NEW YORK – DNA sequencing technology firm Element Biosciences said on Tuesday that it has closed a $276 million Series C financing round.
New investors Janus Henderson Investors, Logos Capital, Meritech Capital Partners, Morgan Stanley's Counterpoint Global, and T. Rowe Price joined existing investors Fidelity Management & Research, Foresite Capital, JS Capital Management, RA Capital Advisors, and Venrock for this round.
Proceeds from the financing will be used to scale the firm's commercial organization and to fund the launch of its next-generation sequencing platform.
"Element has developed a differentiated, modular, platform-based approach that reinvents all aspects of a DNA sequencing solution," said John Stuelpnagel, chairman of the firm's board of directors, in a statement. "The company has the vision and executional roadmap needed to support current and emerging opportunities in the genomics research market."
The round brings Element's total fundraising to approximately $400 million. The San Diego-based firm raised $80 million in Series B financing in January 2020.