TLDR:
- Element Biosciences has raised over $277 million in venture capital funding to support the commercialization of its Aviti genomic analyzer and upcoming Aviti24 system.
- The funding round was led by Wellington Management and included backing from Samsung Electronics, Fidelity, and others.
Element Biosciences, an emerging biopharma company based in San Diego, has secured $277 million in new venture capital funding to advance its DNA sequencing technology. The funding will be used to support the current commercialization of its Aviti benchtop genomic analyzer and the launch of its next-generation Aviti24 system, which will feature cell profiling and multi-omic capabilities. This funding round, known as the series D round, is a near-repeat of the company’s 2021 series C round, which raised $276 million. The latest financing was led by Wellington Management and included investments from Samsung Electronics, Fidelity, Foresite Capital, and others.
According to Wellington’s private healthcare sector lead, Joshua Sommerfeld, Element Biosciences has made impressive progress and has the potential to disrupt the incumbent price curve in the DNA sequencing market. The company’s platform offers quality, cost, and flexibility advantages, making it an attractive option for customers in academia, biotech, cancer research, and agriculture. With over $680 million in total funding raised to date, Element Biosciences has expanded its international presence, with more than 190 installed Aviti machines worldwide.
While Element Biosciences faces stiff competition from industry giant Illumina, which currently commands a market share of around 75%, the company believes its customer-centric approach and innovative products will help it make a significant impact in the genomics industry. In addition to its recent funding round, Element Biosciences has expanded its executive team and reported $25 million in revenue in 2023. The company’s CEO, Molly He, Ph.D., emphasizes the company’s mission to make cutting-edge science accessible to the entire research community.
