Samsung Electronics has secured its position as the largest shareholder in the U.S. genetic analysis company Element Biosciences by participating as a strategic investor. This move aims to establish a foothold in next-generation precision medicine technologies, focusing on artificial intelligence (AI) and digital health as key growth areas.
On June 10, Samsung announced that it has invested an additional $175 million in Element through its Series E funding round.
Following its Series D investment last year, Samsung has increased its stake, becoming the largest shareholder of Element. However, this investment is not expected to lead to any changes in management control.
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, marking it as a next-generation precision medicine technology.
Founded in 2017 in San Diego, Element possesses 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 in genomic analysis.
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. This innovation aims to reduce analysis time and costs while improving precision.
In 2022, Element launched its DNA sequencing device, AVITI, followed by the introduction of AVITI24, which analyzes cellular changes over time. Future products include VITARI, which will significantly increase analysis capacity and reduce costs, and AVITI Dx, designed for clinical diagnostics.
Through this investment, Samsung plans to combine its capabilities in AI, medical devices, and digital health with Element's genomic analysis technology to target the next-generation genetic diagnostics and personalized medicine markets. There is also 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 expanded investment in Element demonstrates deep trust in our vision, technology, and team. Through this investment, we will continue to deliver innovative technologies that promote scientific discovery and enhance human health."
Noh 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 fields, 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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