Spin out expected to unlock value by accelerating data storage technology development and allowing each company to focus strategically on its unique products, customers and investors

Atlas Data Storage, a newly formed company, will focus solely on DNA data storage technology and commercialization, with $155 million in seed financing round including ARCH Venture Partners, Deerfield Management, Bezos Expeditions, Tao Capital Partners, Earth Foundry, Rsquared VC, In-Q-Tel (IQT), and other undisclosed investors

Varun Mehta, previously founder of Nimble Storage, to serve as CEO of Atlas Data Storage

Twist remains focused on serving customers across the life sciences spectrum and expanding revenue and gross margin while driving toward adjusted EBITDA breakeven, now expected by the end of fiscal 2026

Twist to retain minority ownership in Atlas Data Storage

Twist Bioscience Corporation (NASDAQ:TWST), a core mid-cap growth and value equity company in the life sciences segment of the health care sector, today announced that the company has spun out its DNA data storage technology application as an independent company, named Atlas Data Storage ("Atlas").

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. In addition, Twist will benefit from technology advancements made by Atlas where it applies to Twist's product groups.