Samsung becomes top shareholder in US genetics firm Element Biosciences
Samsung Electronics has invested $175 million in privately held Element Biosciences, becoming a top shareholder as part of a new funding round aimed at expanding commercialization of genetic testing and research products, News.Az reports, citing Reuters.
San Diego-based Element Biosciences said on Tuesday it raised new capital in an upsized Series E funding round, including the $175 million investment from longtime backer Samsung Electronics.
The company did not disclose the total size of the round or its valuation, and also did not name other participating investors.
RECOMMENDED STORIES
Element said the financing will support the commercialization of its sequencing platforms, including AVITI and VITARI, as well as upcoming products AVITI Dx and AVITI24.
The AVITI sequencing system is benchtop gene-sequencing equipment that decodes DNA and RNA for applications such as medical research, disease detection, and drug development.
In the gene-sequencing sector, Illumina remains the dominant player, while Roche has been expanding its presence through partnerships and investments in next-generation sequencing and molecular diagnostics.
Samsung said it plans to combine Element’s DNA sequencing and multi-omics analysis technologies with its artificial intelligence, medical device, and digital health capabilities to explore new business opportunities, including next-generation genetic diagnostics.
“TM Roh’s expertise in AI, medical devices and digital health, combined with Element’s innovative genomics analysis technology, will create synergies for the future of personalized medicine,” Samsung said in a statement.
He added that Samsung would continue investing across a wide range of sectors, from precision medical devices to digital health technologies.
Element said the new funding will also help expand its international presence and support the development of future products for research, drug development, and diagnostic applications.
The financing remains subject to regulatory approval.
The latest round follows Element’s $277 million Series D funding announced in July 2024.
By Nijat Babayev
Similar news
