SAN DIEGO: Element Biosciences Inc. said Wednesday it has raised an upsized Series E financing round that includes $175 million from longtime backer Samsung Electronics, plus additional undisclosed contributions from other investors.
The funding will accelerate commercialization of Element’s genomic and multiomic product ecosystem, expand its global footprint, and advance its product roadmap for research, translational science and diagnostics, a statement said
The new capital will support adoption of Element’s technology portfolio, including the AVITI platform, the recently announced high-throughput benchtop system VITARI, and upcoming launches of AVITI Dx and tissue profiling on AVITI24. The company also plans to further develop its open, interoperable architecture, which allows scientific, pharmaceutical and technology partners to build and scale their own applications on Element platforms.
“Element has made remarkable progress since our prior investment,” said TM Roh, president and head of the Device eXperience (DX) 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, vision, and team.”
Since launching AVITI in 2022, Element has grown its customer base to more than 40 countries across academic, pharmaceutical, biotechnology and clinical research organizations. The company has expanded from sequencing into a broader portfolio that includes integrated genomic, transcriptomic, protein, spatial and cellular analyses.
“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.”
The Series E round, which is subject to regulatory approval, follows Element’s $277 million Series D funding announced in July 2024.
