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Element Biosciences Secures Over $277 Million in Series D Funding

NextEdge Admin

13 Jul 2024

3 min 32 sec

Multi Omics,Precision Medicine,Genomics,Technology,Precision Diagnostics,NGS

Element Biosciences, Inc., a leader in pioneering DNA sequencing and multi-omics technologies, announced over $277 million in Series D funding to support its global customer base. The round, led by Wellington Management, included new and existing investors such as Samsung Electronics, Fidelity, Foresite Capital, T. Rowe Price Associates, Inc., and Venrock, raising Element’s total funding to over $680 million.

“We are excited to support Element’s next growth chapter,” said Joshua Sommerfeld, healthcare sector lead at Wellington Management Private Investing. “Their platform disrupts the incumbent price curve by combining quality, cost, and flexibility. Element’s integrated multi-omic workflows can accelerate biological discovery.”

Jong-Hee (JH) Han, Vice Chairman and CEO of Samsung Electronics, added, “Element’s products set a new industry standard and are foundational to the next wave of biological innovation. We are thrilled by their vision to make precision medicine affordable.”

The funding will support the commercialization of AVITI™, Element’s benchtop DNA sequencer, and the upcoming launch of AVITI24™, which combines sequencing and cyto-profiling into a single platform. AVITI24 enables simultaneous examination of DNA, RNA, proteins, phosphoproteins, and cell structures within single cells, providing unparalleled insights into biological systems.

“Element’s mission is to democratize genomic analysis,” said Bryan Roberts, Partner at Venrock. “Their customer-centric products advance the quality and affordability of genomic tools.”

CEO Molly He, Ph.D., stated, “Element has grown a large, enthusiastic customer base thanks to our innovative products and committed team. An oversubscribed round in a challenging macroeconomic environment is a testament to our mission. With our investors’ support, Element is solidifying its future as a leading biological tools company.”

In the past year, Element’s AVITI install base has grown from 40 to over 190 units, serving industries such as academia, biotech, cancer research, and agricultural science in over 25 countries. The University of Minnesota Genomics Center (UMGC) has expanded its AVITI installations, with Director Dr. Kenny Beckman praising its performance and ease of integration.

“Element’s groundbreaking sequencing drives significant advancements in precision diagnostics research,” said Thomas P. Slavin, Chief Scientific Officer at HALO Precision Diagnostics.

Reflecting on Element’s journey, Molly added, “We are especially grateful to our earliest customers for their support.”