Samsung Electronics has secured its position as the largest shareholder in Element Biosciences, a U.S. genetic analysis equipment company. This move is part of the company's strategy to focus on artificial intelligence (AI) and digital health as key drivers for future growth in next-generation precision medicine technologies.
On June 10, Samsung announced its participation in Element's Series E funding round, investing an additional $175 million. This investment, combined with last year's Series D funding, has made Samsung the largest shareholder in Element, although no changes in management control are expected.
The investment primarily targets genomic analysis and multiomics technology. Multiomics integrates various biological data, including DNA, RNA, and proteins, to identify disease causes and aid in drug development, positioning it as a next-generation precision medicine technology.
Founded in 2017 in San Diego, Element boasts DNA sequencing technology with an accuracy level of 99.99%. The company has emerged as a strong player in the next-generation sequencing market by reducing costs while enhancing accuracy.
Element is developing multiomics technology that integrates various biological data into a single platform, moving beyond traditional methods that analyze DNA, RNA, and proteins separately. In 2022, Element launched its DNA sequencing device, AVITI, followed by AVITI24, which analyzes cellular changes over time. Future products include VITARI, which aims to significantly increase analysis capacity while reducing costs, and AVITI Dx, designed for clinical diagnostics.
Samsung plans to combine its expertise in AI, medical devices, and digital health with Element's genomic analysis technology to target the next-generation genetic diagnostics and personalized healthcare markets. There is potential to expand into personalized healthcare services by integrating DNA sequencing data with health data collected from wearable devices.
Molly He, CEO of Element, stated, "Samsung's increased investment in Element demonstrates deep trust in our vision, technology, and team. Through this investment, we will continue to promote scientific discovery and deliver innovative technologies that enhance human health."
Lee Tae-moon, President of Samsung Electronics, emphasized, "The synergy created by combining Samsung's expertise in AI, medical devices, and digital health with Element's innovative genomic analysis technology will pave the way for the future of personalized medicine. Samsung will continue to invest across a wide range of areas, from precision medical devices to digital health, with the goal of improving people's health."
* This article has been translated by AI.
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