MedGenome Labs raised $10 million in Series C+

MedGenome Labs raised another US$10 million in Series C led by Sequoia Capital India. Genomics and diagnostic research startup founded by Sam Santhosh in 2013 says the new fund will be used for business expansion. Other investors who participated in the latest round are Sofina, former Infosys CEO Kris Gopalakrishnan and former Kognizant CEO Lakshmi Narayanan.

Tinuku MedGenome Labs raised $10 million in Series C+

"In August this year, in the Series C funding round, we have raised US$30 million and raised another US$10 million. We will use the funds to speed up the biomarker discovery program and also achieve precision drugs," Santhosh said as CEO of MedGenome Labs.

MedGenome provides genetic test services for various diseases such as cancer, metabolic diseases, eye diseases, neurological and prenatal disorders. The previous round of funding was Series A of US$4 million and Series B of US$20 million by 2015.

The biomaker-based program will expand the diagnostic test portfolio and aggressively seek to create awareness of the usefulness and effectiveness of medical diagnostic solutions. MedGenome operates the Next Generation Sequencing (NGS) largest lab in Southeast Asia and CLIA-certified, CAP-accredited sequencing lab in Foster City, California.

The company has created revenues of US$4 million in 2014, US$8 million in 2015 and US$16.5 million in 2016. Santhosh hopes to record 70% growth next year and the company has begun expanding global services and rapidly deploying OncoPept as a biomarker solution for cancer immunotherapy.

Comments