MedGenome, the leading genetic diagnostics, research, and data company in South Asia, announced today a $50 million investment led by Novo Holdings, an international leader in life science investing.
To date, MedGenome has administered more than 300,000 complex genetic tests and served over 200,000 patients. The Company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. 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 is a co-founding member of the GenomeAsia 100K Project and has built the largest database of South Asian genetic variants―its continued expansion will contribute to the most comprehensive genomic dataset in the world.
MedGenome genetic testing provides insights into complex, noncommunicable diseases to aid in the 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.
“The success that the MedGenome team has achieved over the last decade is extraordinary,” said Amit Kakar at Novo Holdings. “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.”
“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,” said Mahesh Pratapneni, Group CEO of MedGenome. “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.”