This morning Genome Medical, a health tech company that provides genetic insights and services to clients, announced the acquisition of telegenetic counseling platform GeneMatters. 

The announcement coincides with the news of Genome Medical’s $60 million Series C funding round led by Casdin Capital with participation from GV, Amgen Ventures and existing investors. 

Genome Medical plans to use the infusion of cash to build out its team and continue to grow its physician services, test ordering capabilities and guideline-based care plans. 

As part of the funding news, Eli Casdin, founder of Casdin Capital; Shaun Rodriguez, director of life science research at Casdin Capital; and Jill Davies, cofounder and president of GeneMatters, will be joining the board of directors. 

WHY IT MATTERS 

The acquisition positions Genome Medical to expand its offerings in the virtual genetics counseling space. Specifically, GeneMatters will help expand the delivery of telegenetic “services to community health systems and other partners,” according to the announcement.  

Once the acquisition closes, the plan is for GeneMatters to operate as a wholly owned subsidiary of Genome Medical. 

GeneMatters teams up with hospitals, health networks, genetic testing labs and pharma organizations to offer genetic counseling and a software product to patients. Patients are able to connect with genetic counselors remotely for 30 to 60 minutes via a phone call or video consultation. The service gives clients a summary of their discussion and recommendations within 24 hours. 

According to the company’s website, genetic counseling can cater to a number of specialties, including reproductive health, oncology, pediatrics, cardiology, neurology and rare diseases. 

“The mission of GeneMatters from day one has been to increase patient access to genetic services and to support patient decision-making,” said GeneMatters’ Davies. “Joining the Genome Medical family allows for expanded capabilities, broader reach and ultimately more patients and providers being served. We are thrilled to be joining forces with this talented team that shares our mission, vision and passion for patient care.”

THE LARGER TREND 

Today’s funding announcement comes a little over a year after Genome Medical announced a $14 million Series B extension financing led by Samsung Catalyst Funding. In 2019, the company scored $23 million in Series B funding led by Echo Health Ventures. 

Over the last decade, a number of genomic-related digital health products have emerged on the market. Consumer genomics has become especially popular. In February, 23andMe announced its plans to go public through a special purpose acquisition company sponsored by Virgin Group.