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MedGenome, a genetic diagnostics, research, and data company, announced a $50 million investment by Novo Holdings.
The latest round of funding will be used to broaden the company’s product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, and enhance bioinformatics and SaaS offerings.
“Our team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests at the same global standard of quality as other market leaders and at a fraction of the cost, and we look forward to expanding into new global markets and scaling access to affordable and life-changing testing,” said Mahesh Pratapneni, Group CEO, MedGenome.
The company claims that its genetic testing provides data on complex, non-communicable diseases to aid in drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, cardiology, and other rare diseases. The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which led a $55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, along with an existing investor.
To date, MedGenome says that it has administered more than 300,000 complex genetic tests and served over 200,000 patients. It obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe.
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