MedGenome Labs to raise another $10 million in Series C round
Bhubaneshwar: Genomics research and diagnostics startup MedGenome Labs on Tuesday said after successfully raising $30 million, it is raising another $10 million from a clutch of investors led by Sequoia to fund its expansion plans.
“In August this year, in Series C funding round, we have raised $30 million and raising another $10 million soon. The round saw investment from Sequoia India and Sofina, with participation from Zodius Capital, former Infosys CEO Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan,” MedGenome chairman Sam Santhosh told PTI here.
“We will use the funds to accelerate the company’s journey towards biomarker discovery programmes and also reach the precision medicine,” he said. Founded in 2013, MedGenome provides genetic tests for a range of ailments like cancer, metabolic diseases, eye diseases, neurological and prenatal disorders.
After Series A funding of $4 million, the company had received a $20 million support from Sequoia capital during its Series B funding in 2015, Santhosh said on the sidelines of 7th international conference on NextGen Genomics, Biology, Bioinformatics and Technologies (NGBT) held at Bhubaneshwar. Going forward, the company aims to lead the next wave of innovation in molecular biology based diagnostics.
It is rapidly expanding its diagnostic test portfolio and aggressively working towards creating awareness about the utility and efficacy of its diagnostic solutions in the medical fraternity, he said. MedGenome operates the largest Next Generation Sequencing (NGS) lab in South East Asia, and a CLIA-certified, CAP-accredited sequencing lab in Foster City, California.
Within the first two years of operation, the company has been able to achieve break even in operations. It has registered a revenue of $4 million in FY15, $8 million in FY16 and $16.5 million in FY17. The company hopes to register 70% growth next year.
Realising the tremendous potential of its portfolio in reducing burden of disease, MedGenome has begun extending its offerings in nearby countries as well. MedGenome also plans to accelerate its biomarker discovery programs and further the development of OncoPept, suite of cancer immunotherapy biomarker solutions, he said.
These efforts will enable global genomic and biopharmaceutical researchers to access its advanced research solutions and leverage the world’s most diverse genetic variant database, drawn from Indian population, for early drug discovery and target validation, Santhosh added. PTI
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