Genomics research and diagnostics startup Medgenome Labs has said that it is raising another million in its Series C funding round. The investment is expected to be led by Sequoia Capital. It had previously raised million in the first leg of the funding round.
While more information is not available regarding this funding round, however, if funding takes place then it will mark the second leg of funding in the Series C round. Further, it is believed that the medical research company will use the proceedings of this round to fund its expansion plans.
Sam Santhosh, Founder & Chairman of Medgenome, “In August this year, in Series C funding round, we have raised $30 million and raising another $10 million soon. The round saw investment from Sequoia India and Sofina, with participation from Zodius Capital, former Infosys CEO Kris Gopalakrishnan and former Cognizant CEO Lakshmi Narayanan.”
He further added, “we will use the funds to accelerate the company’s journey towards biomarker discovery programmes and also reach the precision medicine.”
Founded in 2013, MedGenome Inc. is a genomics-based diagnostics and research company delivering the best of healthcare by decoding the genetic information contained in an individual’s genome. On the other hand, its lab in Silicon Valley offers sequencing platforms, bioinformatics, computing, and big data analytics.
MedGenome currently has more than 360 employees across its headquarters in Foster City, California and its offices & labs in Bangalore, Delhi, and Singapore.
The startup so far raised a total funding of $54 million in three rounds from 6 investors including Sequoia Capital, Papillon Capital and Zodius Capital, among others.
Going forward, the company aims to lead the next wave of innovation in molecular biology-based diagnostics. It is expanding its diagnostic test portfolio and aggressively working towards creating awareness about the utility and efficacy of its diagnostic solutions.