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Genome Medical Raises $12M

NEW YORK (GenomeWeb) – Genome Medical, a San Francisco, California-based telegenomics company, said this week that it has raised $12 million to support the rollout of its genetic consultation services.

CEO Lisa Alderson said that Genome Medical, which was founded last year, recently concluded a Series A financing round that brought its total amount raised to $12 million. The company also carried out a seed financing round last fall, with Canaan Partners, HealthInvest Equity, and Flywheel Ventures taking part. Canaan led the Series A. Illumina Ventures also participated.

While Alderson would not breakdown the distinct funding amounts, she said the bulk of Genome Medical's financing was raised in its Series A. The company will use the proceeds to support its growing network of clinical genomic experts.

"The field is exploding in such a way that even the specialists in the field have a hard time catching up," said Alderson. "It will take time for all of the specialists, as well as generalists, to utilize the benefits, and that is where Genome Medical comes in."

Alderson cofounded Genome Medical with Randy Scott, executive chairman of Invitae, and Robert Green, director of the  Genomes2People Research Program at Brigham and Women’s Hospital. Green is also the chair of Genome Medical's scientific advisory board, which the company named in March.

"Most physicians aren’t adequately trained to use genetic information, and there are too few experts to meet the growing demand for test selection and test interpretation," Green said in a statement. "Genome Medical was created to solve these access challenges."

Genome Medical launched a pilot version of its services last fall. Alderson said that while its services are now fully available, it continues to innovate on and improve the platform and considers it to be in early access.

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