• Oversubscribed Funding to take Chip Technology to Scale
    Evonetix clean room
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News & Views

Oversubscribed Funding to take Chip Technology to Scale

Feb 17 2023

Synthetic biology company Evonetix  which brings semiconductor technology to DNA synthesis, has completed a USD $24 million financing round, extending its total series B funding to over USD $54 million (circa GB £44 million). This fundraise was led by existing investor Foresite Capital, with Molten Ventures, Morningside, DCVC, Cambridge Consultants, Civilization Ventures and Providence also participating in the round.

The investment will enable the continued development of the Cambridge, UK-based company’s semiconductor chips to commercial scale and the extension of gene assembly capabilities for its binary assembly technology to deliver gene-length DNA in a benchtop instrument. The platform has the potential to revolutionise the way this DNA is prepared and delivered to users in the rapidly growing field of synthetic biology, accelerating research in applications across pharma, biotech, food, agriculture and data storage.

Colin McCracken, Chief Executive Officer at Evonetix, said: “This substantial investment round demonstrates continued confidence in the progress of our technical development and its potential to revolutionise the accessibility of gene synthesis. Evonetix is in a very exciting phase, having recently opened our early access program. This investment will support us as we execute on our commercial strategy to put benchtop gene synthesis in the hands of users.”

Paul Beastall, Chair of the Board of Directors at Evonetix, added : “We’re delighted to have secured additional funding from our existing investors in this oversubscribed round, testament not only to the promise of our novel approach to gene synthesis, but also the unrivalled expertise of our interdisciplinary team.”

Jim Tananbaum Founder and Chief Executive Officer at Foresite Capital, commented: “We continue to be impressed by the Evonetix team and technology, and are excited to lead this round to accelerate their commercial strategy and make gene synthesis more accessible."

Nelly Markova, Principal, Molten Ventures said: “Molten has been a big supporter of Evonetix from the early days. We are delighted with the huge progress the company has made towards revolutionising the gene synthesis process and look forward to continuing our partnership.”

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