Since expanding its DNA-focused telehealth work into guiding patients and institutions from genetic testing through subsequent specialty care, Genome Medical has raised $14 million to help boost its clinic-focused operations.
The new funds will support the continuing development of the company’s technology platform aimed at addressing the nationwide lack of genomic healthcare experts and counselors, as well as the surge in virtual visits resulting from the spread of the novel coronavirus.
“The global COVID-19 pandemic and its health care impact are creating an unprecedented need for telehealth solutions,” said co-founder and CEO Lisa Alderson. “As a nationwide telehealth medical practice, Genome Medical is able to meet this need by expanding access to standard-of-care genetics and genomics through virtual health services—reaching people everywhere in a timely and safe manner.”
In addition, Genome Medical plans to expand its care navigation and e-consult programs for cancer, reproductive health and pharmacogenomics to a wider U.S. population.
The company’s series B extension round was led by Samsung Catalyst Fund, which will work with Genome Medical on a consumer-focused digital health partnership, Alderson said.
“Personalized medicine is the future of care, but too many health systems are not able to provide these critical services,” said Francis Ho, Samsung Catalyst Fund’s senior vice president and managing director. “When more patients and providers have access to cutting-edge genomic health technologies and expertise, we can save lives and improve health outcomes.”
“The data and knowledge base built by Genome Medical will spur more innovation and help us focus on preventive methods for treating illnesses and new diseases,” Ho added.
The company’s previous investors also participated in the funding round, including Canaan Partners, Illumina Ventures, Echo Health Ventures, Perceptive Advisors, LRVHealth, Kaiser Permanente Ventures, Avestria Ventures, Casdin Capital, HealthInvest Equity Partners, Revelation Partners, Dreamers Fund, Flywheel Ventures and Manatt Ventures, as well as Genome Medical’s chairman and co-founder, Randy Scott, former CEO of Genomic Health and president of Incyte.