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.