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Evonetix Closes £23M Series B Financing

NEW YORK – UK-based gene synthesis firm Evonetix announced Monday it has closed a £23million ($29.4 million) Series B financing round.

New investor Foresite Capital led the round, joined by existing investors Draper Esprit, DCVC, the Morningside Group, Providence Investment Company, Cambridge Consultants, Rising Tide Fund, and Civilization Ventures. 

"Evonetix is developing a desktop, short latency solution to synthesize DNA. We are delighted to support the team in their mission to make biological engineering as accessible and widespread as next-generation sequencing," Foresite Capital CEO and Managing Director Jim Tananbaum said in a statement.

Evonetix said it plans to use the funds to accelerate development of its silicon-based gene synthesis platform and to introduce its desktop device. The firm also plans to hire people for its scientific, operations, and commercial teams.

The company's technology uses microelectromechanical systems processing to manufacture silicon chips that control DNA synthesis. Founded in 2015, the firm said it has raised $46 million so far, including $12.3 million through a Series A round in 2018.

In January, Evonetix partnered with Belgium's Imec to increase manufacturing of Evonetix's chips.

Foresite recently participated in Element Biosciences' $80 million Series B financing.

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