Genome Medical Raises $23 Million in Series B Financing to Advance the Adoption of Genomics in Everyday Medical Care
Funds will Support Operational Expansion to meet Market Demand for Genetics Expertise
SOUTH SAN FRANCISCO, CA — Embargoed until June 11, 2019 — 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 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.
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 and Dreamers Fund -- all leading investment firms in health care IT and services innovation.
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, partner of LRVHealth, will serve as a board observer.
With this financing, Genome Medical has now raised $46 million from investors since its founding in 2016.
"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 meet 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."
Added Zeaske of Echo Health Ventures: “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. 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.”
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.
Genome Medical is committed to delivering an exceptional customer experience. 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 the appropriate genetic test, return of results, post-test genetic counseling and care coordination. The patient and other treating physicians will then 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.
About Genome Medical
Genome Medical is a national telegenomics technology and services company bringing genomic medicine to everyday care. Through our nationwide network of genetic specialists and efficient genomic care delivery platform, we provide expert virtual genetic care for individuals and their families to improve health and well-being. We also help healthcare providers and their patients navigate the rapidly expanding field of genetics and utilize test results to understand the risk for disease, accelerate disease diagnosis, make informed treatment decisions and lower the cost of care. We are shepherding in a new era of genomic medicine by creating easy, efficient access to top genetic experts. Genome Medical is headquartered in South San Francisco. To learn more, visit www.genomemedical.com and follow @GenomeMed.
Canale Communications (on behalf of Genome Medical)