Samsung invests $175 million in a US genetics company, becoming the majority shareholder.

Samsung has invested $175 million in Element Biosciences, a US-based developer of genetic sequencing technology, becoming the majority shareholder.

June 10, 2569 at 13.58:XNUMX a.m., Reuters reported that Element Biosciences, a US-based company developing genetic analysis technology. It was revealed on Tuesday (June 10) that... The company successfully raised a new round of funding, securing a $175 million investment from Samsung Electronics. This investor, who is the same company involved, aims to accelerate the expansion of the genetic testing products and biomedical research business.

The San Diego, California-based company did not disclose the total value of its latest Series E funding round, nor its post-funding valuation, and did not name the other investors who participated in the round.

Samsung stated that this investment will make it the largest shareholder of Element Biosciences and will enhance the strategic collaboration between the two companies in the future.

Element Biosciences stated that the funding received will be used to expand the marketing of its gene sequencing products, AVITI and VITARI, as well as support the launch of new product lines, AVITI Dx and AVITI24.

AVITI is a benchtop sequencing system capable of analyzing DNA and RNA data for use in medical research, disease diagnosis, and drug development.

Currently, the genetic sequencing technology market is still dominated by Illumina, while Roche is accelerating its expansion through investments and collaborations in genetic analysis and molecular diagnostic technologies.

Samsung revealed that it plans to integrate Element's DNA decoding and multi-omics technologies with Samsung's expertise in AI, medical devices, and digital health technology to develop new businesses, particularly next-generation genetic disease diagnostic systems.

TM Roh, co-Chief Executive Officer of Samsung Electronics. It was stated that combining Samsung's strengths in AI, medical devices, and digital health with Element's genomics technology will create new opportunities in the personalized medicine industry.

In addition, Samsung confirmed that it will continue to invest in healthcare technology, including precision medical devices and digital health technology.

Element further stated that this new round of funding will support international expansion, as well as the development of new products for future research, drug discovery, and disease diagnosis. The deal is subject to approval from relevant regulatory agencies.

This funding round follows the company's recent closing of a $277 million Series D funding round in July 2567, reflecting investors' confidence in the future growth potential of its genetic technology and precision medicine businesses.

refer : reuters.com

Read news related to Technology circles around the world can be found here.