Genome Medical, a leading nationwide telegenomics company providing genomic-based medicine, today announced that it has raised $23 million in Series B financing to accelerate the development of its technology and medical services which support patients, physicians and healthcare systems in all 50 states. The Series B round was led by Echo Health Ventures, a 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. 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. With this Series B round, Genome Medical has now raised a total of $46 million to date.
Bringing Genomics into Everyday Care
Founded in 2016, Genome Medical works in partnership with hospitals, health systems, payers, providers, and employers to make genomic medicine more accessible and affordable. 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 as well as genetic wellness assessment and screening for population health management.
Value Proposition for Genome Medical
Patients are able to schedule and receive on-demand virtual care from the comfort of their home. Genome Medical provides education, consent, pre-test genetic counseling, selection of appropriate genetic testing, return of results, post-test genetic counseling and care coordination. 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 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. This provides patients all around the country with convenient access to genetic specialists they may not otherwise be able to access and it brings forward the right care at the right time.
The funds will support the scaling of operations to further meet the demand for genetic services. More specifically, the company will expand its team of clinical genomics specialists delivering services to health care systems, providers and patients; and accelerate development of its 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,” said Lisa Alderson, co-founder and chief executive officer 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.”