MedGenome Labs, a genetic diagnostics company announced on Monday that they closed in on a Series C round funding of $40 million (Rs266.11 crore) from investors HDFC Ltd, HDFC Life and HDFC Asset Management.
The company specializes in genomic testing and a genome is the genetic material of an organism. It has all the instructions to make the muscle cells and neurons.
A statement from the company explains that MedGenome will use the funds to further develop their clinical genomic testing market by entering semi-urban cities (Tier-II and Tier-III towns). They aim at providing clinical tests like non-invasive pre-natal screening (NIPT) and newborn genetic testing to the masses.
In an official statement, MedGenome stated they are also considering setting up more genetic centers in hospitals all over the country to assist clinicians.
“We believe understanding genetic information can have a big impact on Indian healthcare industry through early detection of disease risk and development of new medicines. We are very happy to see an Indian company take a lead in a deep technology area like genomics and have decided to support MedGenome in its endeavour to make genetic tests affordable and accessible widely.” said Deepak Parekh, chairman of HDFC Group.
The actual amount invested by HDFC in MedGenome has remained confidential but some Media report that the deal was agreed at $10 million. This investment is penned down only seven months after MedGenome are rumored to have collected a $30 million investment from backing company, Sequoia Capital and Sofina SA.
Sam Santhosh, chairman of MedGenome said, “MedGenome’s goal is to significantly reduce the burden of inherited diseases in India and assist clinicians in implementing precision medicine. We are excited about partnering with HDFC to increase adoption of genomics across India,”.
Back in July 2015, MedGenome were on the receiving end of a $20 million funding round headed by Sequoia Capital. Moreover, they obtained $4 million in a Series A funding round by a group of investors.
The company has done over 100,000 genomic tests and assisted clinicians in diagnosing more than 40% cases. Around 6% of children in India are born with hereditary pediatric diseases, which is twice more than the normal rate worldwide.
Sam Santhosh who presides as Chairman in the company, founded MedGenome. He believes that the target of the company is to reduce the amount of genetic diseases in India and support clinicians in developing precision medicine in India.
MedGenome boasts operating the largest CAP-accredited Next Generation Sequencing (NGS) lab in South Asia and many of their diagnostic tests have been considered as breakthroughs in the genetic diagnostics sector. Some of them include the first registered liquid biopsy (OncoTrack) to monitor patients suffering from cancer, a non-invasive prenatal screening test (NIPT) for expecting women, carrier screening for couples planning to have a child. They also installed a whole exome sequencing for cheaper identification of uncommon mutations.