November 24, 2024

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Element Biosciences Aviti, a DNA sequencer released in 2022. (Element Biosciences)

Samsung Electronics took part in a $277 million Series D investment for Element Bioscience, a US-based DNA analysis equipment company, to expand its footing in the medical device market, the company said Friday.

Element Biosciences, established in 2017 in San Diego, is a life science company that developed the disruptive DNA sequencing and multi-omics technology that boasts the industry's "top level" accuracy for research markets, Samsung said.

According to the bioscience firm, the oversubscribed round was led by Wellington Management with participation from new and existing investors, including Samsung Electronics, Fidelity, Foresite Capital, funds, and accounts advised by T. Rowe Price Associates and Venrock, among others. This brings Element’s cumulative raise to over $680 million, the company said.

“Molly and the team at Element are cementing their position in a highly competitive environment,” Samsung Electronics Vice Chairman and CEO Han Jong-hee said, referring to Element Biosciences CEO Molly He.

“Their products set a new industry standard and are foundational to the next wave of biological innovation that will help researchers and businesses around the globe deliver on the promises of precision medicine and artificial intelligence. We are incredibly excited about Element’s vision to make precision medicine affordable and are impressed with the team they built together,” Han said.

DNA sequencing technology is used to determine the exact sequence of nucleotides, or bases, in a DNA molecule, and to detect mutations. It is deemed the foundational technology for early disease diagnoses and proper treatment methods.

Samsung predicted the DNA sequencing data would be used with clinical data collected in hospitals and other health records of sleep and exercise to enable personalized medical care in the future.

The tech giant said it seeks to combine its advanced AI technology with Element's DNA sequencing technology to pioneer an entirely new business sector.

"An oversubscribed round against the backdrop of a challenging macroeconomic environment is a testament to our mission. With the support of our new and existing investors, Element is solidifying its future as the next name-brand biological tools company -- a true unicorn,” Element Biosciences CEO Molly He said.

The latest funding will further support the commercialization of Aviti, Element’s benchtop DNA sequencer, and bolster the upcoming launch of Aviti24, the first instrument to combine state-of-the-art sequencing and cyto-profiling (mapping cell characteristics) into a single integrated biology platform, Element said.

According to Element, its install base of Aviti has grown from approximately 40 units to more than 190 in the last 12 months. Their customers span industries including academia, biotech, cancer research and agricultural science in more than 25 countries.

Samsung Electronics has been working to expand its portfolio in the medical and health care markets. The company released Galaxy Ring, the first ring-shaped health tracker, this week.

By Jo He-rim (herim@heraldcorp.com)