MedGenome, a genomics research and diagnostics startup, is in the process of raising around ₹65 crore ($10 million) in its Series C funding round. The investment is expected to led by Sequoia Capital.
While more information is not available regarding this funding round, it is believed that the medical research company will use the proceedings of this round to fund its expansion plans.
This will mark the second leg of funding in the Series C round. Earlier, in August this year, the company had raised ₹196 crore (₹30 million) in the same round. MedGenome chairman Sam Santhosh said:
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.
He further added that, “we will use the funds to accelerate the company’s journey towards biomarker discovery programmes and also reach the precision medicine.”
Going forward, the company aims to lead the next wave of innovation in molecular biology based diagnostics. It is expanding its diagnostic test portfolio and aggressively working towards creating awareness about the utility and efficacy of its diagnostic solutions.
Founded in 2013, MedGenome provides genetic tests for a range of ailments like cancer, metabolic diseases, eye diseases, neurological and prenatal disorders. As per the company, within the first two years of operation, it achieved break even in operations.
Apart from ₹196 crore in the previous Series C round, the company had managed to raise ₹26 crore ($4 million) in Series A round and received ₹130 crore ($20 million) from Sequoia capital during its Series B funding. Thus, the total amount raised by the company so far stands at ₹353 crore ($54 million).