Californian biotechnology startup Element Biosciences, which focuses on developing genomic sequencing solutions for research and diagnostic markets, has raised $80.3 million in a Series B financing round.
The financing round saw the entry of new investors Fidelity Management & Research and JS Capital alongside participation from existing investors Foresite Capital and Venrock.
The US biotechnology startup has raised a capital in the excess of $100 million till date to develop its DNA sequencing technology.
The funds from the Series B financing round will be used to speed up the development of low-cost but high-quality, and easy-to-use genomic sequencing solutions, said Element Biosciences.
Molly He – CEO and co-founder of Element Biosciences said: “Element’s vision is to create disruption in each of the basic elements that comprise 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.”
Element Biosciences said that it will be working on critical product development activities in 2020, which includes the integration of the innovations it made so far.
Recently the biotechnology startup shifted its headquarters in San Diego to a new 30,000-square-foot facility in University Towne Center. The company plans to continue to grow its team in San Diego and also in the San Francisco Bay Area, and will be joined by partners and suppliers who have the same vision.
John Stuelpnagel – DVM, Chairman of Element Biosciences 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.”