Element Biosciences, a leading developer of DNA sequencing and multi-omics technology, has raised over $277 million in Series D funding. This latest round brings the company’s total funding to over $680 million and was led by Wellington Management, with participation from new and existing investors including Samsung Electronics, Fidelity, Foresite Capital, T. Rowe Price Associates, Inc., and Venrock, among others.
Expanding Commercialization and Product Launches
The funds will be used to support the commercialization of Element Biosciences’ benchtop DNA sequencer, AVITI™, and to prepare for the upcoming launch of AVITI24™, an integrated platform combining sequencing and cyto-profiling (cell characteristics mapping).
Leadership and Vision
CEO Molly He leads Element Biosciences with a focus on developing innovative DNA sequencing and multi-omics technology for research markets. The company’s advancements in biological assay systems aim to provide customers with superior data and an enhanced user experience, accelerating scientific discoveries.
Growing Global Presence
In the past year, Element Biosciences has seen substantial growth, expanding its AVITI install base from approximately 40 units to more than 190. The company’s technologies are utilized across diverse industries, including academia, biotech, cancer research, and agricultural science, spanning more than 25 countries. Notable users of Element’s technology include Cerba Research, Cornell University, Garvan Institute, Revvity, Stowers Institute, and VIB.
Industry Impact and Future Outlook
Molly He commented on the funding round: “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.”
Element Biosciences’ innovative approach and robust funding position it as a significant player in the biological tools market, poised to drive future advancements in scientific research and discovery.
