Genome Medical — a company that offers patient-facing virtual visits and provider-facing consultations with genetic experts — has raised $23 million in Series B funding. The round brings Genome Medical to $46 million in total funding.
The round was led by Echo Health Ventures, with participation from LRVHealth, Casdin Capital, Perceptive Advisors, Manatt Venture Fund and Dreamers Fund, as well as from returning backers Canaan Partners, GE Ventures, Illumina Ventures, Kaiser Permanente Ventures and HealthInvest Equity Partners. As a result of their new stakes, Echo Health Ventures’ Jessica Zeaske, a partner, has joined the company’s board, with LRVHealth General Partner Keith Figlioli also coming on as a board observer.
WHAT THEY DO
Founded in 2016 and active across the US, Genome Medical offers providers, payers and employers with a cloud-based “telegenomics” platform. Through it, patients can schedule virtual visits with genetic experts that can deliver counseling, education and other guidance, while providers can arrange for an expert consultation. In addition to developing a care plan for each patient based on the results of their particular test, the company’s platform can also assess and guide users as to which type of genetic test they should order.
WHAT IT’S FOR
Genome Medical wrote in its funding announcement that it will be expanding its team of specialists and increasing development of its platform to prepare for further scaling of its services.
"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," Lisa Alderson, co-founder and chief executive officer of Genome Medical. "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."
THE LARGER TREND
Genome Medical’s patient-facing platform taps into the proliferation of consumer genetic testing, which some analysts predict will grow into a $2.5 billion market by 2025. The startup’s marriage of genetic counseling and telehealth consultations is particularly interesting in light of data presented last year suggesting that the latter service may increase the demand for genetic counseling, and concerns that many consumer-grade tests may not be up to snuff and require retesting or expert interpretation.
ON THE RECORD
“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,” Echo's Zeaske said in a statement. “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.”
