MedGenome raises $50 million funding led by Novo Holdings
Summary
MedGenome, Bengaluru-based genetic diagnostics, research, and data company, on Tuesday, announced that it has raised $50 million investment led by Novo Holdings, an international leader in life science investing. Owing to the investment, Novo Holdings will gain a minority stake in MedGenome.Apart from Novo Holdings, LeapFrog Investments, which led a USD 55 million investment round in MedGenome in April 2020, and existing Sofina also invested in this company in this round.To date, MedGenome said it has administered more than 300,000 complex genetic tests and served over 200,000 patients. The company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. "Novos investment will strengthen MedGenomes scale beyond India and South Asia into Africa and the Middle East and democratise access to genetic testing and personal healthcare across emerging markets", the statement said.This latest round of funding will be used to broaden MedGenomes product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as the enhancement of MedGenomes bioinformatics and SaaS offerings, it added.