Samsung Electronics invests in U.S. DNA-sequencing firm Element Biosciences

Industry

Published: 12 Jul. 2024, 13:06 Updated: 12 Jul. 2024, 16:40

Samsung Electronics invests in U.S. DNA-sequencing firm Element Biosciences

Samsung Electronics' office in Seocho, southern Seoul [YONHAP]

Samsung Electronics has invested in U.S. biotech firm Element Biosciences, the company said Friday, banking on the future of AI-fused biotech business

The Korean IT giant said it participated in Series D funding of the U.S. biotech firm based in San Diego, California, which raised $277 million. The breakdown of the investment wasn't disclosed.

Element Biosciences, founded in 2017, specializes in DNA sequencing with Aviti, its own sequencing device.

DNA sequencing enables extracting information from DNA, allowing for disease detection and prevention, as well as the development of optimized treatment and precision medicine.

When merged with clinical data from hospitals and other data related to sleep and exercise, DNA sequencing is expected to service personalized treatment in the future.

"Element Biosciences is establishing a new industry standard in the biology industry which is fundamental to precision medicine and AI," Han Jong-hee, the vice chairman of Samsung Electronics, said.

"Element is on its way to realizing its vision to offer precision medicine at a reasonable cost."

Samsung Electronics said it expects synergy from merging its AI and IT technology with Element Biosciences' DNA sequencing and hopes to create new business opportunities in the digital health and medical equipment industry.

The Korean electronics company has been exploring opportunities in the bio field.

Samsung Medison, a medical equipment subsidiary of Samsung Electronics, announced its acquisition plan of French fetal ultrasound AL software company Sonio for $126.5 billion won in May.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]