The San Diego-based biotech firm did not disclose the total amount raised in the round, its updated valuation, or the identities of the other participating investors. The closing of the financing remains subject to standard regulatory approvals, News.Az reports, citing Reuters.
According to Element Biosciences, the fresh capital will be used to scale the commercialization of its core genetic testing and research products, expand its international footprint, and fund the development of next-generation diagnostic tools.
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Specifically, the funds will support the company’s current benchtop sequencing systems, AVITI and VITARI, alongside the upcoming commercial launches of AVITI Dx and AVITI24.
How it works: The AVITI system is a specialized benchtop gene-sequencing device designed to decode DNA and RNA. The technology is widely used in medical research, early disease detection, and targeted drug development.
The specialized gene-sequencing market is currently dominated by industry giant Illumina, though competitors like Roche have been aggressively expanding their footprints through strategic partnerships and heavy investments in next-generation molecular diagnostics.
This Series E round follows a successful $277 million Series D funding round that Element Biosciences completed in July 2024.
