Bengaluru-based DNA diagnostic and screening startup MedGenome Labs today announced a USD 10 million capital infusion from HDFC and its subsidiaries HDFC Life and HDFC Asset Management Company, completing its $40 million Series C round of funding.
The startup which is backed by Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan, will use the freshly raised funds to expand the clinical genomic testing market by penetrating small towns.
MedGenome, which claims to have completed over 1,00,000 genomictests, aims to democratise critical genetic tests like noninvasive pre- natal screening and newborn genetic testing.
Further, the startup plans to establish more genetic centres in many hospitals to support clinicians and to enable patients to take informed decisions, said the startup in a statement to daily news.
“We believe understanding genetic information can have a big impact on the Indian healthcare industry through early detection of disease risk and development of new medicines,” said Deepak Parekh, chairman, HDFC Group, in a media statement.
The above development was first reported in Outlook.
Founded in 2013 by Sam Santosh, Medgenome is a subsidiary of Kerala-based SciGenom Labs Pvt. Ltd and had raised $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013 followed by a $20-million Series B round of funding from Sequoia Capital, in 2015. The startup has raised a total of about $94 million, till date.
The startup, which is present in both India and the US, claims to operate the largest next-generation sequencing (NGS) lab in Southeast Asia, and a CLIA-certified, CAP-accredited sequencing lab in California.
Genetic sequencing is in nascent stage in India nevertheless there a few startups working in this domain such as Ahmedabad based Xcelris and Chennai-based Xcode Life Science.
Another similar startup iGenetic Diagnostic Pvt Ltd had secured funding of around ₹130 crore from Manipal Education and Medical Group and UK firm CDC Group plc, in March 2017.
The startup which is backed by Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan, will use the freshly raised funds to expand the clinical genomic testing market by penetrating small towns.
MedGenome, which claims to have completed over 1,00,000 genomictests, aims to democratise critical genetic tests like noninvasive pre- natal screening and newborn genetic testing.
Further, the startup plans to establish more genetic centres in many hospitals to support clinicians and to enable patients to take informed decisions, said the startup in a statement to daily news.
“We believe understanding genetic information can have a big impact on the Indian healthcare industry through early detection of disease risk and development of new medicines,” said Deepak Parekh, chairman, HDFC Group, in a media statement.
The above development was first reported in Outlook.
Founded in 2013 by Sam Santosh, Medgenome is a subsidiary of Kerala-based SciGenom Labs Pvt. Ltd and had raised $4 million in its Series A round from Emerge Ventures and Papillon Capital in 2013 followed by a $20-million Series B round of funding from Sequoia Capital, in 2015. The startup has raised a total of about $94 million, till date.
The startup, which is present in both India and the US, claims to operate the largest next-generation sequencing (NGS) lab in Southeast Asia, and a CLIA-certified, CAP-accredited sequencing lab in California.
Genetic sequencing is in nascent stage in India nevertheless there a few startups working in this domain such as Ahmedabad based Xcelris and Chennai-based Xcode Life Science.
Another similar startup iGenetic Diagnostic Pvt Ltd had secured funding of around ₹130 crore from Manipal Education and Medical Group and UK firm CDC Group plc, in March 2017.
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