Genomic care provider Genome Medical said it will acquire GeneMatters for an undisclosed price, and has completed a $60 million Series C financing, with proceeds set to accelerate commercialization efforts and delivering genomic medicine to fulfill its purpose of transforming healthcare for all.
Based in Minneapolis, GeneMatters is a telehealth genetic counseling company that also offers software solutions to hospitals, health networks, genetic testing labs and biopharmaceutical organizations.
GeneMatters says its genetic expertise spans oncology, reproductive, cardiovascular, and rare diseases. GeneMatters will operate as a wholly owned subsidiary of Genome Medical Holding Co., with a focus on expanding the delivery of genetic services to community health systems and other partners.
“The addition of GeneMatters, along with our Series C financing, propels us into the next phase of commercial growth and enables us to realize the genome-driven personalization of health,” Lisa Alderson, co-founder and CEO of Genome Medical, said in a statement. “The genomic medicine industry is primed with testing capabilities and novel therapeutics; now is clearly the moment for Genome Medical to deliver expanded availability of genomic medicine for patients and providers.”
Genome Medical, which is based in South San Francisco, CA, is a nationwide medical practice and genomic services network offering virtual genomic medicine consultations, and genetic counseling services. The company says patients can access its services 7 days a week, and connect with clinicians who have an average of 10+ years of experience.
Genome Medical said its $60 million financing will enable it to expand its staff and enhance the development of its configurable technology solutions, with the aim of providing innovative and efficient genomic medicine programs. The company added that it will continue to build out its full suite of physician services, test ordering capabilities, and guidelines-based care plans to ensure comprehensive, seamless care for patients.
By combining virtual delivery of clinical expertise through telehealth technology, Genome Medical said, it is accelerating the adoption of genetic services and genomic medicine for health care systems, large-scale research studies, health plans, employers, providers and molecular diagnostic testing laboratories.
Noted life sciences investor Eli Casdin’s Casdin Capital ($3.3 billion assets under management) led the Series C financing, joined by new investors GV (formerly Google Ventures) and Amgen Ventures. Existing investors also participated in the round, including Perceptive Advisors, Canaan Partners, Kaiser Permanente Ventures, Illumina Ventures, LRVHealth, Echo Health Ventures, Revelation Partners, HealthInvest Equity Partners, Avestria Ventures, Flywheel Ventures, Dreamers Fund, and Blue Ivy Ventures.
Casdin, who is the founder and chief investment officer of Casdin Capital, will join Genome Medical’s board in connection with the financing, along with Shaun Rodriguez, director of life science research at Casdin Capital; and Jill Davies, co-founder and president of GeneMatters. Anthony Philippakis, M.D., Ph.D., venture partner at GV, will join the board as an observer.
“We feel fortunate to have been in the unique position to facilitate this strategic combination of two strong genomic health providers and Casdin portfolio companies,” Casdin stated. “The breadth and scale of Genome Medical and GeneMatters together produce the clear leader in digital health for genomics. It is also a terrific example of how one + one can equal more than two!”