It will accelerate development of the company’s diagnostics tests and expand the market penetration by increasing customer awareness on the importance of genetic tests.
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 funding will accelerate development of the company’s diagnostics tests and expand the market penetration by increasing customer awareness on the importance of genetic tests. Additionally, the funding will also be used to broaden biomarker discovery programmes.
“Precision medicine is the ultimate goal of clinicians and patients alike which can be enabled through extensive biomarker discovery,” said Sam Santhosh, Founder and Chairman, MedGenome.
Abhay Pandey, MD, Sequoia Capital India Advisors, said, “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”.
Gopalakrishnan said,“MedGenome’s platform and network are designed to generate actionable insights for clinicians to diagnose and provide better management for complex diseases at reasonable costs.”
“Sofina is looking forward to this partnership 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 MedGenome’s efforts will have a definitive impact on healthcare delivery in India and around the world,” said Xiao-Tian Loi, Investment Manager, Sofina.
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