Genome Medical Secures $23 Million Series B Funding to Advance Innovative Genomic Diagnostic Solutions

VCBeat (WeChat ID: vcbeat) learned from foreign media that on June 11, U.S. local time, life sciences company Genome Medical completed a $23 million Series B financing round. The proceeds from this round will be used to support the company in advancing genetic diagnostic research and providing users with novel genetic testing solutions.

It is reported that this round of financing was led by Echo Health Ventures, with participation from LRV Health, GE Ventures, and Illumina Ventures. In addition, Genome Medical has expanded its board of directors, with Jessica Zeaske, Partner at Echo Health Ventures, and Keith Figlioli, General Partner at LRV Health, joining the Genome Medical board.

Genome Medical, founded in 2016 and headquartered in California, USA, is a life sciences company specializing in genetic diagnostics.

Currently, there are over 75,000 genetic tests available on the market. Most of these tests do not comprehensively analyze the entire genome; instead, they base their diagnostics solely on single-strand genes from either the paternal or maternal line. Genome Medical aims to transform existing testing protocols by enabling comprehensive genomic diagnosis and treatment for users.

Genome Medical currently offers services in the following areas: diagnostic testing, pharmacogenomics, proactive testing, carrier screening, and newborn screening. Diagnostic testing and proactive testing provide genetic diagnostic services for patients and at-risk individuals, respectively, helping them identify disease-associated genetic regions and enabling personalized treatment plans. The target customers for newborn screening are women who are planning a pregnancy; the company conducts genetic screening to assess the health status and disease risk of potential newborns, thereby reducing the birth rate of infants with genetic disorders.

Genome Medical, Inc.’s clinical care team comprises medical geneticists, genetic counselors, primary care physicians, pharmacists, and other professionals. They deliver a range of healthcare services across all 50 U.S. states, primarily including on-demand access, genetic evaluations, test ordering, and specialist follow-up. Users can visit the Genome Medical, Inc. website to engage in one-on-one consultations with the expert team and determine the services they need. Based on the information provided by users, the expert team will customize relevant genetic diagnostic plans and provide comprehensive after-sales support.

Echo Health Ventures, founded in 2016 and headquartered in Washington, U.S., is a private equity firm specializing in early- and late-stage investments in healthcare startups. It has completed 14 investments to date.

LRV Health, founded in 2000 and headquartered in Massachusetts, USA, is a venture capital firm that focuses on investing in the early and late-stage development of startups in the healthcare sector. It has completed 42 investments to date.

GE Ventures, established in California, USA, in January 2013, is a venture capital firm focused on investing in startups at various stages of development, having completed 164 investments to date.

Illumina Ventures, headquartered in California, USA, is a venture capital firm established in 2016. Since its inception, Illumina Ventures has been committed to providing financial support to startups in the field of genomic diagnostics and therapeutics, having completed 20 investments to date.

(Compiled by Liu Yujing)