MedGenome gets $40m from HDFC Group

Bengaluru-based genetics diagnostic company MedGenome Labs today announced a USD 40 million capital infusion from HDFC, HDFC Life and HDFC Asset Management Company, completing its third strategic round (Series C) funding.

MedGenome will utilise the funds to expand the clinical genomic testing market by penetrating small towns, it said in a statement.

Further, MedGenome, which operates the largest CAP- accredited next generation sequencing lab in South Asia, aims to democratise critical genetic tests like noninvasive pre- natal screening and newborn genetic testing.

The company plans to establish more genetic centres in many hospitals to support clinicians and to enable patients to take informed decisions, it added.

MedGenome claims to have completed over 1,00,000 genomictests and supported clinicians in diagnosing more than 40 per cent unresolved cases.

"We believe understanding genetic information can have a big impact on the domestic healthcare industry through early detection of disease risk and development of new medicines," Deepak Parekh, chairman, HDFC Group said.

MedGenome's diagnostics tests include several breakthroughs for genetic diagnostics, including the first proprietary liquid biopsy (OncoTrack) for monitoring cancer treatment, non-invasive prenatal screening tests, carrier screening for couples planning children, and whole genome sequencing for cost-effective identification of rare mutations.