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Genome Medical Raises $14M in Extended Series B Financing

NEW YORK – Telegenomics firm Genome Medical said Wednesday that it has raised $14 million in an extended Series B financing round, adding to the $23 million it raised in the Series B financing last year.

The San Francisco-headquartered company plans to use the funds to improve patient engagement and navigation within its Genome Care Delivery technology platform, so that more patients in the US have access to genomic medicine for cancer, reproductive health, and pharmacogenetics.

This financing was led by Samsung Catalyst Fund. Existing investors, founders, and other partners also participated in the round, including Genome Medical Cofounder Randy Scott, Canaan Partners, Illumina Ventures, Echo Health Ventures, Perceptive Advisors, LRVHealth, Kaiser Permanente Ventures, Avestria Ventures, Casdin Capital, HealthInvest Equity Partners, Revelation Partners, Dreamers Fund, Flywheel Ventures and Manatt Ventures.

Since Genome Medical launched in 2016, the company has raised $60 million in total funding.

"The global COVID-19 pandemic and its health care impact are creating an unprecedented need for telehealth solutions," said Genome Medical CEO Lisa Alderson. "As a nationwide telehealth medical practice, Genome Medical is able to meet this need by expanding access to standard-of-care genetics and genomics through virtual health services — reaching people everywhere in a timely and safe manner."