NEW YORK (GenomeWeb) – Element Biosciences said today that it has raised $15 million in a Series A financing led by Foresite Capital and Venrock.
The San Diego-based firm said it plans to use the proceeds from the financing to support the development of "disruptive" technologies designed to improve the quality and reduce the cost of genomic analysis, from "reagents to instrument to data analysis," Molly He, Element's cofounder and CEO, said in a statement. "We will evolve and innovate surface chemistry, enzymology, detection, and data analysis to pioneer new frontiers in the area of genetic analysis tools. Through these efforts, we strive to improve system performance, workflows, and customer experience."
Element said that it has assembled a leadership team with proven experience developing genetic tools, including a board of directors with "broad experiences for each element of genetic analysis," although it did not disclose the identities of any executives or directors beyond He.
"As genetic analysis applications continue to explode, we expect the platforms to continue to evolve, Jim Tananbaum, CEO and managing director of Foresite Capital, said in a statement. "We believe the Element team is well positioned to create new genetic analysis tools to meet maturing market needs."