MedGenome secures $50 million in funding led by Novo Holdings
- ByStartupStory | August 31, 2022
MedGenome, a Bengaluru-based genomics research business, has raised $50 million in a strategic investment round headed by life sciences investor Novo Holdings. Other current investors, including LeapFrog Investments and Sofina, also participated in the round. The cash will be used to expand the startup’s geographical impact beyond South Asia into Africa and the Middle East.
MedGenome will also use the funds to expand its product line and expand the reach of its diagnostic services in the reproductive and oncology fields. It will also increase its investments in bioinformatics and software-as-a-service (SaaS). MedGenome, founded in 2013 by Mahesh Pratapneni and Sam Santhosh, is a genomics research and diagnostics company that offers a variety of goods, including genetic testing and drug discovery solutions.
In a statement, Novo Holdings stated that the investment will provide the asset management firm with a significant minority position in MedGenome. As part of the agreement, Amit Kakar, senior partner at Novo Holdings Equity Asia, and Navjeewan Khosla, principal, will join MedGenome’s board of directors as directors and observers, respectively.
“We’re happy to have the backing of the world’s top in international life sciences funding behind us as we grow into new worldwide markets and improve access to cheap and life-changing diagnostics,” said MedGenome CEO Pratapneni. MedGenome last raised $55 million in a fundraising round headed by LeapFrog Investments in 2020. The business has raised $185.5 million in different fundraising rounds. The company promises to offer over 1,300 genetic tests across several illness categories and to employ over 700 clinical geneticists, genome analyzers, and bioinformatics engineers.
It claims to have performed over 3 lakh sophisticated genetics tests and served over 2 lakh people. According to its website, the firm has over 250 operable locations in South Asia and collaborates with over 4,000 hospitals. It mostly competes in India with players such as MapMyGenome and Positive Bioscience.
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