Atlas Data Storage Raises Seed Funding
Summary
The company leverages core technology that combines novel semiconductor chips and enzyme engineering to provide data center products to enterprise and government customers to meet the data storage demand of the AI era with low cost and scalable storage. Under the terms of the contribution and license agreements, Twist assigned and licensed its DNA data storage technology to Atlas in exchange for Twist receiving a minority ownership interest upon close, an upfront cash payment and a secured promissory note. Twist retains an ownership stake in Atlas and may participate in the upside of DNA data storage through future technology and commercial milestone payments, and a revenue share through royalties on future sales of Atlas’ products and services. Emily Leproust, CEO and co-founder of Twist will serve on the board of directors of Atlas. Twist co-founder and general manager of DNA data storage, Bill Banyai, Ph.D., will move to Atlas and serve as its CTO.