This morning Genome Medical, a well being tech firm that gives genetic insights and companies to shoppers, introduced the acquisition of telegenetic counseling platform GeneMatters.
The announcement coincides with the information of Genome Medical’s $60 million Collection C funding spherical led by Casdin Capital with participation from GV, Amgen Ventures and present buyers.
Genome Medical plans to make use of the infusion of money to construct out its staff and proceed to develop its doctor companies, check ordering capabilities and guideline-based care plans.
As a part of the funding information, Eli Casdin, founding father of Casdin Capital; Shaun Rodriguez, director of life science analysis at Casdin Capital; and Jill Davies, cofounder and president of GeneMatters, will probably be becoming a member of the board of administrators.
WHY IT MATTERS
The acquisition positions Genome Medical to broaden its choices within the digital genetics counseling house. Particularly, GeneMatters will assist broaden the supply of telegenetic “companies to neighborhood well being techniques and different companions,” in keeping with the announcement.
As soon as the acquisition closes, the plan is for GeneMatters to function as a completely owned subsidiary of Genome Medical.
GeneMatters groups up with hospitals, well being networks, genetic testing labs and pharma organizations to supply genetic counseling and a software program product to sufferers. Sufferers are in a position to join with genetic counselors remotely for 30 to 60 minutes through a cellphone name or video session. The service provides shoppers a abstract of their dialogue and suggestions inside 24 hours.
In line with the corporate’s web site, genetic counseling can cater to quite a lot of specialties, together with reproductive well being, oncology, pediatrics, cardiology, neurology and uncommon ailments.
“The mission of GeneMatters from day one has been to extend affected person entry to genetic companies and to assist affected person decision-making,” mentioned GeneMatters’ Davies. “Becoming a member of the Genome Medical household permits for expanded capabilities, broader attain and in the end extra sufferers and suppliers being served. We’re thrilled to be becoming a member of forces with this proficient staff that shares our mission, imaginative and prescient and keenness for affected person care.”
THE LARGER TREND
Right now’s funding announcement comes a bit of over a yr after Genome Medical introduced a $14 million Collection B extension financing led by Samsung Catalyst Funding. In 2019, the corporate scored $23 million in Collection B funding led by Echo Well being Ventures.
Over the past decade, quite a lot of genomic-related digital well being merchandise have emerged on the market. Client genomics has grow to be particularly common. In February, 23andMe introduced its plans to go public by way of a particular goal acquisition firm sponsored by Virgin Group.