This latest round of funding will be used to broaden MedGenome’s product offering and improve the reach of its key diagnostic services
MedGenome, the genetic diagnostics, research, and data company in South Asia, announced a $50 million investment led by Novo Holdings.
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 democratise access to genetic testing and personal healthcare across emerging markets.
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 investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which led a $55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor, Sofina.
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