US-based life science company Element Biosciences has raised $80.3m in the recently completed Series B financing round.

Element Biosciences focuses on developing disruptive DNA sequencing technology for research and diagnostic markets.

Fidelity Management & Research Company and JS Capital also took part in the round, along with existing investors Foresite Capital and Venrock.

Total capital raised by the company has now reached over $100m to date.

The company will use the proceeds to speed up the development of a new DNA sequencing platform.

Element CEO and co-founder Molly He said: “Element’s vision is to create disruption in each of the basic elements that comprise a sequencing platform, such as surface chemistry, sequencing chemistry, detection and data analysis.

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“With a combination of Element’s proprietary technologies and the latest developments in these respective areas, we have developed a flexible, modular and high-performing sequencing platform.”

Element will now concentrate on critical product development activities in 2020, including the integration of the company’s innovations to date.

Element chairman John Stuelpnagel said: “Rebuilding a sequencing platform with the modularity for growth beyond a tool company is a remarkable undertaking.

“ It takes fundamental changes of not only the technical system but also the mentality of a company.

“The company seeks to deliver unprecedented freedom to study biology in an open and collaborative manner to advance genomics research as a community.”

Element intends to empower customers with affordable, high-quality data and an enhanced user experience, which will speed up scientific discoveries and expand the use of genomic medicine.

The company will expand its team in both San Diego and the San Francisco Bay Area, joined by suppliers and partners sharing the same vision.