MedGenome secures $50 million in funding led by Novo Holdings

MedGenome, a Bengaluru-based genomics research business, has raised $50 million in a strategic investment round headed by life sciences investor Novo Holdings. Other current investors, including LeapFrog Investments and Sofina, also participated in the round. The cash will be used to expand the startup’s geographical impact beyond South Asia into Africa and the Middle East.

MedGenome will also use the funds to expand its product line and expand the reach of its diagnostic services in the reproductive and oncology fields. It will also increase its investments in bioinformatics and software-as-a-service (SaaS). MedGenome, founded in 2013 by Mahesh Pratapneni and Sam Santhosh, is a genomics research and diagnostics company that offers a variety of goods, including genetic testing and drug discovery solutions.

In a statement, Novo Holdings stated that the investment will provide the asset management firm with a significant minority position in MedGenome. As part of the agreement, Amit Kakar, senior partner at Novo Holdings Equity Asia, and Navjeewan Khosla, principal, will join MedGenome’s board of directors as directors and observers, respectively.

MedGenome

“We’re happy to have the backing of the world’s top in international life sciences funding behind us as we grow into new worldwide markets and improve access to cheap and life-changing diagnostics,” said MedGenome CEO Pratapneni. MedGenome last raised $55 million in a fundraising round headed by LeapFrog Investments in 2020. The business has raised $185.5 million in different fundraising rounds. The company promises to offer over 1,300 genetic tests across several illness categories and to employ over 700 clinical geneticists, genome analyzers, and bioinformatics engineers.

It claims to have performed over 3 lakh sophisticated genetics tests and served over 2 lakh people. According to its website, the firm has over 250 operable locations in South Asia and collaborates with over 4,000 hospitals. It mostly competes in India with players such as MapMyGenome and Positive Bioscience.

MEDGENOME appears to be a fascinating startup that is encouraging new development on biotechnology research platforms. Sending my best wishes for your business. I hope this startup gets you and your team a lot of success and fortune.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For Editorial/Rectification please email aditi@startuplanes.com