MedGenome raises funds from HDFC group
Bengaluru: Genetic diagnostics company, MedGenome Labs Ltd., announced an investment by HDFC Ltd., HDFC Life, and HDFC Asset Management to complete its Series C funding of USD 40 million.
MedGenome will utilize this capital to expand the clinical genomic testing market by penetrating all the Tier II and Tier III cities and democratize the critical genetic tests like noninvasive prenatal screening (NIPT) and new-born genetic testing, the company said in a release.
It said the company plans to establish more genetic centers in hospitals across the country to support clinicians and to enable patients to make informed decisions."MedGenome's goal is to significantly reduce the burden of inherited diseases in India and assist clinicians in implementing precision medicine.
We are excited about partnering with HDFC to increase adoption of genomics across India," MedGenome Founder and Chairman Sam Santhosh said.
Claiming that MedGenome has completed over 100,000 genomic tests and supported clinicians in diagnosing more than40 percent unresolved cases, the company said about six percent of the children born in India have inherited pediatric diseases which is double the worldwide occurrence rate.
"We are very happy to see an Indian company take a lead in a deep technology area like genomics and have decided to support MedGenome in its endeavour to make genetic tests affordable and accessible widely," HDFC Group Chairman Deepak Parekh said.