Hyderabad-based Mapmygenome raises $1.1 million funding in pre-series A round
Mar 23, 2015
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Indian genomics pioneer startup which offers DNA testing service has raised $1.1 million from a group of angel investors. The company will use the pre-series A fund to scale up its operation and expand distribution locally and globally.
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Mapmygenome’s personal genomics products provide insights into the genetic basis of individuals’ health – including traits, lifestyle, drug responses, inherited conditions, and diseases. Mapmygenome offers BRCA 1/2 gene sequencing for breast cancer for about INR 19,999 – they also offers molecular tests for TB and other infectious diseases that increase accuracy at very low costs.
Anu Acharya, CEO, Mapmygenome, said “This round of funding will help in scaling up our operations in India and globally. We are looking to expand our team (leadership, sales and marketing and genetic counseling network) where our focus is on quality of talent — education and expertise. We are also looking to invest in some assets and scale up our research.”
Investors in Mapmygenome
The list of investors include names like Aarti Grover MD – CMS Computers, Rajan Anandan MD- Google India, Arihant Patni –Managing Director at Hive Technologies and Satveer Singh Thakral – CEO of Singapore Angel Network among others. Avendus Wealth Management Pvt. Ltd, the wealth management subsidiary of Avendus Capital Pvt. Ltd., were the advisors for this round.
“There is a tremendous future for this sector in our country and Mapmygenome is a pioneer in this space,” said Aarti Grover, MD at CMS Computers.
The company has created a new market category in the country for predictive tests with their flagship brand Genomepatri™ in April 2013. Mapmygenome offers personal genomics, molecular diagnostics, DNA forensics, and brain wellness. The company has tied up with over 38 networks of hospitals where people can avail their services; Dr. Lal’s and OnQuest are some of their partners. They have also started receiving orders from Singapore and Malaysia. Consumers can also purchase the produces from mapmygenome.in site directly, or through their e-commerce partners such as SnapDeal.com or Amazon.
George Mitra, CEO, Avendus Wealth Management Pvt. Ltd said, “With rising affluence and lifestyle changes in India, predictive diagnostics is increasingly becoming a part of the holistic health movement amongst Indians. Mapmygenome has been the pioneer of such testing is India. Our clients and Avendus Wealth Management are excited about the promise and potential of Mapmygenome.”
Earlier last year, Anu has told YourStory, “One worrisome issue is people don’t read fine prints. For example, in a particular case if there are only 0.2 % incidents in India, we don’t want people to be confused. We have to explain that even when you have high risk, the number of people affected by this particular disease is only 0.2%. You might have high chances of getting it compared to an average person but that doesn’t mean you’ll get it. That is why counseling is very important.”
“As India’s economy develops, we strongly believe that preventive healthcare will form a rising share of the household budget. Genome mapping is at the frontier of technological innovation in this context, and we are backing this experienced team to scale and make this technology commercially available to people from all walks of life who are pro-active about their health,” said Satveer Singh Thakral, CEO Singapore Angel Network.
Last year in February, the Government of Karnataka awarded Mapmygenome the Bio Excellence award ‘Emerging Company of the Year’.
