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Element Biosciences, Inc.. (6/18/19). "Press Release: Element Biosciences Secures $15 Million Series A Financing Led by Foresite Capital and Venrock". San Diego, CA.

Organisations Organisation Element Biosciences Inc.
  Organisation 2 Foresite Capital Management LLC
Products Product DNA sequencing technology
  Product 2 venture capital
Index term Index term Element Biosciences–SEVERAL: investment, 201906 financing round Series A $15m co-led by Foresite Capital + Venrock
Persons Person He, Molly (Element Biosciences 202001 CEO + Co-Founder)
  Person 2 Tananbaum, James (Jim) (Foresite Capital 201609 CEO + Managing Director + Co-Founder)
     


Veteran Team Reinventing Genetic Analysis Tools to Expand Access and Improve Quality


Element Biosciences, Inc., a company focused on the development of genetic analysis tools secures $15 million in Series A funding led by Foresite Capital and Venrock. Proceeds from the financing will support the development of disruptive technologies designed to significantly improve quality and reduce the cost of genomic applications.

“The capital raised will fuel the company's R&D to implement innovative changes across each element, from reagents to instrument to data analysis. We are on an aggressive path to introduce a high quality, flexible platform to make genetic analysis more accessible and adaptable to a broad customer base,” said Molly He, co-founder and CEO of Element.

Element has assembled a preeminent leadership team with proven experience developing genetic tools. The Board of Directors comprises executives with broad experiences for each element of genetic analysis.

“During the last decade, we have seen genetic analysis become a mainstay of basic and clinical research primarily through platforms that resemble mainframe computers. As genetic analysis applications continue to explode, we expect the platforms to continue to evolve. We believe the Element team is well positioned to create new genetic analysis tools to meet maturing market needs,” says Jim Tananbaum, CEO and managing director of Foresite Capital.

“Materially improved pricing and performance benchmarks for genetic analysis, in an easy to use package, would dramatically increase use cases and thereby propel our understanding of biology to new levels. This is Element’s mission,” said Bryan Roberts, partner at Venrock.


About Element Biosciences

Element Biosciences is a multi-disciplinary startup focused on innovating genetic analysis tools for the research and diagnostic markets. The Company's technology will broaden the end user experience through improved data quality and simplified workflows to benefit discoveries and diagnosis in healthcare. For more information, visit www.elementbiosciences.com.


Contacts

Nicole Pack
Venrock
650.475.3721
nicole@venrock.com

   
Record changed: 2023-06-05

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