- Leading telegenomics platform Genome Medical announced it raised $23 million in Series B funding
- With this round of funding, the company is planning to accelerate the development of its technology and medical services for supporting patients, physicians, and healthcare systems in all 50 states
Genome Medical, a leading telegenomics platform, announced recently that it raised $23 million in Series B funding. With this round of funding, the company plans to accelerate the development of its technology and medical services for supporting patients, physicians, and healthcare systems in all 50 states. Including this round of funding, Genome Medical has now raised $46 million from investors since the company launched in 2016.
The funds are also going to support the scaling of operations to further meet the demand for genetic services. And the company is going to expand its team of clinical genomics specialists delivering services to health care systems, providers and patients, and accelerate the development of its proprietary genomic care delivery platform.
This round of funding was led by Echo Health Ventures — which is a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions. And additional new investors include LRVHealth, Casdin Capital, Perceptive Advisors, Manatt Venture Fund and Dreamers Fund.
And Genome Medical’s existing investors Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures, and HealthInvest Equity Partners.also participated in this round. In conjunction with this round, Echo Health Ventures partner Jessica Zeaske is joining Genome Medical’s board of directors. And LRVHealth general partner Keith Figlioli is going to serve as a board observer.
“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 Genome Medical co-founder and CEO Lisa Alderson. “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.”
Alderson was previously the Chief Commercial Officer and Chief Strategy Officer of Invitae. Genome Medical was also founded by Randy Scott and Robert Green MD, MPH. Scott is currently the executive chairman of Invitae. And Green is a professor of medicine at Harvard Medical School and the Director of G2P Research at the Division of Genetics in the Department of Medicine at Brigham and Women’s Hospital.
Genome Medical works closely with hospitals, health systems, payers, providers, and employers for making genomic medicine more accessible and affordable. And through the company’s cloud-based genomic care delivery platform, it delivers on-demand access to genetic experts for virtual visits and provider-to-provider consults. Plus it also offers genetic wellness assessment and screening for population health management.
Patients can schedule and receive on-demand virtual care from their home. Genome Medical provides education, consent, pre-test genetic counseling, the selection of appropriate genetic testing, return of results, post-test genetic counseling, and care coordination.
And patients and other treating physicians receive a personalized care plan based on lab testing results along with personal and family health history. Genome Medical also shares clinic note with other physicians to best support the patient’s care and bridge the knowledge gap around the appropriate utilization of genetics and genomics.
This provides patients all around the country with convenient access to genetic specialists they may not otherwise be able to access along with bringing forward the right care at the right time.
“We see a significant opportunity for Genome Medical to deliver the genetic expertise that payers, providers, and consumers need to appropriately deliver genetic testing and make informed decisions about test results,” added Zeaske. “I look forward to working with the Genome Medical team as they leverage their technology platform to accelerate the appropriate adoption of genomics into the clinical setting.”
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