Genome Medical nets $23M to grow its telegenomics service platform

DNA
Genome Medical recently paired up with Nevada-based Renown Health on its community-based health study that aims to have one in 40 Nevadans enrolled for sequencing by the end of the year. (Pixabay)

Telegenomics provider Genome Medical has raised $23 million to help scale up its “last-mile” patient counseling services for healthcare systems and individuals across the U.S.

The company also plans to expand its team of clinical genomics specialists as well as continue the development of its delivery platform. The series B round brings Genome Medical’s fundraising total up to $46 million since its 2016 founding.

The latest financing was led by Echo Health Ventures, a collaboration between Cambia Health Solutions and Mosaic Health Solutions. Other new backers included LRVHealth, Casdin Capital, Perceptive Advisors, Manatt Venture Fund and Dreamers Fund.

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Additionally, previous investors Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures and HealthInvest Equity Partners all returned for the round.

"We see a significant opportunity for Genome Medical to deliver the genetic expertise that payers, providers and consumers need to appropriately deliver genetic testing and make informed decisions about test results,” Echo Health partner Jessica Zeaske said in a statement.

“I look forward to working with the Genome Medical team as they leverage their technology platform to accelerate the appropriate adoption of genomics into the clinical setting," said Zeaske, who will join the company’s board of directors. Keith Figlioli, general partner at LRVHealth, will serve as a board observer as well.

RELATED: Nevada's Renown Health taps Genome Medical for telegenomics counseling

Genome Medical partners with hospitals, payers and employers to make genomic medicine more accessible through its cloud-based platform, which allows for virtual, on-demand access to genetic experts and consultants as well as genetic wellness assessments and screening.

The company recently paired up with Nevada-based hospital system Renown Health to provide services for its community-based Healthy Nevada Project. The study was launched in 2016 to merge genomics with environmental data and socioeconomic factors to identify more personalized treatments. The project has collected DNA from about 35,000 participants, with the goal of having one in 40 Nevadans enrolled by the end of the year.

"Patients all across the United States who are in need of genomic medicine are not getting access today. Genome Medical is working to change this," said Genome Medical co-founder and CEO Lisa Alderson. "With this funding, we will expand our ability to service the needs of hospitals and health systems that are challenged in meeting the sharply rising demand for genetic services.”

“Our platform is designed to increase efficiency and eliminate traditional geographic and workforce-based barriers associated with accessing genetic specialists,” Alderson said. “The expanded use of genomic-based personalized medicine will enable vast improvements in the lives of patients."

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