MedGenome will utilise this capital to expand by penetrating all the Tier II and Tier III cities and democratise the critical genetic tests like NIPT and new born genetic testing
MedGenome Labs announced investment by HDFC, HDFC Life and HDFC Asset Management to complete its series C funding of $40 million.
MedGenome will utilise this capital to expand the clinical genomic testing market by penetrating all the Tier II and Tier III cities and democratise the critical genetic tests like noninvasive pre-natal screening (NIPT) and new born genetic testing. The company plans to establish more genetic centres in hospitals across the country to support clinicians and to enable patients to take informed decisions.
“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. 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.” said Deepak Parekh, Chairman, HDFC Group.
“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.” said Sam Santhosh, Founder and Chairman of MedGenome.