Twist Bioscience (TWST) said Monday it has formed Atlas Data Storage as a standalone firm dedicated to DNA-based data archiving, supported by $155 million in seed funding from ARCH Venture Partners, Bezos Expeditions, and others.
The company said the separation allows both companies to focus on distinct priorities, with Atlas advancing DNA storage commercialization and Twist aiming to grow its life sciences offerings and reach adjusted EBITDA breakeven by fiscal 2026.
As part of the transaction, Twist transferred and licensed its storage technology to Atlas in exchange for a minority equity stake, upfront cash, and a promissory note, along with rights to future royalties and milestone payments.
Atlas will be led by former Nimble Storage founder Varun Mehta as CEO, while Twist CEO Emily Leproust will join its board. The companies will have separate leadership and operations.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.