Bangalore-based MedGenome, a genomics-based diagnostics, has announced on Thursday that it has received 20 million Series B funding from Sequoia Capital.
The investment will help MedGenome in accelerating the expansion of its portfolio of genetic tests, enhancement of sequencing facilities in India and the US, and expanding its collaborative network with speciality hospitals/clinics and genomic research institutions in India.
MedGenome’s Series A funding round was led by Emerge Ventures. With the conclusion of Series B funding, Abhay Pandey (Sequoia Capital) will join the Board of Directors joining Sam Santhosh, Mahesh Pratapneni (Emerge Ventures) and Dhiraj Rajaram (Mu Sigma).
“The influx of next generation sequencing and high-throughput data is changing the landscape of computational biology. This has resulted in the need for more robust infrastructure, tools, and techniques for genomic analysis. MedGenome has firmly established itself as a global market leader in genomics-based diagnostics and research from India”, said Abhay Pandey, Managing Director of Sequoia Capital.
“India suffers the largest burden of inherited diseases with about 5-6% of the children born affected. Further, the adoption of Western lifestyles has largely increased the occurrence of diabetes, cancer and cardiovascular disease”, said Sam Santhosh, CEO, MedGenome.
Being the first mover in genomics-based diagnostics, MedGenome built relationships with nearly all of the premier hospitals and clinics in India. It now operates the largest privately owned, fully independent Next Generation Sequencing (NGS) lab in India.