Leading genetics diagnostics firm MedGenome said that it has completed its Series C round of $40 million after getting an additional $10 million from private lender HDFC Ltd, insurer HDFC Life and HDFC Asset Management.

Last August, it had raised $30 million in Series C from Sequoia India and Sofina s.a., with participation by Zodius Capital, Kris Gopalakrishnan, co-founder and former CEO of Infosys, and Lakshmi Narayanan, former CEO of Cognizant.

With the fresh infusion, MedGenome’s total funding stands at $64 million since its inception in 2013, according to Crunchbase data.

The company said that it will use the funds to expand the clinical genomic testing market in the smaller cities and towns and reduce the costs of critical genetic tests like non-invasive pre-natal screening (NIPT) and new-born genetic testing.

It also plans to establish more genetic centres in hospitals across the country to support clinicians and to enable patients to take informed decisions.

Sam Santhosh, founder and chairman of MedGenome, said the goal is to significantly reduce the burden of inherited diseases in India and assist clinicians in implementing precision medicine. MedGenome has completed over 100,000 genomic tests and supported clinicians in diagnosing more than 40 per cent unresolved cases.

About 6 per cent of the children born in India have inherited paediatric diseases which is double the worldwide occurrence rate.

“We believe understanding genetic information can have a big impact on Indian healthcare industry through early detection of disease risk and development of new medicines. MedGenome in its endeavour to make genetic tests affordable and accessible widely,” said Deepak Parekh, Chairman, HDFC Group.

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