Genetic diagnostics & research disruptor MedGenome secures $50 million investment from healthcare investment leader Novo Holdings and others.
31 Aug 2022. Leading genetic diagnostics, research and data company MedGenome has garnered a $50 million investment from international investor in healthcare and life sciences Novo Holdings A/S (“Novo Holdings” and “NH”), alongwith existing investors LeapFrog Investments and Sofina.
The development will spur MedGenome’s presence beyond India and South & South-East Asia into new geographies such as Africa and the Middle East, while democratising access to genetic testing and personal healthcare across emerging markets.
With this influx, Novo Holdings gains a significant minority stake in MedGenome. Dr Amit Kaka (Senior Partner) and Navjeewan Khosla (Principal) are also expected to join the Board of MedGenome as Director and Observer, respectively.
MedGenome South Asia’s leading provider of genomic solutions, specializing in advanced genetic testing and bioinformatics solutions to patients, pharmaceutical companies, and research institutions around the world. The Company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe, and has administered over 300,000 complex genetic tests and served over 200,000 patients so far. As co-founding member of the GenomeAsia 100K Project, MedGenome has also built the largest database of South Asian genetic variants.
This is Novo Holdings’s 7th investment since its conception in in Asia in January 2021. Some of its recent investments include Indonesia-based healthtech platform Halodoc, Singapore-based telehealth platform Doctor Anywhere, a regional provider of life science tools and services Esco LifeSciences Group and Qure.ai, a leading healthtech firm using artificial intelligence for medical imaging diagnostics.
Marking the occasion, Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, shared: “As a long-term, global life science investor, Novo Holdings is delighted to support the MedGenome team, whose mission to transform the future of personalised healthcare is a perfect fit with our investment strategy and broader portfolio. MedGenome is well positioned to seize significant expansion opportunities, and we look forward to applying our patient capital and life science expertise to support the company’s growth.”
On the milestone, Navjeewan Khosla, Principal, Novo Holdings Equity Asia, addressed the media: “We have seen global growth, especially in Asia, in the use of bioinformatics and genomics in the diagnosis and treatment of many diseases. This is a growing area that is tightly integrated with overall general healthcare and represents an enormous step forward in the advancement of personalised medicine. We look forward to supporting MedGenome as it expands into new markets and widens access to clinically validated, affordable testing.”
*This press release is published by VOH team.*
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