Element Biosciences, developer of pioneering technologies to empower science announced over $277 million in Series D investment to support its growing global customer base with disruptive DNA sequencing and multi-omics technologies for years to come. The oversubscribed round 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. This brings Element’s cumulative raise to over $680 million.
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This funding will further support the commercialization of AVITI™, Element Biosciences’ benchtop DNA sequencer, and bolster the upcoming launch of AVITI24™, the first instrument to combine state-of-the-art sequencing and cyto-profiling (mapping cell characteristics) into a single integrated biology platform. AVITI24 revolutionizes research by enabling simultaneous examination of DNA, RNA, proteins, phosphoproteins, and cell structure within single cells – empowering researchers to gain unparalleled insights into biological systems with unprecedented ease.
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“After years of watching Element’s impressive progress from the sidelines, we are excited to support the company’s next chapter of growth and development,” said Joshua Sommerfeld, healthcare sector lead at Wellington Management Private Investing. “Their platform combines quality, cost, and flexibility advantages that disrupt the incumbent price curve. By bringing end-to-end integrated multi-omic workflows onto a single system, Element has potential to accelerate biological discovery.”
“Molly and the team at Element are cementing their position in a highly competitive environment,” said Mr. Jong-Hee (JH) Han, Vice Chairman and CEO at Samsung Electronics. “Their products set a new industry standard and are foundational to the next wave of biological innovation that will help researchers and businesses around the globe deliver on the promises of precision medicine and artificial intelligence. We are incredibly excited about Element’s vision to make precision medicine affordable and are impressed with the team they built together.”
“We cofounded Element based on a simple belief that cutting-edge science should be available to the entire research community. Element has taken the first step to democratize sequencing and will continue helping the community uncover the secrets of biology with high-quality, flexible, rapidly iterative, and affordable tools that are accessible to more scientists.” said Molly He Ph.D., CEO, Element Biosciences. “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.”
About Element Biosciences
Element Biosciences is a pioneering life science company democratizing access to advanced biological tools, driving impactful discoveries to benefit humanity. We are focused on developing disruptive DNA sequencing and multi-omics technology for research markets. Through innovating every fundamental element of a biological assay system, Element Biosciences empowers customers with affordable, high-quality data and an improved user experience, which in turn will accelerate scientific discoveries.
