After raising a $ 23 million series B round last year, Genome Medical raised another $ 14 million in an extension. The startup offers virtual consultations for patients and providers. It plans to use the funds to expand its telehealth platform and clinical operations.
The company has taken a much more clinical approach than consumer brands like 23andMe or Ancestry. It starts with an initial consultation to see if the individual would benefit from genetic testing, and what tests would be most suitable.
“Think of us as a medical practice that is deeply knowledgeable about genetics and genomics,” Lisa Alderson, Genome Medical’s co-founder and CEO, said in a phone interview.
The San Francisco-based company was founded in 2016. It focuses on six areas: cancer, cardiovascular disease, reproductive health, pediatric genetics, pharmacogenomics and proactive health management. When they started the company, she and co-founder Randy Scott saw it as service delivery challenge.
“Clinicians have to be knowledgeable about the tests. Which ones to order, which patients would benefit and how to interpret the results correctly,” she said. “We founded Genome Medical to be an advocate for the patient, a trusted navigator, and support the provider as well.”
Most patients self-refer, Alderson said, though the company is building out some partnerships with health systems. Last year, it began working with Kaiser Permanente Northwest and Shriners Hospitals for Children.
The startup also struck a partnership with Cigna to offer tele-genomics to its members.
The Samsung Catalyst Fund led the $ 14 million extension. Previous investors, including Canaan Parnters, Illumina Ventures, Echo Health Ventures and Kaiser Permanente Ventures also participated in the raise.
“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,” Samsung Catalyst Fund Managing Director Francis Ho said in a news release.
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Correction: A previous version of this article misstated when Genome Medical closed its series B round. It closed in June of 2019.