JAKARTA - Samsung Electronics is increasing its investment in the digital health and precision medicine sectors. The South Korean technology giant poured 175 million US dollars into Element Biosciences, a US-based genomic technology company.
Yonhap quoted Thursday, June 11, reported that the investment was part of the expansion of Element Biosciences' Series E funding. With the transaction, Samsung became the largest shareholder of the San Diego-based company.
According to Yonhap, this investment continues Samsung's participation in Element's Series D funding in July 2024.
Element Biosciences develops next-generation DNA sequencing technology and a multiomics platform. The technology is used for biomedical research, drug discovery, clinical research, agriculture, and various fields of life science.
Samsung said this investment is in line with its efforts to expand its business in precision medicine and digital health.
"The combination of Samsung Electronics' expertise in artificial intelligence, medical devices, and digital health with Element's innovative genomic analysis technology is expected to create synergies that will help shape the future of personalized medicine," said Roh Tae-moon, co-CEO of Samsung Electronics in charge of the mobile business, quoted by Yonhap.
Samsung is paying attention to Element's next-generation gene sequencing technology and multiomic capabilities.
Multiomics is a technology for reading many types of biological data at once. Not only DNA, but also RNA and proteins. In that way, researchers can understand more fully how genetic information works in the body of living things.
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