PE Fund Investments
Genetic diagnostics co MedGenome raises $50-M from Denmark's Novo, LeapFrog, others
MedGenome, a Bengaluru- and Foster City, CA (USA)-based genetic diagnostics, research, and data company, has raised USD 50 million in an investment round led by Denmark's Novo Holdings in return for a minority stake. LeapFrog Investments, which led a USD 55 million investment round in MedGenome in April 2020, will be investing alongside Novo, besides another existing investor. The fresh capital will be used to broaden the company's product offerings and improve the reach of its key diagnostic services. MedGenome claims that its genetic testing provides data on complex, non-communicable diseases to aid in drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, and cardiology. It claims to have administered more than 300,000 complex genetic tests, serving over 200,000 patients.
From the Venture Intelligence PE-VC Deal Database: Between Nov-13 and Apr-21, MedGenome had raised over USD 135 M from IFC, LeapFrog, Sofina, Sequoia Capital India, HDFC Venture, Zodius Capital, Papillon Capital, Emerge Ventures and others including individual angel investors Kris Gopalakrishnan and Lakshmi Narayanan.
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