DNA data storage firm Biomemory announced that it has raised $18 million in series A funding.
The round was led by Crédit Mutuel Innovation, with participation from existing investor 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 (also managed on behalf of the state by Bpifrance as part of France 2030), Paris Business Angels, the Sorbonne Venture, Adnexus, Prunay, Next Sequence, and Accelerem.
The funding will complete the development of its first-generation DNA data storage technology, pursue partnerships within the industry and with cloud providers, increase recruitment, particularly in molecular biology and engineering, and advance research, the Paris-based firm said in a statement.
Biomemory launched its DNA storage card last year; the company said it plans to scale its molecular data storage technology to "exabyte scale" by 2030 for data center usage. The company added that it sees its technology taking a practical role in combating climate change, offering eternal data duration, exponentially reducing spatial footprint, and eventually surpassing conventional archival technologies in speed.
