Evonetix Rack Up Over $54m in Series B Funding

Evonetix announced the closing of a significant series of fundraising amounting to $24 million, bringing its overall series B funding to more than $54 million.

Although Molten Ventures (previously known as Draper Esprit) Cambridge Consultants, Morningside, DCVC, Civilization Ventures, and Providence ventures each played a role, the primary push was from Foresite Capital.

With the financing, Evonetix will be able drive innovation to advance their semiconductor chips and have it operate on a large scale. It will also enable them to expand the gene assembly proficiencies for binary assembly, providing gene-length DNA in benchtop equipment.

To regulate the way deoxynucleic acids link to form the structure of DNA, the business uses a silicon chip which means a longer strand of DNA can be present on the top.

Using this method, the precise synthesis of thousands of DNA arrangements can be done on one chip, allowing sophisticated collections of lengthy DNA to be produced in less than half the usual time.

Evonetix’s CEO, Colin McCracken, explained how “this substantial investment round demonstrates continued confidence in the progress of our technical development and its potential to revolutionise the accessibility of gene synthesis.”