Element intends to use the funds to speed the development of its low-cost, and easy-to-use genomic sequencing solutions
Element Biosciences closed $80m Series B Financing round. (Credit: Pixabay/Darko Stojanovic)
US-based biotechnology firm Element Biosciences has secured $80.3m in a Series B financing round, to advance the development of its low-cost genomic sequencing solutions.
The funding round saw the participation of new investors Fidelity Management & Research and JS Capital, along with existing investors including Foresite Capital and Venrock.
With the latest funding round, the company has attracted a total investment of more than $100m to date.
Element Biosciences CEO and co-founder Molly He said: “Element’s vision is to create disruption in each of the basic elements that comprise a sequencing platform, such as surface chemistry, sequencing chemistry, detection, and data analysis.
“With a combination of Element’s proprietary technologies and the latest developments in these respective areas, we have developed a flexible, modular, and high-performing sequencing platform.”
Genomic sequencing emerged as a crucial device to understand biology and enhance human life
Element said that it intends to use the proceeds from the financing round to enhance the development of its low-cost, and easy-to-use genomic sequencing solutions.
In 2020, the company will focus on critical product development activities, including integration of its innovations.
In addition, the company has recently shifted its headquarters from San Diego to a new 30,000ft2 facility in University Towne Centre, to support its growth.
The company intends to further expand its San Diego and San Francisco Bay Area teams, and join forces with its suppliers and partners with a common vision.
Element Biosciences claimed that it develops DNA sequencing technology for research and diagnostic markets, to offer affordable data and enhanced user experience, by advancing sequencing system.
Element DVM chairman John Stuelpnagel said: “Rebuilding a sequencing platform with the modularity for growth beyond a tool company is a remarkable undertaking. It takes fundamental changes of not only the technical system, but also the mentality of a company.
“The company seeks to deliver unprecedented freedom to study biology in an open and collaborative manner to advance genomics research as a community. Element has assembled a special group, wired with the courage and creativity to pull off this undertaking.”