NEW YORK - DNA sequencing firm Element Biosciences said on Tuesday that it has acquired Loop Genomics for an undisclosed amount.
Based in San Jose, California, Loop sells sample prep kits and sequencing services that provide synthetic long reads using short-read sequencing.
San Diego-based Element said that by integrating Loop's long-read sample prep technology with its short-read sequencer, it will enable its customers "to access both short- and long-read applications on the same platform with unprecedented performance, cost, and flexibility."
Under the deal, Loop CEO and founder Tuval Ben-Yehezkel will join Element as senior director, applications.
Last June, Element closed a $276 million Series C financing round, bringing the firm's total fundraising to approximately $400 million. The firm has not released many details about its sequencing technology, chemistry, or commercialization timeline to date. It plans to release additional information about the Loop technology and its integration into the Element platform on March 14.
"Element's new sequencer, now armed with long-read capabilities, is positioned to disrupt the genomics space," Ben-Yehezkel said in a statement. "We are excited to join forces with the team at Element and are looking forward to providing our customers with superior short- and long-read sequencing products."