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Samsung Elec invests in US bio startup Element Biosciences

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The Aviti, Element Biosciences’ DNA sequencer (Captured from Element Biosciences website)

Samsung Electronics Co., the world’s top memory chipmaker, said on Friday it invested in US biotech startup Element Biosciences Inc. to expand its businesses into medical equipment and digital health sectors.

The South Korean tech giant participated in the deoxyribonucleic acid (DNA) analysis tool developer Element’s Series D round to raise $277 million along with other investors such as Fidelity Investments and Foresite Capital. Neither Samsung nor Element unveiled how much the South Korean company provided for the fundraising.

“The investment is expected to allow Element to further improve the accuracy of its DNA sequencing with Samsung’s artificial intelligence and IT technology while cutting costs to create various business synergies in the data-based precision medical research sector,” Samsung said in a statement.

Element founded in 2017 has a cheaper but world-class technology of DNA sequencing, the general laboratory technique for determining the exact sequence of nucleotides, or bases, in a DNA molecule.

NEW COOPERATION SECTORS

The San Diego, California-based startup, which unveiled a DNA sequencer Aviti in 2022, reported sales of $25 million last year.

“Their products set a new industry standard and are foundational to the next wave of biological innovation that will help researchers and businesses around the globe deliver on the promises of precision medicine and artificial intelligence,” Samsung Vice Chairman and CEO Han Jong-hee said.

Samsung aims to seek new business opportunities by combining its AI capabilities, medical equipment and digital health technology with Element’s DNA analysis technology.

The move is predicted to create new cooperation sectors between the two companies, according to Samsung.

By Jeong-Soo Hwang

hjs@hankyung.com

 
Jongwoo Cheon edited this article.

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