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Bangalore-based high-end diagnostics services company MedGenome Labs has raised $20 Mn in Series B round of funding led by Sequoia Capital.
The funds will be used in expansion of its portfolio of genetic tests, sequencing facilities in India and the US, and expanding its network with speciality hospitals / clinics and genomic research institutions in India.
Founded in 2013, MedGenome provides molecular diagnostics solutions to hospitals and clinicians, enabling personalized healthcare. Its innovative offerings in molecular diagnostics apply advanced software and bioinformatics tools to curated collective data, combined with MedGenome’s proprietary knowledge base and powerful analytics. MedGenome’s genomics bioinformatics platform is available to global pharmaceuticals, research and diagnostics organizations.
On this development, Abhay Pandey, MD of Sequoia Capital said “The influx of next generation sequencing and high-throughput data is changing the landscape of computational biology. This has resulted in the need for more robust infrastructure, tools and techniques for genomic analysis. MedGenome has firmly established itself as a global market leader in genomics-based diagnostics and research from India.“ Sequoia has nominated Abhay Pandey for the company’s board as a part of the deal.
MedGenome’s DNA sequencing conducts complex diseases related to Oncology, Cardiology and Ophthalmology among others. These tests help doctors in determining the different medicines’s reaction on different patients.
Previously, MedGenome had raised $4 Mn in Series A round of funding from Emerge Ventures, Papillon Capital and few others. Additionally company has also launched Natera’s Panorama Non-Invasive Prenatal Test (NIPT), which adds a plus point to the company’s offering of over 100 genetic tests such as cancer, eye and neurological disorders, metabolic disease and other rare cancers.
In the same space, Bangalore-based healthcare startup Qikwell Technologies that connects patients and doctors had raised $3 Mn in series A round of funding lead by SAIF Partners.
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