NEW YORK – Element Biosciences said on Thursday that it has raised $80.3 million in a Series B financing round.
The funding comes from new investors Fidelity Management & Research and JS Capital, as well as from existing investors Foresite Capital and Venrock.
San Diego-based Element Biosciences said it plans to use the proceeds to accelerate the development of "high-quality, low-cost, and easy-to-use genomic sequencing solutions."
"Element's vision is to create disruption in each of the basic elements that comprise a sequencing platform, such as surface chemistry, sequencing chemistry, detection, and data analysis," said Molly He, the company's co-founder and CEO, in a statement. "With a combination of Element's proprietary technologies and the latest developments in these respective areas, we have developed a flexible, modular, and high-performing sequencing platform."
He is the former head of protein sciences at Pacific Biosciences and former senior director of protein engineering and enzymology at Illumina. Prior to founding Element, she was a venture partner at Foresite Capital. Illumina cofounder John Stuelpnagel is the company's chairman.
Specifically, Element plans to integrate its innovations this year. It recently moved headquarters to a new 30,000 square foot facility in San Diego and plans to expand its team in San Diego and the San Francisco Bay Area.
The new round brings the company's total funding to date to more than $100 million. Last summer, the company raised $15 million in a Series A round led by Foresite Capital and Venrock.