Element Biosciences raises over $277 million in Series D funding

Element Biosciencesa San Diego, California-based developer of technologies that advance science, has raised over $277 million in its Series D funding round.

The round, which totaled over $680 million, was led by Wellington Management, with participation from new and existing investors, including Samsung Electronics, Fidelity, Foresite Capital, funds and accounts advised by T. Rowe Price Associates, Inc., and Venrock, among others.

The Company intends to use the funds to advance the commercialization of its AVITI™ benchtop DNA sequencer and to support the upcoming launch of AVITI24™, a device that combines sequencing and cytoprofiling (mapping of cell properties) in a single integrated biology platform.

Element Biosciences is a life sciences company led by CEO Molly He focused on developing DNA sequencing and multi-omics technology for research markets. By innovating a biological testing system, the company provides its customers with data and an improved user experience, which in turn will accelerate scientific discoveries. Over the past 12 months, Element’s AVITI installed base has grown from approximately 40 to over 190 units. Customers come from a wide range of industries including academia, biotechnology, cancer research and agricultural sciences in more than 25 countries, and the company’s technologies are used by pioneering organizations such as Cerba Research, Cornell University, Garvan Institute, Revvity, Stowers Institute, VIB and others.

Molly He commented on the news: “Element has built an ever-growing, enthusiastic and loyal customer base thanks to our innovative products and a collaborative, tenacious team committed to Element’s mission. An oversubscribed round against the backdrop of a challenging macroeconomic environment is a testament to our mission. With the support of our new and existing investors, Element is cementing its future as the next big-name biotools company – a true unicorn..”

FinSMEs

11.07.2024