Existing investors, Belgium-based Sofina and Sequoia Capital, also participated in the Series D round, MedGenome said in a statement.
The corpus raised will help the Bengaluru-based MedGenome expand the clinical genomic testing market by expanding access in tier-II and tier-III towns and cities across India and accelerate the company’s drug discovery programs, it added.
“Genetics is having a transformational impact on families through early disease risk detection, inherited disease prevention, health care personalisation, and new therapy development. MedGenome strives to deliver these benefits to India and emerging markets, where the burden of many inherited and complex diseases is even higher than in western markets,” Sam Santhosh, CEO and founder at MedGenome said.
Bengaluru-based MedGenome was established by Santhosh in 2013 as a spin-off from SciGenom, which he had founded in 2009. The startup, which obtains samples from more than 550 hospitals and 6,000 clinicians across India, claims to have completed over 2,00,000 genomic tests to date.
“We are very excited to partner with MedGenome to increase access to affordable and high-quality genetic testing for emerging consumers in Asia and Africa. Genomic sequencing will anchor the future of medicine and we must include other underrepresented genomes not only because it drives access, but also because it improves the accuracy for everyone,” Global Co-Lead for healthcare investments at LeapFrog Felix Olale said.
In 2018, the startup garnered funding from HDFC Ltd, HDFC Standard Life Insurance Co. Ltd and HDFC Asset Management Co. Ltd as part of its extended Series C funding round. In 2017, the company raised $30 million in a Series C round led by Sequoia and new investor Sofina SA.
MedGenome raised $20 million from Sequoia Capital in a Series B round in 2015 after raising $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013.
According to MedGenome, the Indian genetic diagnostics market is expected to expand at 42 percent CAGR over the next five years. Globally, the market is expected to grow from $13 billion in 2019 to $28.5 billion by 2026.