MedGenome, a genomics-based diagnostics and research solution for healthcare providers has raised $50 million in an Unknown Series round led by Novo Holdings, a Denmark-based life science venture capital investor. The Bengaluru and Delaware-headquartered company also roped in existing backers LeapFrog Investments and Sofina in the new round.
Previous round was led by LeapFrog’s $55 million, MedGenome in April 2020. The company has raised around $185.5 million to date from investors including Sequoia, International Finance Corporation (IFC), Papillon Capital, and HDFC ERGO.
As per to MedGenome, new investment utilized to broaden the product offering and improve the reach of its key diagnostic services, and enhancement of its bioinformatics and SaaS offerings. Novo’s investment will also strengthen MedGenome’s scale beyond India and South Asia into Africa and the Middle East.
MedGenome’s genetic testing helps in the development of novel, 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.
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In an interview with YourStory in June 2021, MedGenome’s co-founder Sam Santhosh said that the company reported a revenue of Rs 220-230 crore in FY21 and it’s likely to hit Rs 280-300 crore in FY22. Santosh also hinted at a possible IPO in the next couple of years.
As per the organization, it receives samples from nearly 4,000 hospitals and 10,000 physicians around the world.