, Managing Director at Sequoia Capital India Advisors. "Sequoia is excited to continue this partnership and are committed to helping MedGenome strengthen its proposition to consumers and doctors in these markets and become a significant player globally in the arena of precision medicine through data from the currently underrepresented emerging markets including India."
"Sofina is looking forward to be MedGenome's partner on a journey to broaden the use of genomics-based diagnostics in the Indian healthcare sector, and tap into the value of Indian genetic data for research. We believe the company's efforts will have a positive impact on healthcare delivery in India and around the world. This investment is part of our strategy of being a long-term supporter of talented entrepreneurs and like-minded investors in growth markets," said Xiao-Tian Loi, Investment Manager at Sofina.
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