MedGenome brings series C haul up to $40M to expand access to genetic tests

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MedGenome has performed more than 100,000 genomic tests. (Yann Forget/CC-BY-SA-3.0)

MedGenome has topped up its series C round, bringing its overall haul up to $40 million. The genetic diagnostics business will use the cash to increase access to its tests outside of India’s biggest cities.

Indian financial services company HDFC drove the latest investment, which dialed the size of the C round up from $30 million to $40 million. MedGenome revealed the original, $30 million close of the round last year. Sequoia India and Sofina co-led the $30 million financing with the support of Zodius Capital.

Bringing HDFC on board gives MedGenome the means to expand into second and third-tier cities in India. These cities are smaller than Indian megacities Delhi and Mumbai, but many still contain more than 1 million people, making them major opportunities for MedGenome and its testing services.

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MedGenome’s Asia-focused diagnostics unit provides hundreds of tests out of sites in Bangalore and Cochin but is best known for its noninvasive prenatal screening services. These blood tests predict whether the babies of people who are pregnant or trying to conceive are likely to have chromosomal disorders.

To date, MedGenome has performed more than 100,000 genomic tests. The plan is now to broaden access to its next-generation sequencing services by focusing on geographic expansion and costs.

“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 endeavor to make genetic tests affordable and accessible widely,” Deepak Parekh, chairman of new investor HDFC Group, said in a statement.

While MedGenome’s diagnostics business is focused on Asia, it has a research unit that operates in the U.S. and Europe. Working out of sites in California and India, MedGenome provides analyses of the tumor microenvironment and other services.