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Samsung Fuels Element Biosciences' Gene Sequencing Expansion
10 Jun
Summary
- Element Biosciences raised funds including $175 million from Samsung.
- Funding supports commercialization of AVITI and upcoming products.
- Financing aims to expand international presence and future product development.
Privately held Element Biosciences announced the successful upsized Series E funding round, bolstered by a $175 million investment from long-time supporter Samsung Electronics. This financial injection is set to significantly enhance the commercialization efforts for Element's advanced genetic sequencing products, including the established AVITI and VITARI systems, as well as the anticipated AVITI Dx and AVITI24 launches. These systems are designed for decoding DNA and RNA, supporting crucial applications in medical research, disease detection, and drug development.
The company plans to leverage this funding to broaden its global footprint and fuel the development of next-generation products for research, drug discovery, and diagnostic purposes. This strategic expansion comes as Element Biosciences navigates the competitive gene-sequencing market, where established players like Illumina and Roche are also active. The financing is contingent upon regulatory approval and follows Element's substantial $277 million Series D round from July 2024.
