Element Biosciences Closes $276 Million Series C Financing to Democratize Access to Genomics
Financing Supports Commercial Launch of Disruptive Next-Generation DNA Sequencing Platform
SAN DIEGO, June 29, 2021 /PRNewswire/ -- Element Biosciences, developer of a new and disruptive DNA sequencing platform, today announced the close of a $276 million Series C financing. New investors Janus Henderson Investors, Logos Capital, Meritech Capital Partners, Counterpoint Global (Morgan Stanley), and T. Rowe Price joined existing investors Fidelity Management & Research Company, Foresite Capital, JS Capital Management LLC, RA Capital Advisors, and Venrock. With this latest investment, Element Biosciences has raised approximately $400 million.
"Element will provide researchers with innovative technology choices and more flexible tools for scientific exploration," said Molly He, Ph.D., co-founder and chief executive officer of Element Biosciences. "We are working to realize our vision of dramatically expanding access to high quality, low cost, easy-to-use genomics tools."
Genome sequencing has become an increasingly powerful tool to understand biology and improve human life, from decoding the basis for infectious diseases like COVID-19 to the genetic profile of individual cancers, inherited diseases, and beyond. Proceeds from the Series C financing will be used to scale the commercial organization in anticipation of, as well as fund, the launch of the company's next-generation sequencing solution.
"Element has developed a differentiated, modular, platform-based approach that reinvents all aspects of a DNA sequencing solution," said John Stuelpnagel, DVM, chairman of the Element Biosciences Board of Directors. "The company has the vision and executional roadmap needed to support current and emerging opportunities in the genomics research market."
"The ability to partner with Fidelity, Janus Henderson, Counterpoint Global (Morgan Stanley) and T. Rowe Price in building our company is a testament to Element's technology, people and collective teamwork," said Bryan Roberts Ph.D., partner at Venrock and a member of the Element Biosciences Board of Directors. "We look forward to a long relationship with them, and all of Element's investors."
About Element Biosciences
Element Biosciences is a multi-disciplinary life science company currently focused on developing disruptive DNA sequencing technology for research and diagnostic markets. Through innovating every fundamental element of a sequencing system, Element will empower customers with affordable high-quality data and an improved user experience, which in turn will accelerate scientific discoveries and broaden the use of genomic medicine. To learn more about Element, please visit www.elementbiosciences.com.
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SOURCE Element Biosciences