Element Biosciences lands $175M from Samsung for its gene-sequencing device
San Diego-based Element Biosciences on Tuesday announced a large Series E investment round, including a $175 million raise from Samsung Electronics, that will help it commercialize its new benchtop gene-sequencing device, the VITARI, and its portfolio of genomic technologies.
Scientists and researchers rely on devices like Element’s to read large quantities of genetic data to study - and sometimes treat - the root of genetic diseases and disorders.
When Element first debuted its high-throughput benchtop sequencing device, which can deliver a whole genome for $100, the scientific community took notice.
A few years ago, Illumina released the NovaSeq, which turned heads for its $200 high-throughput whole genome sequencer.
Element’s VITARI is not only half the price of the NovaSeq, but also a fraction of the size while maintaining lab-grade readings, the company said.
“This financing represents a powerful vote of confidence in our vision, our technology, and our team’s ability to execute,” said Molly He, CEO and co-founder of Element Biosciences. “This investment enables us to continue delivering transformative technologies that empower scientific discovery and improve human health.”
Element did not disclose the total size of the Series E round or its valuation, and did not name the other investors.
During its last fundraising round, the company received $277 million at a $1 billion valuation. Element has more than $680 million in investment to date.
“Element has made remarkable progress since our prior investment,” said T.M. Roh, president and head of the device eXperience division at Samsung Electronics. “Samsung believes in the broad adoption of sequencing as a foundational pillar in precision medicine, and we are extremely confident in Element’s progress.”
During the announcement of this round, Element also publicized the upcoming launches of the AVITI24 and AVITI Dx, the company’s tissue profiling technologies that can capture single-cell profiles.
“We hope to push the field as a whole and raise the bar,” said Matthew Kellinger, co-founder and vice president of biochemistry at Element.
The company is not yet profitable but is "on the right path to becoming a self-sustaining business. Adding another one of those (public companies) to San Diego is an awesome thing. That's the path we're on,” Kellinger said, hinting at an IPO.
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