MedGenome raises USD 55 mn in funding led by LeapFrog Investments

Genetic diagnostics firm MedGenome on Wednesday said it has raised USD 55 million (over Rs 415 crore) in funding led by LeapFrog Investments.

Existing investors Sofina and Sequoia also participated in the round.

The funds will be utilised to expand access and affordability of genetic testing services across India, it added.

Globally the investment will drive creation of more diverse datasets and enable discovery of novel drug targets, MedGenome said in a statement.

"Genomics and personalized 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," MedGenome CEO and Founder Sam Santhosh said.

MedGenome has completed over 2,00,000 genomic tests to date and obtains samples from more than 550 hospitals and 6,000 clinicians across India, the company said.

This investment will 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.

"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," Global Co-Lead for healthcare investments at LeapFrog Felix Olale said.

Genomic sequencing will anchor the future of medicine and "we must include other under-represented genomes not only because it drives access, but also because it improves the accuracy for everyone, he added.