MedGenome raises Series E funding to expand access to its genomics offerings in India
New Delhi: Leading genomic diagnostics and research services company, MedGenome, announced that it has raised $47.5million in its Series E funding round, co-led by Maj Invest, a private equity firm joining as a new investor, along with existing investor Novo Holdings. The round also saw participation from Sofina, an existing shareholder in the company.
This funding will enable the company to broaden access to its genomics and integrated diagnostics solutions across India and other emerging markets. The announcement also reiterates MedGenome’s mission to help reduce India’s disease burden through early detection and targeted disease management using genetic and integrated diagnostics tools with high affordability.
MedGenome has been pioneering genetic diagnostics and research services in India since 2013. A strong testament to the company’s consistent commitment to quality and innovation is the state-of-the-art facility in Bangalore, the largest CAP-accredited genetic testing laboratory in India to have end-to-end multi-omics capabilities across all major disease areas. Equipped with the latest high-throughput sequencing machines and proprietary analytics platform, the company has brought to the Indian market, several breakthrough solutions for complex disease diagnosis. All the in-house developed innovative tests backed by research studies and validated by publications in reputed scientific journals have been empowering clinicians with actionable insights for timely and informed decision making, improving the overall healthcare outcomes. Today, MedGenome offers over 1,300 genetic tests and has built a robust network of 18000+ clinicians and 6000+ hospitals, which serve nearly 400 regions across the country.
Speaking about this funding aligning with the company’s vision, Dr. Vedam Ramprasad, CEO of MedGenome, said, “India’s healthcare ecosystem is increasingly recognizing the transformative potential of genomics, driving innovation and enhancing the country’s healthcare capabilities. This fundraise also reflects the growing adoption of genomics in personalized and preventive healthcare in India as well as other emerging economies. At MedGenome, we combine cutting-edge science with real-world application, bringing advanced omics solutions that bridge the unmet need in disease diagnosis and management. Early genomics-led intervention not only helps the patient but also helps families manage the economic and emotional burden of a disease.”
Dr. Amit Kakar, Managing Partner and Head of Asia at Novo Holdings, and Chairman of the Board of MedGenome, commented, “Our reinvestment in MedGenome reflects our belief in the company’s potential to transform the landscape of genetic and integrated diagnostics in India and beyond. MedGenome stands out as a science-led platform with strong fundamentals, and this investment aligns with our conviction in the growing importance of genomics and personalised healthcare across emerging markets. We are pleased to continue our support for the company as it expands access to genomic healthcare solutions and advances its mission to make a meaningful impact on health outcomes globally.”
“With its robust genomics portfolio, commitment to science and the transformative impact it has had on healthcare, MedGenome has consistently demonstrated its ability to drive innovation and precision diagnostics. We’re proud to support their next phase of growth, expanding their solutions to more markets in India and worldwide.” Jannick Dam Mortensen, Partner, Maj Invest Minorities, added.
Access to affordable healthcare is the need of the hour for India, where the disease burden is significantly high. Genomics-led early intervention has the potential to guide better patient outcomes, and MedGenome will continue to work towards its vision of making genomic healthcare affordable, accessible, and equitable across India and emerging countries.
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