Element Biosciences Raises $277M in Series D Funding

Original from: genomeweb

Element Biosciences said Thursday that it has raised more than $277 million in Series D funding.

The round was led by Wellington Management, with participation from new and existing investors including Samsung Electronics, Fidelity, Foresite Capital, funds advised by T. Rowe Price Associates, and Venrock. The new funding brings Element's total amount raised to over $680 million. 

Element said it will use the money to further commercialize Aviti, its benchtop DNA sequencer, and to prepare for the launch of the Aviti24, which promises to combine sequencing and multiomic cellular profiling in an integrated platform. 

"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," Element CEO Molly He said in a statement. "An oversubscribed round against the backdrop of a challenging macroeconomic environment is a testament to our mission." 

"After a decade of an 800-pound gorilla dominating the ecosystem, it has been a privilege to help the exceptional Element team deliver customer-centric products that advance the quality, affordability, and democratization of genomic analysis," Bryan Roberts, partner at Venrock, said in a statement.

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Source: Element Biosciences Raises $277M in Series D Funding