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Genome Medical Raises $23M in Series B Financing

NEW YORK (GenomeWeb) – Telegenetics firm Genome Medical has raised $23 million in a series B financing that it will use to nationally scale its services.

Echo Health Ventures led the financing round, with contributions from new investors LRVHelath, Casdin Capital, Perceptive Advisors, Manatt Venture Fund, and Dreamers Fund. Existing investors, including Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures, and HealthInvest Equity Partners, also participated in the round.

Jessica Zeaske, an Echo Health partner, will join Genome Medical's board of directors, and Keith Figlioli, an LRVHealth partner, will participate on the board as an observer.

Genome Medical previously raised $12 million in 2017 and $11 million last year in a Series A-1 round. The latest round brings the total amount raised by the company to $46 million.

Genome Medical operates a cloud-based genomic care delivery platform, which allows it to provide virtual access to genetics experts who can screen whether patients need testing and are getting the right type of test, as well as consult with doctors who have questions about genetic testing. The virtual services support patients and doctors in locations with limited access to genetics experts.     

"Patients all across the United States who are in need of genomic medicine are not getting access today," said Genome Medical CEO Lisa Alderson, adding that the additional funds will allow the company to meet growing demand from hospitals and health systems for genetic counseling services.