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Genome Medical Raises $60M in Series C Round, to Acquire Telehealth Firm GeneMatters

NEW YORK — Genome Medical said on Monday that it has closed a $60 million Series C financing round and plans to acquire telehealth firm GeneMatters.

The Series C round was led by Casdin Capital and included existing investors Perceptive Advisors, Canaan Partners, Kaiser Permanente Ventures, Illumina Ventures, LRVHealth, Echo Health Ventures, Revelation Partners, HealthInvest Equity Partners, Avestria Ventures, Flywheel Ventures, Dreamers Fund, and Blue Ivy Ventures. New investors were GV (formerly Google Ventures) and Amgen Ventures.

Genome Medical is a virtual medical practice offering genetic and genomic services including test recommendation and ordering, clinical assessments, and personalized care plans. The South San Francisco, California-based company, which raised $14 million in extended Series B funding in mid-2020, said it will use the new money to expand its team and further enhance the development of its configurable technology solutions.

Minneapolis-based GeneMatters provides genetic counseling, care delivery software, and patient engagement tools. It will operate as a wholly owned subsidiary of Genome Medical and focus on expanding genetic service delivery to community health systems and other partners. Casdin Capital invested in the company in November 2020. Earlier this year, GeneMatters announced a partnership with Concert Genetics to integrate the two firms' technologies.

"The addition of GeneMatters, along with our Series C financing, propels us into the next phase of commercial growth and enables us to realize the genome-driven personalization of health," Lisa Alderson, Genome Medical cofounder and CEO, said in a statement. "Now is clearly the moment for Genome Medical to deliver expanded availability of genomic medicine for patients and providers."

"We are thrilled to be joining forces with Genome Medical, a leader in the delivery of genomic medicine, who shares our mission, vision, and passion for patient care," said Jill Davies, cofounder and president of GeneMatters, in a statement.