MedGenome announced on Tuesday a $50 million investment led by Novo Holdings. According to a press statement, Novo’s investment will strengthen MedGenome’s scale beyond India and South Asia into Africa and the Middle East and democratize access to genetic testing and personal healthcare across emerging markets.
MedGenome genetic testing provides insights into complex, noncommunicable diseases to aid in drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, cardiology, and other rare diseases.
This latest round of funding will be used to broaden MedGenome’s product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as the enhancement of MedGenome’s bioinformatics and SaaS offerings, it claimed.
“The success that the MedGenome team has achieved over the last decade is extraordinary. MedGenome’s mission to transform the future of personalized healthcare―one that is affordable, inclusive, and equitable―is a perfect fit with Novo’s investment strategy and broader portfolio,” said Amit Kakar at Novo Holdings in a statement.
The company claims that the investment will give Novo Holdings a significant minority stake in MedGenome. Reportedly, LeapFrog Investments, which led a $55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor, Sofina.
“The MedGenome team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests, at the same global standard of quality as other market leaders, and at a fraction of the cost. We’re thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and scale access to affordable and life-changing testing,” said Mahesh Pratapneni, Group CEO of MedGenome in a statement.