Element Biosciences, a San Diego, CA-based developer of technologies to empower science, raised over $277M in Series D funding.
The round, which brought the total amount to over $680M, 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 the funds to support the commercialization of AVITI™, its benchtop DNA sequencer, and bolster the upcoming launch of AVITI24™, an instrument that combines sequencing and cyto-profiling (mapping cell characteristics) into a single integrated biology platform.
Led by CEO Molly He, Element Biosciences is a life science company focused on developing DNA sequencing and multi-omics technology for research markets. Through innovating element of a biological assay system, the company empowers customers with data and an improved user experience, which in turn will accelerate scientific discoveries. In the last 12 months, Element’s install base of AVITI has grown from approximately 40 units to more than 190. Customers span a diverse set of industries including academia, biotech, cancer research, and agricultural science in more than 25 countries, and its technologies are used by pioneering organizations like Cerba Research, Cornell University, Garvan Institute, Revvity, Stowers Institute, VIB, and others.
Commenting on the news, Molly He said: “Element has grown an increasingly large, enthusiastic, and loyal customer base thanks to our innovative products and a collaborative, tenacious team that has remained 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 solidifying its future as the next name-brand biological tools company – a true unicorn.”
FinSMEs
11/07/2024