India-based genomics diagnostic test provider MedGenome has attracted $10m from financial services group HDFC Bank to close its series C round at $40m, Inc42 has reported.
Two HDFC subsidiaries, insurer HDFC Life and HDFC Asset Management, joined their parent company in adding to the $30m series C first tranche MedGenome closed in August 2017.
Investment holding company Sofina and venture capital firm Sequoia Capital co-led the first tranche, with contributions from Zodius Capital and individual investors Kris Gopalakrishnan and Lakshmi Narayanan.
MedGenome was spun off from genomics services provider SciGenome in 2013 to operate a next-generation diagnostics lab in the city of Bangalore that now offers sequencing tests for pregnancy and conditions including cancer and rare mutations.
The company also sells genetic sequencing services for life sciences areas such as immuno-oncology to other research and development companies through its Silicon Valley office.
The funding will be used to support a growth drive MedGenome expects will take it into all India’s small-to-medium sized cities, while expanding access to its diagnostics for prenatal and newborn parents. MedGenome also plans to open centres in hospitals across India.
The company’s overall funding now stands at $64m. It received $20m in a 2015 series B round led by Sequoia, having raised $4m in series A funding from angel investors including Kartik Kumaramangalam, Mahesh Pratapneni, Dmitri Mehlhorn and Ambiga Dhiraj the previous year.
Deepak Parekh, chairman of HDFC Group, said: “We believe understanding genetic information can have a big impact on Indian healthcare industry through early detection of disease risk and development of new medicines.”