US-based precision healthcare provider Genome Medical has raised an amount likely to be $11m in a series A-1 round led by GE Ventures, a subsidiary of industrial product group General Electric.
Genomics technology provider Illumina and healthcare consortium Kaiser Permanente also took part in the round, through their Illumina Ventures and Kaiser Permanente Ventures units, as did venture firm capital Canaan Partners.
Genome Medical provides genetic consulting services to customers who can use its gene collection or blood drawing kits to supply data, with the company going through the information over the telephone or online video communication.
The capital will be used to expand Genome Medical’s physician services from 30 US states to the rest of the country this year. Additional funding will help it expand its cancer genetics, cardiovascular genetics, reproductive health and proactive health-focused services.
Genome Medical’s funding tally stands at $23m according to the company, $12m of which was raised across seed and series A rounds in autumn 2016 and May 2017. Canaan Partners led both rounds.
Illumina Ventures also participated in the series A round, while private equity firm HealthInvest Equity and VC firm Flywheel Ventures helped provide the seed funding.
Iana Dimkova, director of healthcare investment at GE Ventures, said: “As genetic testing becomes standard of practice, the Genome Medical team and its telegenomics platform are strongly positioned to help patients and physicians derive clinically actionable insights, further enabling the transition to personalised healthcare.”