‘Telegenomics’ Startup Raises $23M in Series B Financing

June 12, 2019
Genome Medical delivers on-demand access to genetic experts for virtual visits

Genome Medical, which is setting up a nationwide “telegenomics” company providing genomic-based medicine, has raised $23 million in Series B financing.

Through its cloud-based genomic care delivery platform, Genome Medical delivers on-demand access to genetic experts for virtual visits and provider-to-provider consults as well as genetic wellness assessment and screening for population health management. 

The patient and other treating physicians receive a personalized care plan based on lab testing results as well as personal and family health history. Genome Medical says it shares clinic notes with other physicians to best support the patient’s care and bridge the knowledge gap around the appropriate utilization of genetics and genomics.

“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,” said Lisa Alderson, co-founder and chief executive officer of Genome Medical, in a statement. “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.”

Prior to Genome Medical, Alderson served as the chief commercial officer and chief strategy officer of Invitae (NYSE: NVTA), a genetic information company. Besides Alderson, the other co-founders are Randy Scott, Ph.D., executive chairman of Invitae; and Robert C. Green, M.D., M.P.H., a medical geneticist who directs the Genomes2People Research Program at Brigham and Women’s Hospital, is an associate member of the Broad Institute and is professor of medicine at Harvard Medical School.

In April 2019 Renown Health, a nonprofit health system in Northern Nevada, announced a partnership with Genome Medical to bring its genetic counseling and educational services to participants of the Healthy Nevada Project. Under the partnership, select participants in the Healthy Nevada Project are receiving counseling and other genetic services from Genome Medical as the next step in their care, following initial genetic testing. This ensures that participants with medically actionable findings are given the best possible means of understanding their results and communicating those results back to their primary care provider, who can guide any necessary changes to their clinical care.

With the new financing, Genome Medical has now raised $46 million from investors since its founding in 2016. Based in South San Francisco, Calif., the company said the new funding would support the scaling of operations to further meet the demand for genetic services. The company will expand its team of clinical genomics specialists delivering services to healthcare systems, providers and patients; and accelerate development of its proprietary genomic care delivery platform.

The financing was led by Echo Health Ventures, a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions. Additional new investors include LRVHealth, Casdin Capital, Perceptive Advisors, Manatt Venture Fund and Dreamers. Genome Medical's existing investors also participated in the financing round, including Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures and HealthInvest Equity Partners. Concurrent with the financing, Jessica Zeaske, a partner at Echo Health Ventures, has joined Genome Medical's board of directors, and Keith Figlioli, general partner at LRVHealth, will serve as a board observer.     

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