June 9 (Reuters) - Privately held Element Biosciences said

on Tuesday it had raised funds in an upsized Series E round,

including $175 million from longtime investor Samsung

Electronics ( SSNLF ), to expand commercialization of its

genetic testing and research products.

The San Diego-based company did not disclose the total size

of the round or its valuation. It also did not name the other

investors.

Element said the financing would support commercialization

of its sequencing products, such as AVITI and VITARI, as well as

the upcoming launches of AVITI Dx and AVITI24.

The AVITI sequencing system is benchtop gene-sequencing

equipment that decodes DNA and RNA for applications including

medical research, disease detection and drug development.

In the gene-sequencing market, Illumina ( ILMN ) remains the

dominant player, while Roche has been expanding its

footprint through partnerships and investments in

next-generation sequencing and molecular diagnostics.

Element said the funding would also help expand its

international presence and support development of future

products for research, drug development and diagnostic uses.

The financing is subject to regulatory approval.

The new financing follows Element's $277 million Series D

round announced in July 2024.