LeapFrog leads $55 mn investment round in Sequoia-backed MedGenome

Sequoia-backed genetic diagnostics company MedGenome raised $55 million in an investment round led by LeapFrog Investments. Existing investors Sofina and Sequoia also participated in the round.

This investment will be utilised to 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 programmes.

“Genomics and personalised medicine are the future of healthcare, but emerging markets remain significantly under-penetrated. As the largest player in India in applied genomics, we are well-positioned to fill this gap,” said Sam Santhosh,  CEO and founder of MedGenome.

The Indian genetic diagnostics market is expected to expand at 42 per cent CAGR over the next five years. Globally, the market is expected to grow from $13 billion in 2019 to $28.5 billion by 2026 driven by improving penetration, affordability and increasing consumer awareness.

“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. Our investment will also drive the development of new drug discovery platforms that will have an enormous impact on cancer and cardiovascular disease,” said Felix Olale, global co-lead for healthcare investments at LeapFrog.

MedGenome has completed over 200,000 genomic tests to date and obtains samples from more than 550 hospitals and 6,000 clinicians across India.