You are here: Home » PTI Stories » National » News
Business Standard

MedGenome raises USD 55 mn in funding led by LeapFrog Investments

Health Medical Pharma

Press Trust of India  |  New Delhi 

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, April 01 2020. 15:52 IST