Samsung Elec invests in US bio startup Element Biosciences
Jeong-Soo Hwang
Jul 12, 2024 (Gmt+09:00)
The Aviti, Element Biosciences’ DNA sequencer (Captured from Element Biosciences website) Samsung Electronics Co., the world’s top memory chipmaker, said on Friday it has invested in US biotech startup Element Biosciences Inc. to expand into the medical equipment and digital health sectors.
The South Korean tech giant, along with other investors such as Fidelity Investments and Foresite Capital, participated in deoxyribonucleic acid (DNA) analysis tool developer Element’s Series D round to raise $277 million. Neither Samsung nor Element unveiled how much Samsung provided for the fundraising.
“The investment is expected to allow Element to further improve the accuracy of its DNA sequencing with Samsung’s artificial intelligence and IT technology while cutting costs to create various business synergies in the data-based precision medical research sector,” Samsung said in a statement.
Element, founded in 2017, has a cheaper but world-class technology of DNA sequencing, the lab technique for determining the exact sequence of nucleotides, or bases, in a DNA molecule.
NEW COOPERATION SECTORS
The California-based startup, which unveiled DNA sequencer Aviti in 2022, reported sales of $25 million last year.
“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,” Samsung Vice Chairman and CEO Han Jong-hee said.
Samsung aims to seek new business opportunities by combining its AI capabilities, medical equipment and digital health technology with Element’s DNA analysis technology.
The move is expected to create new cooperation vectors between the two companies, according to Samsung.