Sequoia, Sofina lead $30m round for India’s MedGenome
Sequoia Capital India and Belgian investor Sofina have led a $30 million Series C round for MedGenome, an India and US-based company focused on molecular biology research and diagnostics.
Zodius Capital also participated alongside Kris Gopalakrishnan, co-founder of Infosys, and Lakshmi Narayanan, former CEO of Cognizant. The capital will be used to advance the company’s programs in biopharmaceuticals and genomics, a research field based on genetic material.
"Sofina is looking forward to be MedGenome's partner on a journey to broaden the use of genomics-based diagnostics in the Indian healthcare sector, and tap into the value of Indian genetic data for research,” Xiao-Tian Loi, an investment manager at Sofina, said in a statement. “We believe the company's efforts will have a positive impact on healthcare delivery in India and around the world.”
Founded in 2013, MedGenome manages an India-focused genomic and biopharmaceutical database that informs international researchers developing treatments for diseases including cancer, diabetes, cardiovascular disease, and Parkinson's disease. Additional products include a suite of cancer immunotherapy research tools and diagnostic tests.
The company raised a $20 million Series B round in 2015 led by Sequoia. Previous investors include Papillon Capital, Vidinovo and Emerge Ventures, which led a $4 million Series A in 2014.
India is considered underrepresented in global research efforts aimed at developing precision medicines. Recent investment in this space includes a $20 million round for Mumbai-based iGenetic Diagnostics.
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