Genome Medical, a San Francisco, California-based leading nationwide telegenomics company, as per recent reports, has just closed a Series B financing round, raising $23 million in investment funding. The recent Series B was led by Echo Health Ventures, a Seattle, Washington-based strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions with additional new investors LRVHealth, Casdin Capital, Perceptive Advisors, Manatt Venture Fund, and Dreamers Fund. The round was also participated by Genome Medical’s existing investors Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures, and HealthInvest Equity Partners. With this recent funding, the company has, to date, raised in total $46 million.
Genome Medical, founded in 2016, partners hospitals, along with other health system players, payers, providers, and employers to make genomic medicine more accessible and affordable. Genome’s cloud-based genomic care delivery platform enables users on-demand access to genetic experts from all around the world for virtual sessions and provider-to-provider consults. The platform, with its genetic wellness assessment and screening, offers seamless population health management.
The funds will help Genome, scale its operations to meet the excess demand for genetic services. Moreover, the company, by hiring new professionals, plans to expand its team of clinical genomics specialists delivering healthcare services to patients; and boost the development process of Genome’s proprietary genomic care delivery platform.
“Patients all across the United States who are in need of genomic medicine are not getting access today. Genome Medical is working to change this. Our team is proud to have the support and strategic expertise provided by this group of world-class investors to help us achieve our vision of bringing genomic medicine to everyday care,” stated Lisa Alderson, co-founder & CEO of Genome Medical. “With this funding, we will expand our ability to service the needs of hospitals and health systems that are challenged in meeting the sharply rising demand for genetic services. Our platform is designed to increase efficiency and eliminate traditional geographic and workforce-based barriers associated with accessing genetic specialists. The expanded use of genomic-based personalized medicine will enable vast improvements in the lives of patients.”