Genome Medical, a US-based provider of telemedicine services focused on genetically-driven insights, has collected $23m in a series B round led by strategic investment vehicle Echo Health Ventures.
Echo Health Ventures is the investment partnership created by health services provider Cambia Health and Mosaic Health Solutions, a vehicle for of health insurance provider Blue Cross and Blue Shield of North Carolina.
The round featured GE Ventures, Illumina Ventures and Kaiser Permanente Ventures: respective corporate venturing units of industrial and power technology producer General Electric, genomics services provider Illumina and hospital system operator Kaiser Permanente.
Manatt Venture Fund, the venture capital vehicle of law firm Manatt, Phelps & Phillips, also participated in the round, alongside Canaan Partners, LRVHealth, Casdin Capital, HealthInvest Equity Partners, Perceptive Advisors and Dreamers Fund.
Founded in 2016, Genome Medical provides genetic consulting services, helping to improve medical outcomes for US patients who have previously lacked access to genomic medicine.
The series B capital will help the company scale its operations through activities including the recruitment of genomic specialists and further development of its genomic telemedicine platform.
Echo Health Ventures partner Jessica Zeaske has joined Genome Medical’s board of directors, while Keith Figlioli, a general partner at LRVHealth, has taken an observer role.
The series B round increased Genome Medical’s funding total to $46m. GE Ventures led the company’s $11m series A-1 round in January 2018 with contributions from Illumina Ventures, Kaiser Permanente Ventures and Canaan Partners.
Genome Medical had raised a total of $12m across seed and series A rounds that were both led by Canaan, in 2016 and 2017 respectively. Illumina took part in the series A round while HealthInvest Equity Partners and Flywheel Ventures invested at seed stage.