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MedGenome Raises $30M in Series C Round

This article has been updated to clarify the locations of MedGenome's operations.

NEW YORK (GenomeWeb) – Genomic testing firm MedGenome announced today that it has closed a $30 million Series C financing round.

The round was led by Sequoia India and Sofina, and included Zodius Capital, Infosys Cofounder and former CEO Kris Gopalakrishnan, and former Cognizant CEO Lakshmi Narayanan.

MedGenome said it will use the funds to accelerate its biomarker discovery programs and further the development of OncoPept, a cancer immunotherapy biomarker platform.

"MedGenome continues to emerge as a leading genomics company, bringing affordable and high-quality genetic testing to emerging market consumers, supporting physicians to make better decisions, and leveraging the power of that data to potentially impact the global drug discovery market," Abhay Pandey, managing director at Sequoia Capital India Advisors, said in a statement. "Sequoia is excited to continue this partnership and are committed to helping MedGenome strengthen its proposition to consumers and doctors in these markets and become a significant player globally in the arena of precision medicine."

MedGenome offers a number of diagnostics in India including the recently launched OncoTrack, a blood-based cancer test that focuses on hotspots in the EGFR, KRAS, NRAS, and BRAF genes. The company also operates next-generation sequencing labs in California, India, and Singapore, and is a cofounding member of GenomeAsia 100K.