Biomemory, the pioneering DNA data storage company, announced it has raised $18 million in Series A funding. The round was led by Crédit Mutuel Innovation, with participation from historical investor of the French Tech Seed fund managed on behalf of the French State by Bpifrance within the scope of France 2030 and new investors Blast, the Deep Tech 2030 fund managed on behalf of the state by Bpifrance as part of France 2030, Paris Business Angels, Sorbonne Venture, Adnexus, Prunay, Next Sequence and Accelerem. This investment will fuel Biomemory’s mission to transform the future of data storage using cutting-edge molecular technology.
Following the successful launch of its groundbreaking DNA storage card last year, Biomemory has demonstrated the viability and potential of its technology. This funding will enable the company to:
- Complete the development of the first generation of their data storage appliance optimized with their biotech processes.
- Accelerate the development of partnerships with industry players and cloud providers
- Recruit top talent in molecular biology, and engineering in order to accelerate the development of the product and accelerate the commercialization
- Advance research into broader molecular-based solutions
“This investment marks a pivotal moment for Biomemory and the future of data storage,” said Erfane Arwani, CEO and Co-founder of Biomemory. “With our DNA storage technology, we’re not just addressing today’s data challenges – we’re building solutions that will sustain the ecosystem for the next century and beyond. By sharing this value with our partners and collaborators, we aim to collectively advance the sector and foster a thriving data storage ecosystem.”
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Biomemory’s innovative approach addresses critical issues in traditional data storage, including sustainability, longevity, and density. The company’s DNA-based storage solutions offer unparalleled data density, with the potential to store all of humanity’s data in a space in a single data center 19” rack. The global data storage market is projected to reach $390 billion by 2028. Biomemory is positioned to capture a significant share of this market with its sustainable, ultra-dense, and long-lasting storage solutions.
“We are thrilled to support Biomemory in developing its groundbreaking technology. An exciting challenge ahead to reinvent data storage and bring this industry a new complementary cutting edge solution to improve its sustainability and drastically reduce its environmental and social impact,” said Alexis Riou, Deeptech investor at Crédit Mutuel Innovation.
“Biomemory’s technology represents a paradigm shift in how we think about data storage,” said Anthony Bourbon, Founder and CEO at Blast. “Their approach not only solves current storage limitations but also paves the way for entirely new applications in data management and preservation.”
While DNA Cards are the first instance of the practical use of this storage technology, Biomemory plans to scale up this molecular data storage technology at exabyte scale by 2030 for data center usage. Biomemory envisions the practical use of this technology in combating climate change, offering eternal data duration, reducing spatial footprint by several orders of magnitude, and eventually surpassing traditional archival technologies in speed. The company’s forward-thinking approach aligns with its mission to make digital technology more environmentally friendly.
SOURCE: Businesswire