NEW YORK – French synthetic biology firm Biomemory said Tuesday that it has raised $18 million in Series A funding.
The round was led by Crédit Mutuel Innovation, with participation from existing investor French Tech Seed fund and new investors Blast, the Deep Tech 2030 fund, Paris Business Angels, Sorbonne Venture, Adnexus, Prunay, Next Sequence, and Accelerem.
Biomemory plans to use the money to further develop and commercialize its DNA data storage technology, including forming partnerships with industry collaborators and cloud providers as well as recruiting R&D personnel.
The company plans to launch so-called DNA Cards for data storage and to scale its molecular data storage technology to exabytes for data center usage by 2030.
Based in Paris, Biomemory raised €5 million in seed funding in late 2022. The company is developing large-scale data storage technology using a proprietary enzymatic DNA synthesis technology.
"This investment marks a pivotal moment for Biomemory and the future of data storage," Biomemory Cofounder and CEO Erfane Arwani said in a statement. "By sharing this value with our partners and collaborators, we aim to collectively advance the sector and foster a thriving data storage ecosystem."