MedGenome, Bengaluru based HealthTech startup, the leading provider of genomic solutions for populations in South Asia provides advanced genetic testing and bioinformatics solution to patients. Pharmaceutical companies, and research institutions around the world on Tuesday [30th August, 2022] announced that it has raised $50 million funding led by Novo Holdings, alongside its existing investors, LeapFrog Investments and Sofina. Novo Holdings is an international recognised leader in Life science Investor, this investment will give Novo Holdings a significant minority stake in MedGenome. In April 2020 LeapFrog Investments led a $55 million investment round in MedGenome.

 

 

The investment will increase access to genetic testing across emerging markets and contribute to the most comprehensive global genomic dataset. It will be used to broaden MedGenome’s product offering and improve the reach of its key diagnostic service, including reproductive and oncology services, as well as the enhancement of MedGenome’s bioinformatics and SaaS offerings. MedGenome genetic testing provides insights into complex, noncommunicable diseases to aid in the drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, cardiology, and other rare diseases.

 

 

Foundation stone of MedGenome was laid by Sam Santhosh in 2013, a successful Entrepreneur with over three decades of experience in launching and running successful businesses. Sam has been the Founder, CEO and Managing Director of California Software Limited (Calsoft) and had also successfully listed the company after a few years. Mahesh Pratapneni joined him as a co-founder and has focussed on strategy, organization building and strategic initiatives. Mahesh is the Founder and MD of Emerge Ventures that specializes in incubating product companies in the education, healthcare and data analytics sector. Emerge Venture led the Series A first funding of $ 4 million in 2013; then in 2015 Sequoia led the Series B funding of $ 20 million. In 2017 MedGenome raised $ 40 million, led by Sequoia in Series C1 round along with Sofina, Zodius Capital & HDFC. IFC World Bank Group Led the last leg of funding in 2021 of $ 16.5 million.

 

 

To date, MedGenome has administered more than 300,000 complex genetic tests and served over 200,000 patients. The Company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. Novo's investment will strengthen MedGenome's scale beyond India and South Asia into Africa and the Middle East and democratize access to genetic testing and personal healthcare across emerging markets. MedGenome is a co-founding member of the GenomeAsia 100K Project and has built the largest database of South Asian genetic variants―its continued expansion will contribute to the most comprehensive genomic dataset in the world.

 

 

Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: “As a long-term, global life science investor, Novo Holdings is delighted to support the MedGenome team, whose mission to transform the future of personalised healthcare is a perfect fit with our investment strategy and broader portfolio. MedGenome is well positioned to seize significant expansion opportunities, and we look forward to applying our patient capital and life science expertise to support the company’s growth.”

 

        

"The MedGenome team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests, at the same global standard of quality as other market leaders, and at a fraction of the cost," said Mahesh Pratapneni, CEO of MedGenome. "We're thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and scale access to affordable and life-changing testing."

 

 

"MedGenome is leading the cultural shift of healthcare, taking it from one of generalization to a model that prioritizes precision medicine," said Dr. Felix Olale, Chairman of MedGenome's Board of Directors, and Global Co-Lead for Healthcare Investments at LeapFrog Investments. "Breakthroughs and discovery are only as successful as the data on which they're based, and MedGenome's mission to expand the global genomic dataset to aid in the development of more inclusive and equitable research & drug discovery is not only inspiring, but critical to the future of global healthcare.

 

 

About MedGenome

 

MedGenome, the market leader in South Asia, is a genomics-driven research and diagnostics company with a mission to improve global health by decoding the genetic information contained in an individual's genome. Its unique access to genomic, clinical, and phenotypic data provides insights into complex diseases at the genetic and molecular level in order to transform the practice of personalized medicine and clinical drug discovery.

 

 

About Novo Holdings A/S

 

Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation's assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Novo Group companies manages assets of $79 bn and investment assets portfolio of $ 27 bn which include Life Science Investments $ 14 bn. Novo Holdings operates from its headquarter located at Denmark and offices in San Francisco, Boston and Singapore.

 

This is the seventh investment Novo Holdings has made since its establishment in Asia in January 2021. Some of the recent investments include Indonesia-based healthtech platform Halodoc, Singapore-based telehealth platform Doctor Anywhere, a regional provider of life science tools and services Esco LifeSciences Group and Qure.ai, a leading healthtech firm using artificial intelligence for medical imaging diagnostics.

 

        

About LeapFrog Investments

 

LeapFrog invests in exceptional businesses in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability, and social impact. Founded in 2007, LeapFrog's portfolio companies now reach 342 million people across 35 countries with healthcare or financial services. LeapFrog has raised over US$2bn from global institutional investors, including US$500mn recently committed by Temasek to LeapFrog and its future funds. LeapFrog was ranked by Fortune as one of the top five Companies to Change the World, the first private investment firm ever listed.