What’s funding like in the biotechnology market right now?

In our biotechnology market deck, you will find everything you need to understand the market
SUMMARY
Biotechnology funding is healthier right now than it was a year ago: more companies are raising, the typical round is larger, and total capital is up even after removing the biggest financings.
We counted 425 qualifying financings from 18 September 2025 to 17 September 2026, versus 383 in the previous 12 months. Unique funded companies rose from 374 to 412, total disclosed or floor capital increased from at least $21.21 billion to at least $26.44 billion, and the median round moved from $34 million to $39 million.
The rebound does not disappear when the giant rounds come out. Removing each period's top three deals still leaves the current 12 months ahead by roughly 18%, while capital from rounds below $50 million increased by almost 12%.
More startups are getting their first financing, but most of the extra dollars are going to companies that have already raised before. First financings jumped 28%, yet first-financing capital rose only 2.6%, while follow-on capital climbed more than 31%.
The market is also more top-heavy. The ten largest rounds now absorb 20.6% of capital, and $100 million-plus rounds account for at least 57% of all funding, so a healthier market does not mean the money is being spread evenly.
Therapeutics discovery platforms are swallowing most of that growth. They reached 314 deals and $23.25 billion of capital, while gene editing fell sharply across deal count, capital and median round size, and cell therapy kept its deal flow but saw the typical check shrink.
Early-stage company creation is holding up, but later-stage companies are taking a bigger share of the money. Series B alone now represents 36.7% of capital, and the market is becoming more barbelled, with more sub-$5 million rounds and more $100 million-plus rounds while the middle loses share.
China is the clearest geographic expansion story: deal count rose from 19 to 53 without a higher median round. Europe looks weaker beneath a few very large financings, and the number of countries represented in the dataset fell from 28 to 22.
Strategic pharma participation is not dramatically more common, but the rounds involving strategics are larger. At the same time, the disclosed lead-investor pool broadened rather than collapsing around a tiny club of repeat names.
So the useful read today is not simply that biotech funding is up 25%. The market has more funded companies, more first financings and stronger underlying capital formation, but the biggest rewards are concentrating around large therapeutic rounds, later development stages and a smaller set of geographic hubs.

This market map, featured in our biotechnology market deck, highlights top companies and startups in the biotechnology market
All funding deals in the biotechnology market over the last 24 months
Below is the table listing all the deals. You can find our methodology at the end of this page.
If you want a deeper understanding of the market and its current dynamics, get our report covering the Biotechnology Market.
| Company | Category | Date | Stage | Deal size | What they do | Region | Lead investors |
|---|---|---|---|---|---|---|---|
| CONNECTA Therapeutics | Therapeutics Discovery Platforms | September 2026 | Unknown | $3.7M | Develops neuroplasticity-modulating medicines for Fragile X syndrome and other CNS disorders. | Europe | Clave Capital |
| Navion Neurosciences, Inc. | Therapeutics Discovery Platforms | September 2026 | Seed | $10.8M | Develops AI-enabled precision sodium-channel therapeutics for genetic epilepsies and neuropathic pain. | North America | Angelini Lumira Biosciences Fund |
| Solstice Oncology | Therapeutics Discovery Platforms | September 2026 | Series A | $225M | Develops porustobart, an Fc-enhanced CTLA-4 antibody for neoadjuvant cancer treatment. | North America | RA Capital Management |
| Encoded Therapeutics | Therapeutics Discovery Platforms | September 2026 | Series D+ | $275M | Develops precision AAV genetic medicines with gene-expression control for severe neurological disorders. | North America | GV; undisclosed healthcare fund |
| Allogenetics GmbH | Gene Editing Companies | September 2026 | Seed | $4.5M | Develops ex vivo genetic modification of donor organs to reduce immune rejection after transplantation. | Europe | NBank Capital |
| Cytonics Corporation | Therapeutics Discovery Platforms | September 2026 | Unknown | $4.8M | Develops engineered alpha-2-macroglobulin biologics for osteoarthritis and other protease-driven diseases. | North America | Not disclosed |
| ARTCLINE GmbH | Cell Therapy Developers | September 2026 | Unknown | $4M | Develops an allogeneic immune-cell therapy intended to stabilize immune dysfunction in septic shock. | Europe | Not disclosed |
| Caspian Therapeutics | Therapeutics Discovery Platforms | September 2026 | Unknown | $50M | Develops small-molecule menin inhibitors as disease-modifying therapies for diabetes and cardiometabolic disease. | North America | BVF Partners |
| Tectora Therapeutics | Therapeutics Discovery Platforms | September 2026 | Series A | $55M | Develops oral small-molecule medicines for immune-mediated diseases using programs originated at Schrödinger. | North America | Not disclosed |
| TwoStep Therapeutics | Therapeutics Discovery Platforms | September 2026 | Series A | $62.5M | Develops multispecific peptide-drug conjugates that target combinations of tumor-associated integrins. | North America | Insight Partners; Medical Excellence Capital; M Ventures; Pfizer Ventures |
| BrainChild Bio, Inc. | Cell Therapy Developers | September 2026 | Series A | $116M | Develops CAR-T cell therapies for pediatric and adult central nervous system tumors. | North America | Undisclosed private family fund and foundation |
| Cloverleaf Bio, Inc. | Therapeutics Discovery Platforms | September 2026 | Seed | $33M | Develops engineered transfer-RNA payload therapeutics designed to selectively kill cancer cells. | North America | 4BIO Capital |
| Moonwalk Biosciences | Therapeutics Discovery Platforms | September 2026 | Series B | $70M | Develops adipose-targeted RNAi medicines using human genetics, epigenomics and tissue-targeting chemistry. | North America | Alpha Wave; YK Bioventures |
| NeuShen Therapeutics | Therapeutics Discovery Platforms | September 2026 | Series B | $80M | Develops small-molecule therapies for schizophrenia, depression, epilepsy and other CNS disorders. | Asia-Pacific | Not disclosed |
| Superluminal Medicines | Therapeutics Discovery Platforms | September 2026 | Series B | $60M | Uses structural biology, AI and protein-dynamics modeling to discover GPCR-targeted small-molecule medicines. | North America | BVF Partners |
| Yuce Biotech | Diagnostic Technology Firms | September 2026 | Series B | $7.4M | Develops and manufactures high-sensitivity single-molecule immunodiagnostic systems. | Asia-Pacific | Jiangsu Taizhou Big Health Advanced Manufacturing Industry Special Fund of Funds |
| iPremom | Diagnostic Technology Firms | September 2026 | Seed | $17.7M | Develops blood-based molecular diagnostics for early prediction of pregnancy complications. | Europe | Amadeus Capital Partners; Asabys Partners |
| NovaGo Therapeutics AG | Therapeutics Discovery Platforms | September 2026 | Series B | $30M | Develops anti-Nogo-A biologics for spinal cord injury and other central nervous system disorders. | Europe | Neurimmune; Pureos Bioventures |
| Typewriter Therapeutics, Inc. | Cell Therapy Developers | September 2026 | Series A | $56M | Develops non-viral RNA-programmed in vivo CAR-T and other durable genetic medicines. | North America | AN Venture Partners; RA Capital Management |
| Immunophotonics, Inc. | Therapeutics Discovery Platforms | September 2026 | Series C | $10M | Develops IP-001, an intratumoral immunostimulant used with tumor ablation to trigger systemic anti-cancer immunity. | North America | Not disclosed |
| Senticell, Inc. | Diagnostic Technology Firms | September 2026 | Seed | $7M | Develops red-blood-cell-bound nucleic-acid liquid biopsy tests for cancer and other diseases. | North America | The Venture City; Capital Factory; Scalpel Ventures; Evoce Capital |
| Amyl Therapeutics | Therapeutics Discovery Platforms | September 2026 | Series A | $9.7M | Develops antibody-based therapies targeting amyloid aggregation across neurodegenerative diseases. | Europe | Not disclosed |
| ALLYRNA | Therapeutics Discovery Platforms | August 2026 | Seed | >$14,000,000 | Develops small-molecule oncology therapeutics based on RNA-epigenetic disease mechanisms. | Asia-Pacific | Shanghai State-owned Capital Investment Leading Fund; TTM Capital; Shanghai Future-oriented Industries Fund |
| Convergen | Therapeutics Discovery Platforms | August 2026 | Seed | $15M | Develops targeted protein degraders for neurodegenerative and other diseases driven by pathological protein aggregates. | Asia-Pacific | MPCi |
| EIT Pharma, Inc. | Therapeutics Discovery Platforms | August 2026 | Series A | $35M | Develops antiviral therapeutics, led by lonafarnib for chronic hepatitis D. | North America | Propel Bio Partners |
| Simnova Biotech | Cell Therapy Developers | August 2026 | Series B | $59.5M | Develops off-the-shelf CAR-NK, in-vivo CAR-T and other engineered cell therapies for autoimmune disease and oncology. | Asia-Pacific | Fortera Capital; Pudong Venture Capital; Cenova Ventures |
| AusperBio Therapeutics, Inc. | Therapeutics Discovery Platforms | August 2026 | Series C | $120M | Develops targeted oligonucleotide medicines, including antisense and siRNA therapies for chronic hepatitis B. | North America | Not disclosed |
| Adaptyv Biosystems | Synthetic Biology Platforms | August 2026 | Series A | $40M | Operates an automated wet-lab platform using synthetic biology, nanofluidics and machine learning to build and experimentally validate designed proteins. | Europe | Highland Europe |
| Revier Therapeutics GmbH | Therapeutics Discovery Platforms | August 2026 | Seed | ≈$7,000,000 | Develops selective class IIa HDAC inhibitors for cardiometabolic diseases including HFpEF and atherosclerosis. | Europe | KHAN Technology Transfer Fund II |
| Sentivera | Therapeutics Discovery Platforms | August 2026 | Series A | $83M | Develops oral small-molecule medicines for type 2 inflammatory diseases such as asthma and atopic dermatitis. | North America | ARCH Venture Partners; Population Health Partners |
| Pixelgen Technologies | Bioprocessing Tool Providers | August 2026 | Series B | $15.5M | Sells a high-throughput molecular-cell-architecture platform and Proxiome kits for protein-interaction analysis. | Europe | Flat Capital |
| Beijing Errui Xinyue Technology | Diagnostic Technology Firms | August 2026 | Series A | ≈$4,500,000 | Develops exosome-based technologies and products for early diagnosis of neurodegenerative diseases. | Asia-Pacific | Not disclosed |
| Kynexis | Therapeutics Discovery Platforms | August 2026 | Series A | ≈$46,000,000 | Develops small-molecule medicines intended to improve cognition in neurological and psychiatric diseases. | Europe | Not disclosed |
| KaliVir Immunotherapeutics, Inc. | Therapeutics Discovery Platforms | August 2026 | Series A | $14M | Develops engineered oncolytic viruses designed to kill tumors and stimulate antitumor immune responses. | North America | Company K Partners |
| Network Bio | Therapeutics Discovery Platforms | August 2026 | Unknown | $50M | Builds disease-specific biological AI models from patient tissue, blood and molecular datasets for biomarker and therapy development. | North America | Not disclosed |
| Craif | Diagnostic Technology Firms | August 2026 | Series D+ | ≈$30,700,000 | Develops urine microRNA assays and AI-based analysis for early detection of cancer and other diseases. | Asia-Pacific | Granite-Integral; Tauns Co., Ltd. |
| Abcuro, Inc. | Therapeutics Discovery Platforms | August 2026 | Series D+ | $66M | Develops antibody therapies that selectively modulate highly cytotoxic T cells in autoimmune disease. | North America | New Leaf Venture Partners |
| DAJO Bio | Therapeutics Discovery Platforms | August 2026 | Seed | Not Disclosed | Develops next-generation T-cell-receptor protein therapeutics for oncology and immune-mediated disease. | Asia-Pacific | Not disclosed |
| Leal Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series A | $30M | Develops neuro-metabolic medicines including a GLS1 inhibitor for schizophrenia and an antisense therapy for ALS. | North America | Not disclosed |
| Khartis Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series B | $50M | Develops oral small-molecule immunology medicines, initially targeting thyroid eye disease. | North America | Forge Life Science Partners |
| MagicRNA | Cell Therapy Developers | August 2026 | Series B | Not Disclosed | Develops RNA-delivered in-vivo CAR-T therapies and related genetic medicines. | Asia-Pacific | CICC Capital-affiliated fund; Kangjun Capital |
| Beyang Therapeutics Co., Ltd. | Therapeutics Discovery Platforms | August 2026 | Series A | ≈$30,000,000 | Uses AI-enabled molecular design and drug-development capabilities to create therapies for ophthalmic disease and cancer. | Asia-Pacific | Legend Capital; Shanghai Healthcare Capital |
| Amplifica Holdings Group, Inc. | Therapeutics Discovery Platforms | August 2026 | Series B | $26M | Develops injectable biologic therapies intended to reactivate dormant hair follicles and promote new hair growth. | North America | Tasso Partners, LLC |
| Boulevard Bio | Therapeutics Discovery Platforms | August 2026 | Series A | $65M | Develops multispecific antibody medicines for B-cell-driven autoimmune diseases. | North America | Not disclosed |
| InduPro | Therapeutics Discovery Platforms | August 2026 | Series B | $77M | Maps spatial relationships among cell-surface proteins to design bispecific antibody-drug conjugates and other therapeutics. | North America | The Column Group |
| Vaderis Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series B | $152M | Develops targeted small-molecule therapies for rare vascular diseases, led by engasertib for HHT. | Europe | Life Sciences at Goldman Sachs Alternatives; TCGX |
| K2 Therapeutics | Therapeutics Discovery Platforms | August 2026 | Seed | $50M | Sources and develops therapeutic assets globally, including antibody-drug conjugates, T-cell engagers and other oncology medicines. | Asia-Pacific | Not disclosed |
| Infinimmune, Inc. | Therapeutics Discovery Platforms | August 2026 | Series A | $75M | Discovers fully human antibodies directly from human immune repertoires and advances them as therapeutic candidates. | North America | Regeneron Ventures; Playground Global |
| Epicrispr Biotechnologies | Gene Editing Companies | August 2026 | Series C | $90M | Develops programmable CRISPR-based epigenetic medicines that regulate disease-driving gene expression without cutting DNA. | North America | Octagon Capital; Janus Henderson Investors |
| Aureka Biotechnologies | Therapeutics Discovery Platforms | August 2026 | Series B | $100M | Combines biological foundation models with high-throughput experimental validation to discover and optimize therapeutic molecules. | North America | Not disclosed |
| Remedium Bio, Inc. | Gene Editing Companies | August 2026 | Series A | $10M | Develops genetic platforms that turn adipocytes into durable, adjustable producers of therapeutic proteins. | North America | Lifespan Vision Ventures |
| ClonOrgan | Gene Editing Companies | August 2026 | Series A | >$29,000,000 | Develops gene-edited donor pigs and xenotransplantation technologies for human organ replacement. | Asia-Pacific | CAS Star |
| LifeMine Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series D+ | $188M | Mines fungal genomes and natural-product biology to discover and develop precision medicines. | North America | Milky Way Investments |
| Vedanta Biosciences, Inc. | Therapeutics Discovery Platforms | August 2026 | Unknown | $40M | Develops defined bacterial-consortium live biotherapeutics for gastrointestinal and infectious diseases. | North America | AMR Action Fund; BNP Paribas Asset Management Alts |
| LifeMine Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series D+ | $75M | Mines fungal genomes and natural-product biology to discover and develop precision medicines. | North America | Not disclosed |
| Expedition Therapeutics | Therapeutics Discovery Platforms | August 2026 | Series B | $115M | Develops oral small-molecule therapies targeting inflammatory and respiratory diseases, led by a DPP1 inhibitor for COPD. | North America | General Atlantic |
| Mironid | Therapeutics Discovery Platforms | August 2026 | Series B | $46M | Develops small-molecule therapies targeting dysregulated cellular signalling in rare kidney diseases including ADPKD. | Europe | Not disclosed |
| Dash Bio | Bioprocessing Tool Providers | August 2026 | Series A | $30M | Provides automated, GLP-compliant bioanalysis that measures drug safety and efficacy in preclinical and clinical samples. | North America | Oak HC/FT |
| ORF Biologics | Bioprocessing Tool Providers | July 2026 | Unknown | $1.7M | Engineers and manufactures custom recombinant proteins, cell lines and biologics for research and therapeutic development. | North America | Not disclosed |
| Ratio Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series C | $70M | Develops targeted radiopharmaceutical therapies for cancer using its radioligand technology platform. | North America | Not disclosed |
| Trace Biosciences | Diagnostic Technology Firms | July 2026 | Series A | $7M | Develops nerve-specific fluorescent imaging agents to visualize nerves during surgery. | North America | Not disclosed |
| Adjuvia Therapeutics | Therapeutics Discovery Platforms | July 2026 | Seed | $8M | Develops medicines targeting mitochondrial dysfunction, with programs for metabolic and age-related disease. | North America | JLO Ventures |
| Accipiter Biosciences | Therapeutics Discovery Platforms | July 2026 | Seed | $10.5M | Uses computational protein design and high-throughput experimentation to create multifunctional biologic therapeutics. | North America | Not disclosed |
| Vivid Dx | Diagnostic Technology Firms | July 2026 | Seed | $15M | Develops direct-from-blood Raman spectroscopy and AI diagnostics for pathogen identification and antimicrobial susceptibility testing. | Europe | Oxford Science Enterprises; Cedars-Sinai Intellectual Property Co. |
| CORE Biomedicine | Therapeutics Discovery Platforms | July 2026 | Series A | $21M | Develops precision oncology therapeutics targeting cancer-driving molecular mechanisms. | North America | UTokyo Innovation Platform; Elikon Venture |
| Crystalys Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series B | $130M | Develops dotinurad and other therapies for gout and hyperuricemia. | North America | Frazier Life Sciences |
| Transcripta Bio | Therapeutics Discovery Platforms | July 2026 | Series A | $24M | Uses transcriptomic data and AI to discover and develop therapeutics for neurological and neuromuscular diseases. | North America | Not disclosed |
| N-Zyme Biomedical | Therapeutics Discovery Platforms | July 2026 | Series A | $4.6M | Develops pepsin-inhibitor therapeutics for reflux diseases including LPR and treatment-resistant GERD. | North America | Not disclosed |
| Tikva Allocell | Cell Therapy Developers | July 2026 | Series A | $8M | Develops engineered allogeneic EBV-specific T-cell therapies for solid tumors. | Asia-Pacific | Kantharos Capital |
| Immitra Bio | Gene Editing Companies | July 2026 | Seed | $2.8M | Develops an in-vivo gene-editing platform and one-time genetic medicines for inherited diseases. | Europe | Backbone Ventures; OCCIDENT |
| Estrigenix Therapeutics | Therapeutics Discovery Platforms | July 2026 | Seed | $2M | Develops estrogen-receptor-targeted therapies designed to retain neurological benefits while limiting peripheral estrogen effects. | North America | Talents Fund I |
| ALZpath | Diagnostic Technology Firms | July 2026 | Unknown | $8.4M | Develops pTau217 antibody technology and blood-based diagnostic tools for Alzheimer's disease. | North America | Not disclosed |
| Sightera Biosciences | Therapeutics Discovery Platforms | July 2026 | Seed | $3.4M | Uses patient-derived biological data and generative AI to discover small-molecule drugs in oncology and fibrosis. | Europe | Entourage; Anacura; Qbic |
| Trellis Bioscience | Therapeutics Discovery Platforms | July 2026 | Series C | $9M | Develops native human monoclonal antibodies for difficult-to-treat infectious diseases. | North America | Not disclosed |
| AdvanCell | Therapeutics Discovery Platforms | July 2026 | Series D+ | $315M | Develops Lead-212 targeted alpha radiopharmaceutical therapies for cancer. | North America | Ally Bridge Group; Alpha Wave |
| Chai Discovery | Therapeutics Discovery Platforms | July 2026 | Series C | $400M | Builds AI models that design proteins, antibodies and other molecules for preclinical drug discovery. | North America | Index Ventures |
| Draig Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series B | $65M | Develops selective AMPA and GABA-A receptor modulators for neuropsychiatric disorders. | Europe | Deep Track Capital |
| Drug Farm | Therapeutics Discovery Platforms | July 2026 | Series D+ | $55M | Develops small-molecule medicines targeting innate immunity pathways for inflammatory, infectious and immunological diseases. | Asia-Pacific | Shanghai Pudong Leading Area Investment Center; Shanghai Puxing Collaborative Private Equity Fund Partnership Enterprise |
| Alchemab Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series A | $34M | Discovers protective antibodies from individuals naturally resistant to disease and develops them as therapeutics. | Europe | Not disclosed |
| MindRank | Therapeutics Discovery Platforms | July 2026 | Series B | $52M | Uses AI-driven molecular design to discover and develop small-molecule therapeutics. | Asia-Pacific | Not disclosed |
| Cyllene Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series C | $38M | Develops precision genetic medicines using a non-replicating HSV-1 vector platform for chronic diseases. | Europe | GordonMD Global Investments; M Ventures |
| Celea Therapeutics | Therapeutics Discovery Platforms | July 2026 | Growth Equity | $180M | Develops deupirfenidone and other therapies for serious respiratory diseases, initially idiopathic pulmonary fibrosis. | North America | Not disclosed |
| Telum Therapeutics | Therapeutics Discovery Platforms | July 2026 | Series A | $21M | Develops engineered phage-derived protein antimicrobials for severe drug-resistant bacterial infections using its APEX platform. | Europe | AMR Action Fund |
| Epitome Therapeutics FlexCo | Gene Editing Companies | June 2026 | Seed | ≈$2,350,000 | Develops an epigenome-editing platform for precise and durable therapeutic control of gene expression. | Europe | XISTA Science Ventures; Caesar Ventures |
| Beeline Medicines Corporation | Therapeutics Discovery Platforms | June 2026 | Series A | $126.3M | Develops precision therapeutics for autoimmune and inflammatory diseases, led by afimetoran for lupus. | North America | Not disclosed |
| Flare Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2026 | Series C | $85M | Develops precision medicines targeting transcription factors, including degrader and RIPTAC programs in oncology. | North America | Third Rock Ventures; Nextech Invest |
| Xellar Biosystems | Therapeutics Discovery Platforms | June 2026 | Series A | $50M | Provides an organ-on-chip, automation and AI platform for generating human-relevant biological data for drug discovery. | North America | Not disclosed |
| Oblenio Bio, Inc. | Therapeutics Discovery Platforms | June 2026 | Series B | $62M | Develops a tri-specific T-cell engager designed to reset the immune system in severe autoimmune diseases. | North America | Pfizer Ventures |
| Lycia Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2026 | Series D+ | $75M | Develops LYTAC and cataLYTAC therapeutics that degrade disease-causing extracellular proteins. | North America | Janus Henderson Investors; Balyasny Asset Management |
| RQ Bio | Therapeutics Discovery Platforms | June 2026 | Series A | $115M | Develops long-acting monoclonal antibodies for prevention of influenza and other respiratory viral diseases. | Europe | Frazier Life Sciences |
| Ollin Biosciences | Therapeutics Discovery Platforms | June 2026 | Series B | $330M | Develops antibody therapeutics for serious ophthalmic diseases, led by a VEGF/Ang2 bispecific for retinal vascular disease. | North America | TCGX; ARCH Venture Partners |
| Serapha Bio | Gene Editing Companies | June 2026 | Series A | $138M | Develops an in-vivo base-editing therapy targeting the SERPINA1 mutation responsible for severe alpha-1 antitrypsin deficiency. | North America | RA Capital Management; RTW Investments |
| TRIMTECH Therapeutics | Therapeutics Discovery Platforms | June 2026 | Seed | $14M | Develops targeted protein-degradation small molecules for neurodegenerative diseases. | Europe | Johnson & Johnson Innovation – JJDC; BGF |
| Osanni Bio LLC | Therapeutics Discovery Platforms | June 2026 | Series B | $190M | Operates a therapeutics discovery and development platform that creates and advances drug programs across multiple disease areas. | North America | Patient Square Capital |
| NorthLinks Bio | Therapeutics Discovery Platforms | June 2026 | Unknown | $34M | Develops a glycan-targeted intranasal antiviral platform intended to block multiple respiratory viruses at the point of entry. | North America | RA Capital Management |
| Bionyra Pharma | Therapeutics Discovery Platforms | June 2026 | Series A | $165M | Develops next-generation mono- and multispecific antibodies for severe immune-mediated inflammatory diseases. | Europe | Jeito Capital; Sofinnova Partners |
| ChemT Biotechnology | Bioprocessing Tool Providers | June 2026 | Seed | $4M | Builds AI and experimental systems for optimizing biomanufacturing of biologics and advanced medicines. | Asia-Pacific | Wavemaker Ventures |
| Nura Bio | Therapeutics Discovery Platforms | June 2026 | Series B | $73.8M | Develops brain-penetrant SARM1 inhibitors intended to prevent axonal degeneration in ALS and other neurological disorders. | North America | The Column Group |
| COUR Pharma | Therapeutics Discovery Platforms | June 2026 | Series B | $50M | Develops nanoparticle-based antigen-specific immune-tolerance therapies for autoimmune diseases. | North America | Lumira Ventures; Roche Venture Fund |
| Memento Medicines, Inc. | Therapeutics Discovery Platforms | June 2026 | Series A | $93M | Develops biologic therapies for retinal disease, led by a Tie2 agonist/VEGF inhibitor bispecific antibody. | North America | Forbion; RA Capital Management; Avego BioScience Capital |
| Vedana Therapeutics | Therapeutics Discovery Platforms | June 2026 | Series A | $46M | Develops long-acting antibody therapies targeting PACAP, CGRP and related migraine biology. | North America | Westlake BioPartners; Canaan Partners |
| Triveni Bio, Inc. | Therapeutics Discovery Platforms | June 2026 | Series C | $65M | Develops genetics-informed antibody therapeutics for immunological and inflammatory diseases. | North America | Ascenta Capital; Janus Henderson Investors |
| MultiValent Biotherapies, Inc. | Therapeutics Discovery Platforms | June 2026 | Series A | $27.4M | Develops targeted drug-conjugate therapies for cancer, led by a PSMA × FRα conjugate for prostate cancer. | North America | Not disclosed |
| HMNC Brain Health | Therapeutics Discovery Platforms | June 2026 | Series B | $50M | Develops clinical-stage precision psychiatry therapeutics for depression and related neuropsychiatric diseases. | Europe | MEDICE – The Health Family |
| Neion Bio | Bioprocessing Tool Providers | June 2026 | Series A | $23M | Uses genetically engineered chickens and eggs as a production platform for complex biologic medicines and proteins. | North America | Caffeinated Capital |
| SonoThera | Gene Editing Companies | June 2026 | Series B | $125M | Develops ultrasound-mediated nonviral delivery technology for redosable genetic medicines. | North America | Vida Ventures |
| Beren Therapeutics P.B.C. | Therapeutics Discovery Platforms | June 2026 | Growth Equity | $135M | Develops cyclodextrin-based therapeutics for disorders of defective intracellular cholesterol trafficking. | North America | Not disclosed |
| Element Biosciences, Inc. | Diagnostic Technology Firms | June 2026 | Series D+ | >$175,000,000 | Develops DNA sequencing and multiomic analysis platforms for biomedical research, translational science and clinical applications. | North America | Not disclosed |
| City Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2026 | Series B | $99.5M | Develops next-generation RNA-interference medicines using an RNAi engineering and delivery platform. | North America | Not disclosed |
| Ona Therapeutics | Therapeutics Discovery Platforms | June 2026 | Series B | $86.6M | Develops antibody-drug conjugates against tumor biology associated with treatment-resistant cancers. | Europe | Columbus Venture Partners; Mérieux Equity Partners |
| Tavo Biotherapeutics | Therapeutics Discovery Platforms | June 2026 | Series A | $17M | Develops novel biologic and other therapeutic candidates for glaucoma and retinal diseases. | North America | Pureos Bioventures |
| NewLimit | Therapeutics Discovery Platforms | June 2026 | Series C | $435M | Develops epigenetic reprogramming medicines intended to restore youthful cellular function in age-related disease. | North America | Founders Fund |
| Contraline, Inc. | Therapeutics Discovery Platforms | June 2026 | Series B | $92.5M | Develops clinical-stage biopharmaceutical approaches for reversible male contraception. | North America | BVF Partners; RA Capital Management |
| Waypoint Bio | Cell Therapy Developers | June 2026 | Series A | $20M | Uses AI and spatial biology to design next-generation CAR-T cell therapies for solid tumors. | North America | Amplify Partners |
| Oak Hill Bio | Therapeutics Discovery Platforms | June 2026 | Series A | $32.5M | Acquires and develops late-stage rare-disease therapeutics, led by an antisense oligonucleotide for Angelman syndrome. | North America | Balyasny Asset Management; venBio; Janus Henderson Investors |
| Countable Labs | Diagnostic Technology Firms | May 2026 | Unknown | $26M | Develops single-molecule PCR technology for ultra-sensitive DNA and RNA quantification in research and clinical applications. | North America | ARCH Venture Partners |
| CR Therapeutics | Cell Therapy Developers | May 2026 | Seed | $13.8M | Develops innovative immunotherapies including in vivo CAR-T therapies. | Asia-Pacific | Chengdu Future Industry Fund; YuanBio Venture Capital |
| Secretome Therapeutics | Cell Therapy Developers | May 2026 | Series A | $30M | Develops neonatal cardiac progenitor cell-derived therapies for cardiomyopathy and heart failure. | North America | RA Capital Management |
| NUCLIDIUM | Therapeutics Discovery Platforms | May 2026 | Series B | $33.5M | Develops copper-isotope radiotheranostics for diagnosis and treatment of cancer. | Europe | Kurma Growth Opportunities Fund; Angelini Ventures; Aurea; Wellington Partners; Neva SGR |
| ClearNote Health | Diagnostic Technology Firms | May 2026 | Series D+ | $52M | Develops blood-based epigenomic tests for early detection of high-mortality cancers. | North America | Mattias Westman; undisclosed long-only investment manager |
| Protuoso Biosciences | Therapeutics Discovery Platforms | May 2026 | Seed | $9.5M | Uses AI-guided protein engineering to develop multifunctional biologic therapeutics across several disease areas. | North America | Taya Venture; Darwin Ventures |
| Reprogram Biosciences | Synthetic Biology Platforms | May 2026 | Seed | $6M | Develops mRNA gene combinations that reprogram tumor cells in situ to trigger antitumor immunity. | North America | Not disclosed |
| cAMPfield Therapeutics | Therapeutics Discovery Platforms | May 2026 | Series A | $180M | Develops oral medicines for inflammatory and immune-mediated diseases, beginning with a PDE4 inhibitor for IBD. | North America | Frazier Life Sciences |
| 20n Bio | Therapeutics Discovery Platforms | May 2026 | Seed | $7.5M | Uses high-throughput and AI-enabled methods to discover and optimize cyclic-peptide therapeutics. | North America | Not disclosed |
| Oorja Bio | Therapeutics Discovery Platforms | May 2026 | Series A | $30M | Develops therapies that restore alveolar-cell function in idiopathic pulmonary fibrosis and other fibrotic diseases. | North America | Westlake BioPartners |
| Blank Bio | Therapeutics Discovery Platforms | May 2026 | Seed | $7.2M | Trains RNA foundation models for precision oncology, biomarker development and patient-level therapeutic-response prediction. | North America | Not disclosed |
| Full-Life Technologies | Therapeutics Discovery Platforms | May 2026 | Series D+ | $109M | Develops radiopharmaceutical therapies and associated isotope manufacturing for cancer. | Asia-Pacific | Vivo Capital |
| Calixis | Therapeutics Discovery Platforms | May 2026 | Series A | $45M | Develops oral KIT inhibitors for mast-cell-driven allergic and inflammatory diseases. | North America | Not disclosed |
| Accro Bioscience | Therapeutics Discovery Platforms | May 2026 | Series C | $50M | Develops small-molecule therapies targeting regulated cell-death pathways in immune-mediated diseases. | Asia-Pacific | OrbiMed |
| CREATE Medicines | Cell Therapy Developers | May 2026 | Series B | $122M | Develops mRNA-based in vivo CAR therapies that program immune cells directly inside patients. | North America | Newpath Partners; ARCH Venture Partners; Hatteras Venture Partners |
| Degron Therapeutics | Therapeutics Discovery Platforms | May 2026 | Series A | $40M | Discovers and develops molecular-glue degraders for oncology and immunological diseases. | Asia-Pacific | LAPAM Capital |
| Violet Therapeutics | Therapeutics Discovery Platforms | May 2026 | Seed | $4.8M | Develops neurodegenerative-disease therapeutics by mapping disease-relevant cell-to-cell signalling pathways. | North America | Lifespan Vision Ventures |
| Isomorphic Labs | Therapeutics Discovery Platforms | May 2026 | Series B | $2.1B | Uses AI-based molecular modelling and drug-design systems to discover and develop medicines. | Europe | Thrive Capital |
| Starna Therapeutics | Cell Therapy Developers | May 2026 | Series B | $40M | Develops mRNA therapeutics and delivery technology including in vivo CAR-T cell therapies. | Asia-Pacific | Not disclosed |
| ParcelBio | Cell Therapy Developers | May 2026 | Seed | $13M | Develops prolonged-expression mRNA medicines including in vivo CAR-T therapeutics. | North America | Breyer Capital |
| Scarlet Therapeutics | Cell Therapy Developers | May 2026 | Seed | $4M | Engineers lab-grown red blood cells as therapeutic delivery vehicles for metabolic and other diseases. | Europe | Eos Advisory |
| CellCentric | Therapeutics Discovery Platforms | May 2026 | Series D+ | $220M | Develops inobrodib, an oral p300/CBP inhibitor for multiple myeloma and other cancers. | Europe | Venrock Healthcare Capital Partners |
| Kanvas Biosciences | Synthetic Biology Platforms | May 2026 | Series A | $48M | Develops microbiome-based live biotherapeutics and spatial-biology technology for cancer treatment. | North America | DCVC; Lions Capital LLC |
| Brano Therapeutics | Therapeutics Discovery Platforms | May 2026 | Seed | $6.8M | Develops novel therapeutics for heart failure based on discoveries originating at Duke-NUS Medical School. | Asia-Pacific | Trinity Innovation Bioventure Singapore; SEEDS |
| NunaBio | Bioprocessing Tool Providers | May 2026 | Unknown | $8.5M | Produces synthetic DNA using an enzymatic DNA-manufacturing platform for research, therapeutics and diagnostics. | Europe | Northstar Ventures |
| Cytospire Therapeutics | Therapeutics Discovery Platforms | May 2026 | Series A | $83M | Develops multispecific gamma-delta T-cell engager antibodies for cancer. | Europe | 4BIO Capital |
| Windward Bio | Therapeutics Discovery Platforms | May 2026 | Growth Equity | $165M | Develops long-acting antibody therapies for serious respiratory and dermatological immune diseases. | Europe | OrbiMed |
| Latus Bio | Gene Editing Companies | May 2026 | Series A | $97M | Develops engineered AAV gene therapies for neurological and genetic diseases. | North America | 8VC |
| Stoked Bio | Therapeutics Discovery Platforms | May 2026 | Seed | $2.5M | Uses biology-first, AI-guided discovery to develop anti-infective and oncology therapeutics. | North America | Not disclosed |
| Bivision Pharmaceuticals | Therapeutics Discovery Platforms | May 2026 | Series B | $55M | Develops targeted radionuclide therapies and integrated radiotheranostic products for solid tumors. | Asia-Pacific | Pudong Innovation Investment; Zhangjiang Sci-Tech Investment; IDG Capital |
| Scarlet Therapeutics | Cell Therapy Developers | April 2026 | Unknown | ≈$1,270,000 | Develops engineered red-blood-cell therapeutics that express and deliver therapeutic proteins. | Europe | Not disclosed |
| ALP Bio AG | Bioprocessing Tool Providers | April 2026 | Seed | ≈$2,200,000 | Develops immune-organoid and AI technology to assess immunogenicity and de-risk therapeutic-antibody development. | Europe | 42CAP |
| tacalyx GmbH | Therapeutics Discovery Platforms | April 2026 | Seed | ≈$12,700,000 | Develops antibody-based cancer therapeutics against tumor-associated carbohydrate antigens. | Europe | Not disclosed |
| mbiomics GmbH | Therapeutics Discovery Platforms | April 2026 | Series A | ≈$13,900,000 | Develops microbiome-based therapeutics using high-resolution multi-omics profiling and computational biology. | Europe | Not disclosed |
| Coultreon Biopharma | Therapeutics Discovery Platforms | April 2026 | Series A | $125M | Develops small-molecule therapeutics for immunological diseases, led by a SIK3 inhibitor. | Europe | Sofinnova Investments; Forbion; Novo Holdings |
| Fathom Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series A | $47M | Uses quantum chemistry and AI to design small-molecule medicines by modeling molecular behavior in living cells. | North America | Sutter Hill Ventures |
| PlaqueTec | Diagnostic Technology Firms | April 2026 | Unknown | $5M | Develops intracoronary liquid-biopsy and proteomic data technology to characterize inflammatory cardiovascular disease. | Europe | Not disclosed |
| Lighthouse Pharmaceuticals | Therapeutics Discovery Platforms | April 2026 | Series A | $12M | Develops small-molecule therapeutics targeting degenerative and inflammatory disease biology. | North America | Double Point Ventures |
| Ferrosa Therapeutics | Therapeutics Discovery Platforms | April 2026 | Seed | $3.5M | Develops bispecific antibody therapeutics targeting anemia of inflammation and related disorders. | Europe | Forty51 Ventures |
| 10x Science | Bioprocessing Tool Providers | April 2026 | Seed | $4.8M | Builds AI-based protein-characterization technology for biologics discovery, development and manufacturability analysis. | North America | Initialized Capital |
| Ray Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series B | $125M | Develops optogenetic gene therapies intended to restore vision in retinal degenerative diseases. | North America | Janus Henderson Investors |
| Serif Biomedicines | Therapeutics Discovery Platforms | April 2026 | Unknown | $50M | Develops programmable modified-DNA medicines using nucleic-acid chemistry and biology. | North America | Not disclosed |
| Cancertain Limited | Diagnostic Technology Firms | April 2026 | Unknown | ≈$2,950,000 | Develops a clinical assay intended to characterize cancer and support treatment-selection decisions. | Europe | Not disclosed |
| Orthogon Therapeutics, LLC | Therapeutics Discovery Platforms | April 2026 | Unknown | $11M | Develops structure-guided small-molecule antivirals against BK and other polyomaviruses. | North America | Not disclosed |
| STORM Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series C | $56M | Develops small-molecule therapies targeting RNA-modifying enzymes to reprogram malignant cells. | Europe | Not disclosed |
| Terremoto Biosciences | Therapeutics Discovery Platforms | April 2026 | Series C | $108M | Develops highly targeted covalent small-molecule medicines for cancer and rare diseases. | North America | Not disclosed |
| Beeline Medicines Corporation | Therapeutics Discovery Platforms | April 2026 | Series A | $300M | Develops precision therapeutics for autoimmune and inflammatory diseases. | North America | Bain Capital Life Sciences |
| Helical | Therapeutics Discovery Platforms | April 2026 | Seed | $10M | Provides an AI-powered virtual laboratory for reproducible computational biological discovery workflows in pharmaceutical R&D. | Europe | redalpine |
| Lightcast Discovery | Bioprocessing Tool Providers | April 2026 | Unknown | $27M | Develops life-science instrumentation and assays for functional single-cell analysis. | Europe | ARCH Venture Partners |
| Spiral Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series B | $27M | Develops locally delivered therapeutics for hearing loss and other inner-ear diseases. | North America | Gund Investment |
| Neomorph, Inc. | Therapeutics Discovery Platforms | April 2026 | Series B | $100M | Develops molecular-glue degraders that target disease-driving proteins considered difficult to drug. | North America | Deerfield Management |
| Vivatides Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series A | $54M | Develops extrahepatic RNA-targeting therapeutics and proprietary delivery technologies for RNA medicines. | Asia-Pacific | Qiming Venture Partners; Undisclosed leading industry fund |
| Oricell Therapeutics Holdings Limited | Cell Therapy Developers | April 2026 | Growth Equity | >$110,000,000 | Develops cancer immunotherapies focused on solid-tumor CAR-T and in-vivo CAR-T technologies. | Asia-Pacific | Vivo Capital; Beijing Medical and Health Care Industry Investment Fund; Qiming Venture Partners; Undisclosed leading global healthcare fund |
| DeepCyte | Bioprocessing Tool Providers | April 2026 | Seed | $1.5M | Develops single-cell AI toxicology technology for biological safety assessment and drug development. | Europe | Not disclosed |
| Sidewinder Therapeutics | Therapeutics Discovery Platforms | April 2026 | Series B | $137M | Develops next-generation bispecific antibody-drug conjugates for solid tumors. | North America | Frazier Life Sciences; Novartis Venture Fund |
| ReAlta Life Sciences | Therapeutics Discovery Platforms | April 2026 | Series A | $40M | Develops therapies targeting neutrophils and complement biology for severe inflammatory diseases. | North America | Not disclosed |
| Life Biosciences | Therapeutics Discovery Platforms | April 2026 | Series D+ | $80M | Develops cellular rejuvenation therapies using partial epigenetic reprogramming for age-related diseases. | North America | Not disclosed |
| Stipple Bio | Therapeutics Discovery Platforms | April 2026 | Series A | $100M | Develops precision oncology biologics and antibody-drug conjugates against tumor-specific cell-surface epitopes. | North America | RA Capital Management; a16z Bio + Health; Nextech Invest |
| Syneron Bio | Therapeutics Discovery Platforms | April 2026 | Series B | $150M | Develops macrocyclic peptide therapeutics for oncology, autoimmune, metabolic and rare diseases. | Asia-Pacific | Undisclosed international life-science fund; Decheng Capital; CDH VGC |
| Generare | Therapeutics Discovery Platforms | April 2026 | Series A | ≈$23,000,000 | Builds evolution-derived molecular datasets and discovery technology to identify novel drug-development molecules. | Europe | Alven; Daphni |
| Acurion | Diagnostic Technology Firms | April 2026 | Seed | $4.3M | Develops AI-enabled biomarker and pathology technology for precision oncology and treatment selection. | North America | TK & Partners |
| TippingPoint Biosciences | Therapeutics Discovery Platforms | April 2026 | Seed | $4.5M | Develops therapeutics targeting epigenetic protein interfaces and chromatin biology. | North America | Not disclosed |
| Ambrosia Biosciences | Therapeutics Discovery Platforms | March 2026 | Series B | $100M | Develops small-molecule therapeutics for cardiometabolic diseases using genetically and biologically validated targets. | North America | Blue Owl Healthcare Opportunities; Redmile Group; Deep Track Capital |
| Semarion | Bioprocessing Tool Providers | March 2026 | Unknown | $3.8M | Develops barcoded microcarrier technology that makes adherent-cell assays compatible with scalable suspension handling and imaging. | Europe | Parkwalk Advisors |
| First Tracks Biotherapeutics, Inc. | Therapeutics Discovery Platforms | March 2026 | Unknown | $80M | Develops antibody therapeutics that modulate immune pathways involved in autoimmune and inflammatory diseases. | North America | Not disclosed |
| Neion Bio | Bioprocessing Tool Providers | March 2026 | Seed | $11M | Uses genetic engineering and stem-cell biology to turn chicken eggs into bioreactors for recombinant biologic medicines. | North America | Not disclosed |
| Terrestrial Bio | Therapeutics Discovery Platforms | March 2026 | Series C | $50M | Develops bioengineered microarray patches for extended-release delivery of biologic medicines including GLP-1 therapies. | North America | RA Capital Management |
| Pinnacle Medicines | Therapeutics Discovery Platforms | March 2026 | Series B | $89M | Develops orally delivered peptide therapeutics using proprietary peptide-discovery and delivery technologies. | Asia-Pacific | LAV; Foresite Capital |
| Cellbricks Therapeutics | Cell Therapy Developers | March 2026 | Seed | ≈$8,100,000 | Develops biofabricated living-tissue implants and manufacturing technology for regenerative cell therapies. | Europe | Silicon Roundabout Ventures |
| Aptadel Therapeutics | Therapeutics Discovery Platforms | March 2026 | Unknown | ≈$2,300,000 | Develops RNA-aptamer-based targeted therapeutics for cancer. | Europe | Not disclosed |
| Peptomyc | Therapeutics Discovery Platforms | March 2026 | Unknown | ≈$5,800,000 | Develops cell-penetrating therapeutic peptides that inhibit MYC for cancer treatment. | Europe | Alta Life Sciences; Aurora Science |
| RyboDyn | Therapeutics Discovery Platforms | March 2026 | Seed | $10M | Uses RNA sequencing and AI to discover hidden cancer antigens in the dark proteome and develop antibody immunotherapies against them. | North America | Not disclosed |
| Gilgamesh Pharma | Therapeutics Discovery Platforms | March 2026 | Series A | $60M | Develops next-generation neuropsychiatric therapeutics based on novel mechanisms derived from psychedelic drug biology. | North America | Satori Neuro |
| Immutrin | Therapeutics Discovery Platforms | March 2026 | Series A | $87M | Develops antibody therapeutics designed to deplete systemic amyloid deposits in ATTR amyloidosis. | Europe | Frazier Life Sciences |
| Laigo Bio | Therapeutics Discovery Platforms | March 2026 | Seed | ≈$6,400,000 | Develops antibody-based medicines targeting immune-regulatory pathways in oncology and autoimmune disease. | Europe | Biovance Capital; Kurma Partners |
| Oncomatryx Biopharma, S.A. | Therapeutics Discovery Platforms | March 2026 | Series B | ≈$67,000,000 | Develops tumor-microenvironment-targeted biologics and antibody-drug conjugates for invasive cancers. | Europe | Not disclosed |
| Oryon Cell Therapies | Cell Therapy Developers | March 2026 | Series A | $21M | Develops stem-cell-derived replacement cell therapies for Parkinson's disease and other neurological disorders. | North America | Not disclosed |
| Amani Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series A | $25M | Develops novel therapeutics for serious neuropsychiatric disorders. | North America | Not disclosed |
| Reverb Therapeutics | Therapeutics Discovery Platforms | March 2026 | Unknown | $12M | Develops antibody therapeutics that redirect endogenous cytokine signals for cancer and autoimmune disease. | North America | Amplitude Ventures |
| MedicQuant ApS | Diagnostic Technology Firms | March 2026 | Seed | ≈$3,400,000 | Develops a DNA-nanotechnology point-of-care platform for quantifying anticoagulants and other small-molecule drug levels from whole blood. | Europe | Delphinus Venture Capital |
| Congruence Therapeutics | Therapeutics Discovery Platforms | March 2026 | Unknown | $39.5M | Uses computational protein dynamics to design small-molecule correctors for diseases caused by protein misfolding. | North America | Dimension; OrbiMed |
| Kupando | Therapeutics Discovery Platforms | March 2026 | Series A | ≈$11,600,000 | Develops immune-modulating therapeutics based on small-molecule innate-immune receptor agonists. | Europe | Remiges Ventures; LifeCare Partners |
| Excalipoint Therapeutics | Therapeutics Discovery Platforms | March 2026 | Seed | $27.7M | Develops precision oncology therapeutics using structure-guided and biomarker-driven drug discovery. | Asia-Pacific | MPCi; Centurium Capital |
| Crossbow Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series B | $77M | Develops T-cell-engaging therapeutics against intracellular cancer targets presented on the cell surface. | North America | Taiho Ventures; Arkin Bio Capital |
| iDEL Therapeutics | Therapeutics Discovery Platforms | March 2026 | Seed | ≈$10,400,000 | Develops therapeutics using direct cytosolic delivery technology to move biologically active payloads into cells. | Europe | BioMedVC |
| Mestag Therapeutics | Therapeutics Discovery Platforms | March 2026 | Unknown | $40M | Develops therapeutics targeting fibroblast-driven disease biology in cancer and inflammatory disease. | Europe | Not disclosed |
| R1 Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series A | $77.5M | Develops medicines for hyperphosphatemia and disorders of phosphate regulation in chronic kidney disease. | North America | Abingworth; DaVita Venture Group; F-Prime Capital |
| Ternary Therapeutics | Therapeutics Discovery Platforms | March 2026 | Seed | ≈$4,800,000 | Uses physics-informed AI and experimental validation to discover molecular-glue therapeutics. | Europe | daphni |
| Unnatural Products | Therapeutics Discovery Platforms | March 2026 | Series B | $45M | Discovers and develops orally available macrocyclic peptide therapeutics against difficult intracellular targets. | North America | The Venture Collective |
| VALANX Biotech | Therapeutics Discovery Platforms | March 2026 | Unknown | ≈$3,500,000 | Develops site-specific protein-conjugation technology for antibody-drug conjugates and other therapeutic bioconjugates. | Europe | Fournier-Majoie Foundation; FUJIFILM Corporation |
| Myomaker Bio | Bioprocessing Tool Providers | March 2026 | Unknown | ≈$435,000 | Engineers functional human-muscle tissue models and assays for preclinical drug testing. | Europe | Not disclosed |
| Vima Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series A | $40M | Develops mechanism-based medicines for dystonia and other movement disorders. | North America | Not disclosed |
| Scinus Cell Expansion | Bioprocessing Tool Providers | March 2026 | Unknown | ≈$3,500,000 | Develops closed automated bioreactor systems for scalable expansion and manufacturing of cell therapies. | Europe | Myosotis Investments |
| Linnaeus Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series B | ≈$4,500,000 | Develops GPER-targeted medicines for oncology, cardiometabolic disease and age-related conditions. | North America | Not disclosed |
| BIOCAPTIVA | Diagnostic Technology Firms | March 2026 | Unknown | ≈$2,100,000 | Develops magnetic-bead technology that enriches cell-free DNA directly from whole blood for liquid-biopsy workflows. | Europe | Archangels |
| SignaCor Therapeutics | Therapeutics Discovery Platforms | March 2026 | Seed | ≈$336,000 | Develops regenerative therapeutics intended to reverse cardiac damage in hypertrophic cardiomyopathy. | Europe | Not disclosed |
| Swarm Oncology | Cell Therapy Developers | March 2026 | Seed | ≈$8,100,000 | Develops personalized optimized T-cell therapies for cancer and infectious disease. | Europe | Delin Ventures |
| Atavistik Bio | Therapeutics Discovery Platforms | March 2026 | Series B | $40M | Develops small-molecule therapeutics using a platform that identifies and exploits disease-relevant protein-metabolism interactions. | North America | Not disclosed |
| Leman Biotech | Cell Therapy Developers | March 2026 | Series A | ≈$28,000,000 | Develops metabolically enhanced CAR-T therapies for cancers and autoimmune diseases. | Asia-Pacific | Yuecai Zhongyin; XtalPi |
| Alithea Genomics | Bioprocessing Tool Providers | March 2026 | Seed | $3.9M | Provides scalable RNA-sequencing sample-preparation technology for high-throughput transcriptomic screening and toxicology. | Europe | Genku Ventures |
| KangaBio | Therapeutics Discovery Platforms | March 2026 | Unknown | >$15,000,000 | Develops tumor-microenvironment-targeted prodrug therapeutics for oncology. | Asia-Pacific | Not disclosed |
| Ticairus | Cell Therapy Developers | March 2026 | Series D+ | $14.8M | Develops CAR-T therapies using its CLIP CAR architecture for hematologic and solid cancers. | Asia-Pacific | Not disclosed |
| Poplar Therapeutics | Therapeutics Discovery Platforms | March 2026 | Series A | $45M | Develops biologic therapeutics targeting immune-mediated and inflammatory diseases. | North America | Janus Henderson Investors |
| Prolium Bioscience | Therapeutics Discovery Platforms | March 2026 | Series A | $50M | Develops CD20xCD3 T-cell-engager antibody medicines for severe autoimmune diseases. | North America | RTW Investments |
| Antiverse | Therapeutics Discovery Platforms | March 2026 | Series A | $9.3M | Uses computational antibody design to discover therapeutic antibodies against difficult membrane-protein targets. | Europe | Soulmates Ventures |
| Beijing QL Biopharmaceutical Co., Ltd. (QL Biopharm) | Therapeutics Discovery Platforms | March 2026 | Series C | >$72,000,000 | Develops long-acting recombinant protein and peptide therapeutics for metabolic diseases including obesity and diabetes. | Asia-Pacific | OrbiMed |
| Metagen Therapeutics | Therapeutics Discovery Platforms | February 2026 | Series B | $22.9M | Develops microbiome-derived therapeutics, including standardized fecal microbiota transplantation products. | Asia-Pacific | Not disclosed |
| Tamarind Bio | Therapeutics Discovery Platforms | February 2026 | Series A | $12M | Provides cloud infrastructure that lets life-science researchers run molecular AI and physics-based drug-discovery models. | North America | Dimension Capital |
| Abram Scientific | Diagnostic Technology Firms | February 2026 | Series A | $11.8M | Develops portable blood-coagulation diagnostic systems for bleeding disorders, trauma and critical care. | North America | Octapharma |
| BreezeBio | Therapeutics Discovery Platforms | February 2026 | Series B | $60M | Develops precision genetic medicines using non-viral nanoparticles to deliver genetic payloads to specific cell types. | North America | Yuanta Investment; DSC Investment |
| Slate Medicines | Therapeutics Discovery Platforms | February 2026 | Series A | $130M | Develops anti-PACAP antibody therapeutics for migraine and other headache disorders. | North America | RA Capital Management; Forbion; Foresite Capital |
| Turbine | Therapeutics Discovery Platforms | February 2026 | Series B | $25M | Uses mechanistic virtual-cell simulations to model biological experiments and support therapeutic discovery. | Europe | Interactive Venture Partners |
| Centauri Therapeutics | Therapeutics Discovery Platforms | February 2026 | Series A | $8.2M | Develops Alphamer immunotherapies that redirect pre-existing antibodies against pathogens or diseased cells. | Europe | AMR Action Fund |
| Syndex Bio | Diagnostic Technology Firms | February 2026 | Seed | $15.5M | Develops methylation-preserving PCR technology for molecular diagnostics and epigenetic analysis. | Europe | ARCH Venture Partners |
| Altesa BioSciences | Therapeutics Discovery Platforms | February 2026 | Series B | $75M | Develops antiviral therapeutics intended to prevent virus-triggered exacerbations of chronic respiratory diseases. | North America | Forbion |
| Sift Biosciences | Therapeutics Discovery Platforms | February 2026 | Seed | $3.7M | Develops peptide immunotherapies designed to activate pre-existing T-cell immune memory. | North America | Lifespan Vision Ventures; Freeflow Ventures |
| Pharmacelera | Therapeutics Discovery Platforms | February 2026 | Series A | $7.1M | Provides quantum-mechanics and AI software for identifying and optimizing molecules in early drug discovery. | Europe | Heran Partners |
| Peptris Technologies | Therapeutics Discovery Platforms | February 2026 | Series A | $7.7M | Uses AI and experimental validation to discover and advance novel small-molecule drug candidates. | Asia-Pacific | IAN Alpha Fund; Speciale Invest |
| GelMEDIX | Cell Therapy Developers | February 2026 | Seed | $13M | Develops hydrogel-enabled retinal cell therapies and regenerative delivery technologies for eye disease. | North America | Safar Partners |
| Tozaro | Bioprocessing Tool Providers | February 2026 | Unknown | $8.2M | Develops synthetic polymer affinity ligands for purification of viral vectors used in cell and gene therapy manufacturing. | Europe | Mercia Ventures; Midlands Engine Investment Fund II |
| ILiAD Biotechnologies | Therapeutics Discovery Platforms | February 2026 | Series B | $115M | Develops intranasal vaccines and related biologics to prevent and treat Bordetella pertussis infection. | North America | RA Capital Management |
| Regend Therapeutics | Cell Therapy Developers | February 2026 | Series C | $50.6M | Develops stem and progenitor cell therapies intended to regenerate organ function. | Asia-Pacific | Not disclosed |
| Neogap Therapeutics | Cell Therapy Developers | February 2026 | Unknown | $9.3M | Develops personalised T-cell immunotherapies selected using tumour genomics and bioinformatics. | Europe | Sciety |
| Kainova Therapeutics | Therapeutics Discovery Platforms | February 2026 | Series B | $23.4M | Develops GPCR-targeting therapeutics for immuno-oncology and inflammatory diseases. | North America | Investissement Québec |
| Galux | Therapeutics Discovery Platforms | February 2026 | Series B | $29M | Uses AI, physics and chemistry to design novel therapeutic proteins and antibodies. | Asia-Pacific | Not disclosed |
| Cascade Pharmaceuticals | Therapeutics Discovery Platforms | February 2026 | Unknown | $72M | Develops small-molecule therapies targeting nuclear receptors and GPCRs for metabolic and related diseases. | Asia-Pacific | Zhongping Capital |
| Pandorum Technologies | Therapeutics Discovery Platforms | February 2026 | Series B | $18M | Develops tunable exosome-based regenerative medicines for ocular and systemic diseases. | Asia-Pacific | Protons Corporate |
| Aerska | Therapeutics Discovery Platforms | February 2026 | Series A | $39M | Develops systemically administered RNA medicines using antibody-oligonucleotide brain-shuttle technology. | Europe | EQT Dementia Fund; age1 |
| QuantX Biosciences | Therapeutics Discovery Platforms | February 2026 | Series B | $85M | Uses computational modelling and high-performance computing to design oral small-molecule therapies for immune-mediated diseases. | North America | Lilly Asia Ventures; Sanofi Ventures |
| Angitia Biopharmaceuticals | Therapeutics Discovery Platforms | February 2026 | Series D+ | $130M | Develops biologic therapies for osteoporosis, osteogenesis imperfecta, spinal fusion and other musculoskeletal diseases. | North America | Frazier Life Sciences; Venrock Healthcare Capital Partners |
| Third Arc Bio | Therapeutics Discovery Platforms | February 2026 | Series A | $52M | Develops multifunctional antibodies that activate or inhibit T cells for oncology and inflammatory diseases. | North America | Andreessen Horowitz |
| Phylo | Therapeutics Discovery Platforms | February 2026 | Seed | $13.5M | Builds an AI-native integrated biology environment for planning, executing and interpreting biomedical research. | North America | Andreessen Horowitz; Menlo Ventures |
| Prenosis | Diagnostic Technology Firms | January 2026 | Series A | $20M | Develops biology-based AI diagnostics for critical-care conditions including sepsis. | North America | Not disclosed |
| Breakthru Medicine | Therapeutics Discovery Platforms | January 2026 | Series A | $60M | Develops small molecules, molecular glues and next-generation ADC payloads for solid tumors. | North America | Not disclosed |
| Tenpoint Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $85M | Develops and commercializes ophthalmic medicines for age-related vision conditions. | Europe | Janus Henderson; EQT Nexus; Hillhouse; British Business Bank |
| Antheia | Synthetic Biology Platforms | January 2026 | Series C | $24M | Uses engineered biosynthesis to manufacture complex pharmaceutical ingredients. | North America | ATHOS KG; America’s Frontier Fund |
| TRexBio | Therapeutics Discovery Platforms | January 2026 | Series B | $50M | Develops tissue-targeted regulatory-T-cell medicines for inflammatory and autoimmune diseases. | North America | Not disclosed |
| Primmune Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $8.6M | Develops orally administered innate-immune agonists as cancer immunotherapies. | North America | Not disclosed |
| CORXEL Pharmaceuticals | Therapeutics Discovery Platforms | January 2026 | Series D+ | $287M | Develops clinical-stage medicines for obesity, diabetes and other cardiometabolic diseases. | North America | Not disclosed |
| Infinitopes | Therapeutics Discovery Platforms | January 2026 | Seed | $15.4M | Develops off-the-shelf precision therapeutic cancer vaccines using antigen discovery and immunopeptidomics. | Europe | Octopus Ventures; Amplify Bio |
| ErVimmune | Therapeutics Discovery Platforms | January 2026 | Series A | $19.8M | Develops therapeutic cancer vaccines targeting tumor antigens derived from endogenous retroviruses. | Europe | Not disclosed |
| Mendra | Therapeutics Discovery Platforms | January 2026 | Series A | $82M | Acquires and develops rare-disease therapeutics using AI to accelerate development and commercialization. | North America | OrbiMed; 8VC; 5AM Ventures |
| BIOMAKERS | Diagnostic Technology Firms | January 2026 | Unknown | $8M | Provides molecular testing and precision-oncology data infrastructure for drug and diagnostic development. | North America | Not disclosed |
| Cancilico | Diagnostic Technology Firms | January 2026 | Seed | $2.9M | Develops AI-based analysis of bone-marrow samples for hematologic-cancer diagnostics. | Europe | HTGF; TGFS; GEDAD; ROI Verwaltungsgesellschaft |
| TwoStep Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series A | $21.1M | Develops tumor-targeting therapeutics designed to bind multiple integrins on solid tumors. | North America | Not disclosed |
| Think Bioscience | Synthetic Biology Platforms | January 2026 | Series A | $55M | Uses synthetic biology to uncover druggable sites on difficult protein targets and develop small-molecule medicines. | North America | Regeneron Ventures; Innovation Endeavors; Janus Henderson Investors |
| Exciva | Therapeutics Discovery Platforms | January 2026 | Series B | $59M | Develops clinical-stage therapeutics for neuropsychiatric symptoms associated with dementia. | Europe | Gimv; EQT Life Sciences |
| Caldera Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series A | $112.5M | Develops bispecific antibodies for inflammatory diseases, led by an IL-23/TL1A program for IBD. | North America | Omega Funds |
| Proxima | Therapeutics Discovery Platforms | January 2026 | Seed | $80M | Uses AI and large-scale biological data generation to discover proximity-based medicines. | North America | DCVC |
| Mirador Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $250M | Develops precision medicines for immune-mediated inflammatory and fibrotic diseases. | North America | Not disclosed |
| Juvena Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $33.5M | Develops regenerative biologics designed to restore muscle and other tissue function. | North America | Bison Ventures |
| Cytotheryx | Cell Therapy Developers | January 2026 | Series A | $60M | Develops scalable human hepatocyte cell therapies and liver-support technologies. | North America | Ouroboros Family Founders Fund I |
| Vibrant Therapeutics | Therapeutics Discovery Platforms | January 2026 | Unknown | $61M | Develops logic-gated and masked T-cell engager therapeutics for solid tumors. | Asia-Pacific | Not disclosed |
| Precede Biosciences | Diagnostic Technology Firms | January 2026 | Series B | $63.5M | Develops blood-based molecular profiling technology for precision-medicine biomarker and drug-development applications. | North America | Not disclosed |
| Kinaset Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $103M | Develops inhaled anti-inflammatory medicines for severe respiratory diseases including asthma. | North America | Not disclosed |
| Aurora Therapeutics | Gene Editing Companies | January 2026 | Seed | $16M | Develops personalized CRISPR-based gene-editing therapies for ultra-rare genetic diseases. | North America | Menlo Ventures |
| AirNexis Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series A | $200M | Develops clinical-stage inhaled medicines for chronic pulmonary diseases including COPD. | North America | Frazier Life Sciences |
| Orca Bio | Cell Therapy Developers | January 2026 | Series D+ | $250M | Develops high-precision allogeneic T-cell therapies for hematologic malignancies. | North America | Lightspeed Venture Partners |
| bit.bio | Bioprocessing Tool Providers | January 2026 | Series C | $50M | Programs human cells at scale to provide standardized cell products for research and drug discovery. | Europe | M&G Investments |
| EpiBiologics | Therapeutics Discovery Platforms | January 2026 | Series B | $107M | Develops bispecific antibody degraders that remove disease-driving extracellular and membrane proteins. | North America | Not disclosed |
| Diagonal Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $125M | Develops clustering antibodies intended to correct dysregulated receptor signaling in severe genetic diseases. | North America | Sanofi Ventures; Janus Henderson Investors |
| Alveus Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series A | $160M | Develops medicines for obesity and metabolic disease, including dual GIPR/GLP-1 mechanisms. | North America | New Rhein Healthcare Investors; Andera Partners; Omega Funds |
| Enodia Therapeutics | Therapeutics Discovery Platforms | January 2026 | Seed | $25M | Develops small-molecule targeted protein degradation therapeutics using proteomics and machine learning. | Europe | Elaia; Pfizer Ventures; Bpifrance |
| Parabilis Medicines | Therapeutics Discovery Platforms | January 2026 | Series D+ | $305M | Develops Helicon peptide medicines against historically difficult cancer targets. | North America | RA Capital Management; Fidelity Management & Research Company; Janus Henderson Investors |
| Vizgen | Diagnostic Technology Firms | January 2026 | Series D+ | $48M | Develops spatial genomics and multiomics instruments and reagents for biological research. | North America | ARCH Venture Partners; M Ventures; Northpond Ventures |
| Beacon Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series C | $75M | Develops ocular gene therapies for inherited and prevalent retinal diseases. | Europe | Life Sciences at Goldman Sachs Alternatives |
| Rakuten Medical | Therapeutics Discovery Platforms | January 2026 | Series D+ | $100M | Develops photoimmunotherapy combining tumor-targeting biologics with light activation for cancer treatment. | North America | TaiAx Life Science Fund |
| Soley Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series C | $200M | Uses cell-stress sensing, imaging and computational analysis to discover first-in-class therapeutics. | North America | Surveyor Capital |
| Nocion Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $23M | Develops locally delivered charged sodium-channel blockers for chronic cough and other conditions driven by activated nociceptors. | North America | Arkin Bio Capital; Monograph Capital |
| Poplar Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series A | $50M | Develops anti-IgE therapeutics for food allergy and other atopic diseases. | North America | SR One; Vida Ventures; Platanus |
| Mediar Therapeutics | Therapeutics Discovery Platforms | January 2026 | Series B | $76M | Develops first-in-class antibody therapeutics that directly target fibrotic disease mechanisms. | North America | Amplitude Ventures; ICG |
| Corsera Health | Therapeutics Discovery Platforms | January 2026 | Series A | $80M | Develops long-acting RNAi medicines for prevention of cardiovascular disease. | North America | Forbion; Population Health Partners |
| Kimialys | Diagnostic Technology Firms | December 2025 | Series A | ≈$4,230,000 | Develops surface-functionalization and nanoparticle technologies that improve the analytical performance of in-vitro diagnostic tests. | Europe | Turenne Santé |
| Nature's Toolbox, Inc. | Bioprocessing Tool Providers | December 2025 | Unknown | $10M | Develops scalable cell-free biomanufacturing technology for producing RNA, proteins and other biologics. | North America | Not disclosed |
| Atavistik Bio | Therapeutics Discovery Platforms | December 2025 | Series B | $120M | Discovers selective allosteric small-molecule therapeutics using a platform for identifying cryptic regulatory sites on proteins. | North America | Nextech Invest; The Column Group |
| Syremis Therapeutics | Therapeutics Discovery Platforms | December 2025 | Series A | $165M | Develops novel medicines for psychiatric and other mental-health conditions. | Middle East | Dexcel Pharma; Third Rock Ventures |
| Rezubio | Therapeutics Discovery Platforms | December 2025 | Series A | $20M | Develops membrane-anchored biologic therapeutics, initially for obesity and diabetes. | Asia-Pacific | Lapam Capital |
| FoRx Therapeutics | Therapeutics Discovery Platforms | December 2025 | Series A | $50M | Develops small-molecule cancer therapies targeting DNA-repair vulnerabilities, including PARG inhibition. | Europe | Not disclosed |
| TargED Biopharmaceuticals | Therapeutics Discovery Platforms | December 2025 | Series A | ≈$25,300,000 | Develops targeted thrombolytic biologics designed to dissolve pathological blood clots locally. | Europe | BioGeneration Ventures |
| Fida Biosystems | Bioprocessing Tool Providers | December 2025 | Series A | ≈$5,900,000 | Develops flow-induced dispersion analysis instruments for quantitative biophysical characterization of proteins and other biomolecules. | Europe | Not disclosed |
| Ambros Therapeutics | Therapeutics Discovery Platforms | December 2025 | Series A | $125M | Develops therapeutics for chronic pain and other conditions, led by a late-stage program for complex regional pain syndrome. | North America | RA Capital Management; Enavate Sciences |
| Aeovian Pharmaceuticals | Therapeutics Discovery Platforms | December 2025 | Series B | $55M | Develops selective small-molecule therapies that modulate mTORC1 signaling for rare and age-related diseases. | North America | Not disclosed |
| Chai Discovery | Therapeutics Discovery Platforms | December 2025 | Series B | $130M | Builds generative AI foundation models for protein structure, interaction and therapeutic design. | North America | General Catalyst; Oak HC/FT |
| Link Cell Therapies | Cell Therapy Developers | December 2025 | Series A | $60M | Develops CAR-T cell therapies engineered for solid and hematologic cancers. | North America | Johnson & Johnson Innovation – JJDC |
| Alphyn Biologics | Therapeutics Discovery Platforms | December 2025 | Series B | $25M | Develops multi-target dermatology therapeutics for inflammatory and infectious skin diseases. | North America | QCA Investment Group |
| ProLynx | Therapeutics Discovery Platforms | December 2025 | Series A | $70M | Develops linker technologies that extend the duration of action of peptide and protein therapeutics. | North America | Not disclosed |
| Bioxodes | Therapeutics Discovery Platforms | December 2025 | Series A | ≈$6,450,000 | Develops Ir-CPI, a biologically derived therapeutic candidate designed to treat acute ischemic stroke. | Europe | Not disclosed |
| EpilepsyGTx | Therapeutics Discovery Platforms | December 2025 | Series A | $33M | Develops single-dose gene therapies for focal refractory epilepsy. | Europe | Not disclosed |
| PsiThera | Therapeutics Discovery Platforms | December 2025 | Series A | $47.5M | Develops oral small-molecule medicines against genetically and biologically validated therapeutic targets. | North America | Samsara BioCapital; Lightstone Ventures |
| BlossomHill Therapeutics | Therapeutics Discovery Platforms | December 2025 | Series B | $84M | Develops small-molecule precision oncology and hematology therapies targeting difficult cancer drivers. | North America | Brahma Capital; BioTrack Capital; Janus Henderson Investors |
| D3 Bio | Therapeutics Discovery Platforms | December 2025 | Series B | $108M | Develops precision oncology therapeutics using biomarker-driven drug discovery and clinical development. | Asia-Pacific | Not disclosed |
| Relation Therapeutics | Therapeutics Discovery Platforms | December 2025 | Seed | $26M | Uses machine learning and human multi-omics data to discover therapeutic targets and drug programs. | Europe | Not disclosed |
| Cellular Origins | Bioprocessing Tool Providers | December 2025 | Series A | $40M | Provides automated manufacturing technology for scalable production of cell therapies. | Europe | Johnson & Johnson Innovation – JJDC |
| SanegeneBio | Therapeutics Discovery Platforms | December 2025 | Series B | >$110,000,000 | Develops RNA-interference therapeutics using proprietary delivery technologies for metabolic and other diseases. | Asia-Pacific | Not disclosed |
| Pan Cancer T | Cell Therapy Developers | December 2025 | Unknown | ≈$5,800,000 | Develops tumor-specific T-cell receptor therapies for solid cancers. | Europe | Not disclosed |
| OTR Therapeutics | Therapeutics Discovery Platforms | December 2025 | Series A | $100M | Develops therapeutics from externally sourced early-stage biomedical innovations for global clinical development. | Asia-Pacific | Not disclosed |
| SciNeuro Pharmaceuticals | Therapeutics Discovery Platforms | December 2025 | Unknown | $53M | Develops small-molecule, antibody and antisense therapies for neurodegenerative diseases. | North America | LAV; ARCH Venture Partners |
| TRIANA Biomedicines | Therapeutics Discovery Platforms | December 2025 | Series B | $120M | Develops molecular-glue therapeutics using target-first and proximity-based drug-discovery platforms. | North America | Ascenta Capital; Bessemer Venture Partners |
| Excelsior Sciences | Therapeutics Discovery Platforms | December 2025 | Series A | $70M | Builds automated chemistry and AI-enabled infrastructure for small-molecule drug discovery and manufacturing. | North America | Deerfield Management; Khosla Ventures; Sofinnova Partners |
| Sidera Bio | Therapeutics Discovery Platforms | December 2025 | Series A | ≈$109,000,000 | Develops antibody-based therapeutics targeting difficult disease biology. | Europe | Not disclosed |
| Protego Biopharma | Therapeutics Discovery Platforms | December 2025 | Series B | $130M | Develops small-molecule therapies that restore protein homeostasis for systemic amyloid and other protein-misfolding diseases. | North America | Novartis Venture Fund; Forbion |
| RIGEN-BIO | Diagnostic Technology Firms | November 2025 | Series B | ≈$14,000,000 | Develops qPCR- and NGS-based molecular diagnostics, particularly for thyroid cancer and thyroid nodules. | Asia-Pacific | Efung Capital |
| Cascade Pharmaceuticals | Therapeutics Discovery Platforms | November 2025 | Series B | ≈$42,000,000 | Develops nuclear-receptor and GPCR-targeted therapeutics for metabolic and hepatobiliary diseases. | Asia-Pacific | SDIC Pioneer |
| Nephrogen | Therapeutics Discovery Platforms | November 2025 | Seed | $2M | Develops kidney- and pancreas-targeted AAV gene-delivery therapies. | North America | Not disclosed |
| Ventuno Biotech | Therapeutics Discovery Platforms | November 2025 | Seed | ≈$2,300,000 | Develops novel cancer immunotherapies. | Europe | Octalfa |
| NanoMosaic | Bioprocessing Tool Providers | November 2025 | Unknown | $3M | Develops nanoneedle-based high-throughput proteomics and protein-analysis technology. | North America | Not disclosed |
| Zetagen Therapeutics, Inc. | Therapeutics Discovery Platforms | November 2025 | Series B | $12.9M | Develops locally administered biologic therapies targeting the bone-tumor microenvironment. | North America | JSTAR Capital Investments |
| ImmunitoAI Pvt Ltd | Therapeutics Discovery Platforms | November 2025 | Series A | $6.1M | Combines AI and wet-lab experimentation to discover therapeutic antibodies. | Asia-Pacific | Ashish Kacholia |
| MindImmune Therapeutics, Inc. | Therapeutics Discovery Platforms | November 2025 | Series A | $10.2M | Develops therapeutics targeting neuroinflammatory mechanisms in Alzheimer's and other neurological diseases. | North America | Dolby Family Ventures |
| Paulex Bio Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $16.8M | Develops regenerative medicines intended to restore pancreatic beta-cell function. | North America | Not disclosed |
| Dayra Therapeutics | Therapeutics Discovery Platforms | November 2025 | Unknown | $20M | Develops orally available macrocyclic peptide therapeutics. | North America | Versant Ventures |
| Arpeggio Biosciences, Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $20M | Maps transcriptomic drug responses to discover and develop therapeutics. | North America | Not disclosed |
| Quarry Thera, LLC | Therapeutics Discovery Platforms | November 2025 | Series A | $32M | Develops proximity-induced molecular-glue therapeutics based on targeted protein modulation. | North America | Not disclosed |
| Xiushi Biopharmaceutical | Synthetic Biology Platforms | November 2025 | Series A | ≈$14,000,000 | Uses synthetic biology to biosynthesize and develop innovative therapeutic peptides. | Asia-Pacific | Huatai Zijin |
| Phrontline Biopharma | Therapeutics Discovery Platforms | November 2025 | Unknown | $60M | Develops bispecific and dual-payload antibody-drug conjugates for cancer. | Asia-Pacific | Lapam Investment |
| RocRock Bio | Cell Therapy Developers | November 2025 | Series A | ≈$7,000,000 | Develops macrophage-based and CAR-macrophage cell therapies for solid tumors. | Asia-Pacific | Not disclosed |
| Reprogenix | Cell Therapy Developers | November 2025 | Series A | ≈$70,000,000 | Develops iPSC-derived regenerative cell medicines including insulin-producing cell therapies for diabetes. | Asia-Pacific | Not disclosed |
| Aspen Neuroscience, Inc. | Cell Therapy Developers | November 2025 | Series C | $115M | Develops autologous iPSC-derived neuronal cell therapies for Parkinson's disease. | North America | OrbiMed; ARCH Venture Partners; Frazier Life Sciences; Revelation Partners |
| Eclipse BioInnovations, Inc. | Bioprocessing Tool Providers | November 2025 | Unknown | $670.8K | Develops RNA sequencing kits and reagents for mapping and analyzing biological RNA data. | North America | Not disclosed |
| Cassidy Bio | Gene Editing Companies | November 2025 | Seed | $8M | Combines genomic foundation models and wet-lab validation to design gene-editing therapeutics. | Middle East | Ahren Innovation Capital |
| Pluslife Biotech | Diagnostic Technology Firms | November 2025 | Series B | ≈$14,000,000 | Develops rapid near-point-of-care nucleic-acid molecular diagnostic systems. | Asia-Pacific | FC Innovation Venture Fund; Guoju Venture Capital |
| AI Proteins | Therapeutics Discovery Platforms | November 2025 | Series A | $41.5M | Designs de-novo miniproteins as a new therapeutic modality. | North America | Mission BioCapital; Santé Ventures |
| Lifordi Immunotherapeutics, Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $42M | Develops targeted antibody-drug conjugates for autoimmune and inflammatory diseases. | North America | Not disclosed |
| MitoRx Therapeutics Limited | Therapeutics Discovery Platforms | November 2025 | Unknown | ≈$7,200,000 | Develops mitochondria-targeted medicines for metabolic diseases including obesity. | Europe | Oshen Holdings SA |
| Artios Pharma Limited | Therapeutics Discovery Platforms | November 2025 | Series D+ | $115M | Develops DNA-damage-response therapeutics for cancer. | Europe | SV Health Investors; RA Capital Management |
| Solve Therapeutics, Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $120M | Develops antibody-drug conjugates and tumor-targeting oncology therapeutics. | North America | Yosemite |
| General Control Biosciences | Therapeutics Discovery Platforms | November 2025 | Unknown | $5.5M | Develops multiplexed epigenetic medicines designed to control gene programs therapeutically. | North America | Not disclosed |
| Skeletalis | Therapeutics Discovery Platforms | November 2025 | Seed | $8M | Develops bone-targeted small-molecule therapeutics for osteoporosis and skeletal diseases. | North America | Pillar VC |
| Imbria Pharmaceuticals | Therapeutics Discovery Platforms | November 2025 | Series B | $9M | Develops therapeutics targeting cellular energetics for cardiovascular diseases. | North America | Not disclosed |
| Angiex Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $16M | Develops vascular-targeted biotherapeutics and antibody-drug conjugates for solid tumors. | North America | Not disclosed |
| Model Medicines, Inc. | Therapeutics Discovery Platforms | November 2025 | Unknown | $3.3M | Uses computational drug discovery to develop its own therapeutic pipeline. | North America | Not disclosed |
| Yangli Pharmaceuticals | Therapeutics Discovery Platforms | November 2025 | Series B | ≈$14,000,000 | Develops innovative therapeutics for oncology and chronic diseases. | Asia-Pacific | Qiming Venture Partners |
| RAGE Biotech Pty Ltd | Therapeutics Discovery Platforms | November 2025 | Series A | ≈$18,900,000 | Develops splice-switching oligonucleotide therapeutics for chronic inflammatory diseases. | Asia-Pacific | IP Group Australia; Hostplus |
| Scripta Therapeutics | Therapeutics Discovery Platforms | November 2025 | Seed | $12M | Uses functional biology, imaging and patient-derived models to discover transcription-factor-modulating medicines. | Europe | Oxford Science Enterprises; Apollo Health Ventures |
| Virometix AG | Therapeutics Discovery Platforms | November 2025 | Unknown | $15M | Develops synthetic virus-like-particle vaccines and immunotherapeutics. | Europe | Not disclosed |
| T-Therapeutics Ltd | Therapeutics Discovery Platforms | November 2025 | Series A | $32M | Develops soluble T-cell-receptor-based bispecific therapeutics for cancer and autoimmune diseases. | Europe | Not disclosed |
| Gate Bioscience, Inc. | Therapeutics Discovery Platforms | November 2025 | Series B | $65M | Develops molecular-gate medicines that eliminate disease proteins before cellular secretion. | North America | Forbion |
| Ruishi Xingchen Biotechnology | Cell Therapy Developers | November 2025 | Seed | Not Disclosed | Develops iPSC-derived corneal and retinal cell therapies. | Asia-Pacific | Huafang Capital |
| Kind Pharmaceuticals | Therapeutics Discovery Platforms | November 2025 | Series C | >$56,000,000 | Develops small-molecule and antibody-drug therapies across renal, hematologic and oncology indications. | Asia-Pacific | Not disclosed |
| Ladder Bio Inc. | Therapeutics Discovery Platforms | November 2025 | Seed | $5.5M | Combines computational chemistry with spiroligomer technology to develop novel therapeutics. | North America | Medical Excellence Capital |
| Brise Pharmaceuticals | Therapeutics Discovery Platforms | November 2025 | Series A | >$28,000,000 | Develops highly selective therapeutics for severe chronic pain and related disorders. | Asia-Pacific | Not disclosed |
| Iambic Therapeutics | Therapeutics Discovery Platforms | November 2025 | Unknown | >$100,000,000 | Integrates AI and experimental biology to discover and develop small-molecule therapeutics. | North America | Not disclosed |
| Fengxun Biotechnology | Cell Therapy Developers | November 2025 | Seed | ≈$8,400,000 | Develops engineered lentiviral delivery systems for in-vivo CAR-T therapies. | Asia-Pacific | Not disclosed |
| Aureka Biotechnologies | Therapeutics Discovery Platforms | November 2025 | Series A | $23.2M | Uses generative computation and experimental biology to design therapeutic antibodies. | Asia-Pacific | Qiming Venture Partners; 5Y Capital |
| Groovy Medicine | Therapeutics Discovery Platforms | November 2025 | Unknown | Not Disclosed | Uses high-dimensional biological data and AI to discover therapeutics for cancer and neurodegenerative diseases. | Asia-Pacific | Xinghua Dingli |
| Brightintel | Therapeutics Discovery Platforms | November 2025 | Unknown | Not Disclosed | Uses AI-enabled drug discovery and delivery technology to develop non-opioid pain therapeutics. | Asia-Pacific | Xincheng Fund |
| Onchilles Pharma | Therapeutics Discovery Platforms | November 2025 | Series A | $25M | Develops cancer therapeutics exploiting the ELANE-mediated innate immune cytotoxicity pathway. | North America | Not disclosed |
| Unixell Biotechnology | Cell Therapy Developers | November 2025 | Series A | ≈$14,000,000 | Develops hiPSC-derived cell therapies for neurological disorders including Parkinson's disease and epilepsy. | Asia-Pacific | Not disclosed |
| arcoris bio AG | Diagnostic Technology Firms | November 2025 | Seed | ≈$7,900,000 | Develops multiplex biomarker-detection and signal-amplification technology for pathology and life-science analysis. | Europe | Ventura Ace; ZEISS Ventures |
| Accipiter Biosciences | Therapeutics Discovery Platforms | November 2025 | Seed | $12.7M | Uses computational design and high-throughput biology to create de-novo multifunctional protein therapeutics. | North America | Takeda; Flying Fish Partners |
| Elephas Biosciences Corporation | Diagnostic Technology Firms | November 2025 | Series B | $40M | Provides live-tumor functional profiling to evaluate cancer treatment response. | North America | Not disclosed |
| IVACTA Biotechnology | Cell Therapy Developers | November 2025 | Seed | >$14,000,000 | Develops targeted lipid-nanoparticle delivery systems for in-vivo CAR-T cell therapies. | Asia-Pacific | Qiming Venture Partners |
| Osteal Therapeutics | Therapeutics Discovery Platforms | November 2025 | Series D+ | $15.6M | Develops locally delivered anti-infective therapeutics for musculoskeletal infections. | North America | Not disclosed |
| Braveheart Bio | Therapeutics Discovery Platforms | November 2025 | Series A | $185M | Develops cardiac myosin-targeted therapies for hypertrophic cardiomyopathy. | North America | Andreessen Horowitz Bio + Health; Forbion; OrbiMed |
| Allegria Therapeutics | Therapeutics Discovery Platforms | November 2025 | Seed | $3.5M | Develops therapeutics for mast-cell-mediated immune and inflammatory diseases. | Europe | Forty51 Ventures |
| Azalea Therapeutics | Gene Editing Companies | November 2025 | Series A | $65M | Develops in-vivo genomic medicines using engineered virus-like particles to edit cells inside patients. | North America | Third Rock Ventures |
| NEOK Bio, Inc. | Therapeutics Discovery Platforms | November 2025 | Series A | $75M | Develops bispecific antibody-drug conjugates for cancer. | North America | ABL Bio |
| AAVantgarde Bio | Therapeutics Discovery Platforms | November 2025 | Series B | $141M | Develops AAV gene therapies for inherited retinal diseases. | Europe | Schroders Capital; Atlas Venture; Forbion |
| Helex | Gene Editing Companies | October 2025 | Seed | $3.5M | Develops non-viral gene-editing therapies for kidney diseases using programmable genetic medicines. | North America | pi Ventures |
| Rarity PBC | Cell Therapy Developers | October 2025 | Seed | $4.6M | Develops and commercializes rare-disease gene therapies, led by an autologous hematopoietic stem-cell gene therapy for ADA-SCID. | North America | Nemean Asset Management |
| PineTree Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series B | $47M | Develops targeted protein degraders for treatment-resistant cancers using its AbReptor platform. | North America | Not disclosed |
| Zag Bio | Therapeutics Discovery Platforms | October 2025 | Series A | $80M | Develops thymus-targeted medicines that deliver self-antigens to induce immune tolerance in autoimmune disease. | North America | Polaris Partners; T1D Fund |
| Hemab Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series C | $157M | Develops prophylactic biologic therapies for rare and underserved bleeding and thrombotic disorders. | Europe | Sofinnova Partners |
| Adaptam Therapeutics | Therapeutics Discovery Platforms | October 2025 | Seed | $3.5M | Develops immunotherapies designed to redirect and enhance antitumor immune responses. | Europe | Criteria Bio Ventures |
| AndzonBio2 | Therapeutics Discovery Platforms | October 2025 | Seed | $3.5M | Builds and develops therapeutic programs targeting neuroinflammatory mechanisms in neurological diseases. | Europe | Not disclosed |
| Electra Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series C | $183M | Develops SIRP-targeting biologic medicines for severe immune disorders and cancer. | North America | Nextech; EQT Life Sciences |
| smartbax | Therapeutics Discovery Platforms | October 2025 | Seed | $5.5M | Develops novel antibiotics with mechanisms intended to overcome multidrug-resistant bacterial infections. | Europe | Anobis Asset; Bayern Kapital |
| Elevara Medicines | Therapeutics Discovery Platforms | October 2025 | Series A | $70M | Develops precision immunology medicines, including clinical-stage programs for rheumatoid arthritis and other inflammatory diseases. | Europe | Forbion; Sofinnova Partners |
| Exeliom Biosciences | Therapeutics Discovery Platforms | October 2025 | Series A | $3.3M | Develops microbiome-derived immunotherapies that modulate innate immunity through NOD2 signaling. | Europe | Biocodex |
| Adaptyx Biosciences | Diagnostic Technology Firms | October 2025 | Seed | $14M | Develops programmable DNA-based biosensors for continuous measurement of multiple molecular biomarkers in wearable devices. | North America | Interlagos |
| Cyclana Bio | Therapeutics Discovery Platforms | October 2025 | Seed | $6.7M | Develops biology-driven therapeutics for endometriosis using human disease models and molecular data. | Europe | NfX; Eka VC |
| Amprologix | Therapeutics Discovery Platforms | October 2025 | Seed | $990K | Discovers and develops novel antimicrobial peptides and related antibiotics for drug-resistant infections. | Europe | Not disclosed |
| Adcytherix | Therapeutics Discovery Platforms | October 2025 | Series A | $122M | Designs and develops antibody-drug conjugates with a particular focus on novel payload technologies for cancer. | Europe | Bpifrance; Kurma Partners; Andera Partners; Angelini Ventures |
| Peptilogics | Therapeutics Discovery Platforms | October 2025 | Series B | $78M | Develops engineered peptide therapeutics, led by an anti-infective for prosthetic-joint infections. | North America | Presight Capital; Thiel Bio; Founders Fund |
| Pelage Pharmaceuticals | Therapeutics Discovery Platforms | October 2025 | Series B | $120M | Develops regenerative medicines that activate dormant hair-follicle stem cells to treat hair loss. | North America | ARCH Venture Partners; GV |
| Bexorg | Therapeutics Discovery Platforms | October 2025 | Series A | $23M | Combines live human brain tissue experimentation, molecular profiling and AI to improve CNS drug discovery and development. | North America | Engine Ventures |
| Tubulis | Therapeutics Discovery Platforms | October 2025 | Series C | $361M | Develops antibody-drug conjugates using proprietary technologies for linker, payload and conjugation design. | Europe | Venrock Healthcare Capital Partners |
| Step Pharma | Therapeutics Discovery Platforms | October 2025 | Series C | $44M | Develops CTPS1-inhibiting precision medicines for cancer and immune-related diseases. | Europe | V-Bio Ventures |
| Kardigan | Therapeutics Discovery Platforms | October 2025 | Series B | $254M | Develops precision cardiovascular medicines targeting underlying biological drivers of major heart diseases. | North America | Not disclosed |
| Tr1X | Cell Therapy Developers | October 2025 | Unknown | $50M | Develops allogeneic engineered regulatory T-cell and CAR-Treg therapies for autoimmune and inflammatory diseases. | North America | Not disclosed |
| Kailera Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series B | $600M | Develops injectable and oral next-generation metabolic medicines focused on obesity and related diseases. | North America | Bain Capital Private Equity |
| Meta-Flux | Therapeutics Discovery Platforms | October 2025 | Seed | $2M | Builds mechanistic multi-omic disease models used by drug developers to test targets and patient biology in silico. | Europe | Not disclosed |
| Excellergy | Therapeutics Discovery Platforms | October 2025 | Series A | $70M | Develops trifunctional effector-cell response inhibitors intended to control multiple pathways involved in allergic disease. | North America | Not disclosed |
| Expedition Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series A | $165M | Develops therapies targeting neutrophil-driven inflammatory and respiratory diseases including COPD. | North America | Sofinnova Investments; Novo Holdings |
| Nilo Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series A | $101M | Develops medicines that manipulate neural circuits controlling immune homeostasis and inflammatory disease. | North America | The Column Group; DCVC Bio; Lux Capital |
| Soufflé Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series A | $200M | Engineers cell-specific ligands and siRNA medicines for precise delivery of nucleic-acid therapeutics to disease-causing cells. | North America | Not disclosed |
| Affinia Therapeutics | Therapeutics Discovery Platforms | October 2025 | Series C | $40M | Develops engineered AAV gene therapies for cardiovascular and neurological diseases. | North America | New Enterprise Associates |
| TORL BioTherapeutics | Therapeutics Discovery Platforms | October 2025 | Series C | $96M | Develops antibody-based cancer therapeutics including tumor-targeted antibody-drug conjugates. | North America | Not disclosed |
| Trogenix | Therapeutics Discovery Platforms | October 2025 | Series A | $95M | Develops programmable gene therapies that selectively activate therapeutic payloads in aggressive cancer cells. | Europe | IQ Capital |
| NanoPhoria Bioscience | Therapeutics Discovery Platforms | October 2025 | Series A | $97.8M | Develops nano-in-micro biologic delivery technology and therapies for heart failure and other diseases. | Europe | XGEN Venture; Sofinnova Partners; CDP Venture Capital |
| Cirrus Therapeutics | Therapeutics Discovery Platforms | October 2025 | Seed | $11M | Develops gene and cell therapies addressing immune dysfunction underlying chronic ocular diseases. | North America | ClavystBio |
| OncoC4 | Therapeutics Discovery Platforms | October 2025 | Series B | $49M | Develops antibody-based immunotherapies for cancer and selected neurodegenerative diseases. | North America | GBA Fund |
| Cartography Biosciences | Therapeutics Discovery Platforms | October 2025 | Series B | $67M | Discovers tumor-selective antigens and develops antibody-based cancer therapeutics including T-cell engagers. | North America | Pfizer Ventures |
| SeaBeLife | Therapeutics Discovery Platforms | October 2025 | Seed | $2.3M | Develops small-molecule therapies that inhibit regulated cell-death pathways for severe liver and retinal diseases. | Europe | iXLife |
| Aerska | Therapeutics Discovery Platforms | October 2025 | Seed | $21M | Develops brain-targeted RNAi medicines designed to silence disease-causing genes in the central nervous system. | Europe | Age1; Backed VC; Speedinvest |
| Predicta Biosciences | Diagnostic Technology Firms | October 2025 | Series A | $23.4M | Develops blood-based precision diagnostics and analytics for blood cancers and autoimmune diseases. | North America | Engine Ventures |
| HemostOD | Cell Therapy Developers | October 2025 | Seed | $5.4M | Produces donor-independent, off-the-shelf human platelets from immortalized hematopoietic stem cells for transfusion. | Europe | Polytech Ventures; Orenok Holdings |
| Star Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series D+ | $125M | Develops antibody medicines for bleeding disorders and other hematologic diseases. | North America | Sanofi Ventures; Viking Global Investors |
| Crystalys Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $205M | Develops dotinurad and related therapeutics for gout and hyperuricemia. | North America | Novo Holdings; SR One; Catalys Pacific |
| Crossbow Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | $30.3M | Develops TCR-mimetic antibodies and T-cell engagers against peptide-MHC cancer targets. | North America | Not disclosed |
| GRIT Biotechnology | Cell Therapy Developers | September 2025 | Unknown | ≈$16,800,000 | Develops gene-engineered TIL and other next-generation immune-cell therapies for cancer. | Asia-Pacific | Not disclosed |
| Nionyx Bio | Therapeutics Discovery Platforms | September 2025 | Seed | $4M | Engineers kidney-targeted AAV capsids and one-time gene therapies for renal diseases. | North America | 2048 Ventures |
| Santo Therapeutics | Therapeutics Discovery Platforms | September 2025 | Seed | Not Disclosed | Develops lentiviral-vector gene therapies and associated delivery technology. | Asia-Pacific | FIRHealth Capital |
| StemInov | Cell Therapy Developers | September 2025 | Unknown | ≈$12,500,000 | Develops mesenchymal-stem-cell therapeutics for severe inflammatory conditions including septic shock. | Europe | Not disclosed |
| Sparrow Pharmaceuticals | Therapeutics Discovery Platforms | September 2025 | Series B | $95M | Develops medicines targeting corticosteroid biology for metabolic and endocrine diseases. | North America | RA Capital Management; Forbion |
| Volastra Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | ≈$30,000,000 | Develops cancer medicines targeting chromosomal instability and related vulnerabilities. | North America | Not disclosed |
| SEED Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $30M | Discovers molecular-glue degraders for disease-driving proteins using targeted protein degradation. | North America | Not disclosed |
| Prolifagen | Therapeutics Discovery Platforms | September 2025 | Unknown | $3M | Develops RNA-based regenerative therapeutics intended to stimulate cardiac repair after myocardial injury. | North America | Not disclosed |
| Ensoma | Gene Editing Companies | September 2025 | Unknown | $53M | Develops in-vivo genomic medicines that engineer hematopoietic stem cells inside the patient. | North America | Gilead Sciences |
| Evecxia Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | $5M | Develops medicines that amplify serotonin synthesis for neuropsychiatric disorders. | North America | Collage Venture Partners |
| Avenzo Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series B | $60M | Develops targeted oncology medicines including kinase inhibitors and antibody-drug conjugates. | North America | OrbiMed; SR One |
| AusperBio | Therapeutics Discovery Platforms | September 2025 | Series B | $63M | Develops oligonucleotide medicines, led by therapies targeting chronic hepatitis B. | Asia-Pacific | Qiming Venture Partners |
| Ollin Biosciences | Therapeutics Discovery Platforms | September 2025 | Unknown | $100M | Develops biologic medicines for serious ophthalmic diseases. | North America | ARCH Venture Partners; Mubadala Capital; Monograph Capital |
| SiVEC Biotechnologies | Synthetic Biology Platforms | September 2025 | Seed | $3.3M | Engineers bacterial vectors to deliver RNA, proteins and gene-editing payloads directly in vivo. | North America | Not disclosed |
| ARTHEx Biotech | Therapeutics Discovery Platforms | September 2025 | Series B | $40.8M | Develops targeted RNA medicines for myotonic dystrophy and other genetically driven diseases. | Europe | Bpifrance |
| Nexo Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $52.5M | Discovers covalent small-molecule therapies for difficult oncology targets. | North America | Versant Ventures |
| Highlight Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | ≈$17,700,000 | Develops RNA-based immunotherapies that activate innate immunity against cancer. | Europe | Buenavista Equity Partners |
| KyDo Therapeutics | Therapeutics Discovery Platforms | September 2025 | Seed | ≈$5,300,000 | Uses covalent-allosteric drug discovery to develop targeted oncology medicines. | Europe | I&I Biotech Fund |
| Synthesize Bio | Therapeutics Discovery Platforms | September 2025 | Seed | $10M | Builds generative genomics models to simulate gene expression and accelerate biological discovery. | North America | Madrona |
| Tasca Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $15M | Uses an auto-palmitoylation discovery platform to develop targeted oncology small molecules. | North America | Not disclosed |
| AllRock Bio | Therapeutics Discovery Platforms | September 2025 | Series A | $50M | Develops therapeutics targeting ROCK signaling for cardiopulmonary diseases. | North America | Versant Ventures; Westlake BioPartners |
| Reunion Neuroscience | Therapeutics Discovery Platforms | September 2025 | Series A | $51M | Develops serotonergic neuropsychiatric medicines designed for rapid and durable therapeutic effects. | North America | Not disclosed |
| Dualitas Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $65M | Develops next-generation bispecific antibodies for immune and inflammatory diseases. | North America | Versant Ventures; Qiming Venture Partners USA |
| Tafalgie Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | ≈$14,100,000 | Develops non-opioid medicines derived from TAFA4 biology for acute and chronic pain. | Europe | Not disclosed |
| Rui Therapeutics | Cell Therapy Developers | September 2025 | Series A | ≈$28,100,000 | Develops CAR-NK and other engineered immune-cell therapies for autoimmune and inflammatory diseases. | Asia-Pacific | Shenzhen Capital Group; Hengqin Venture Capital; Green Pine Capital |
| selectION, Inc. | Therapeutics Discovery Platforms | September 2025 | Series A | $5.4M | Develops selective peptide ion-channel blockers to deactivate disease-driving autoreactive T cells. | North America | Not disclosed |
| YolTech Therapeutics | Gene Editing Companies | September 2025 | Series B | ≈$45,000,000 | Develops in-vivo CRISPR-based gene-editing medicines for serious diseases. | Asia-Pacific | AstraZeneca-CICC Healthcare Investment Fund |
| CUTISS AG | Cell Therapy Developers | September 2025 | Series C | ≈$38,900,000 | Bioengineers personalized human skin grafts and automated tissue-therapy manufacturing technology. | Europe | Giammaria Giuliani family office; Shiloh Advisors-represented family |
| Enlaza Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | $15M | Develops covalent protein therapeutics and drug conjugates using its War-Lock platform. | North America | Not disclosed |
| Odyssey Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series D+ | $213M | Develops precision immunomodulatory medicines for autoimmune and inflammatory diseases. | North America | Not disclosed |
| Kriya Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series D+ | $320M | Develops AAV gene therapies for chronic diseases using an integrated discovery and manufacturing platform. | North America | Patient Square Capital; Premji Invest |
| Aspect Analytics | Bioprocessing Tool Providers | September 2025 | Series A | ≈$11,700,000 | Provides software for spatial multi-omics and mass-spectrometry imaging analysis in life-science research. | Europe | PMV |
| Ridge Biotechnologies | Synthetic Biology Platforms | September 2025 | Seed | $25M | Engineers enzymes and targeted-delivery systems using cell-free experimentation and machine learning for precision medicines. | North America | Sutter Hill Ventures |
| Alchemab Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series A | $32M | Discovers naturally occurring protective antibodies and develops them into therapeutics. | Europe | Not disclosed |
| cellvie | Therapeutics Discovery Platforms | September 2025 | Unknown | $5M | Develops mitochondria-based therapeutics intended to restore cellular bioenergetics and organ function. | Europe | Taiho Ventures |
| Integra Therapeutics | Gene Editing Companies | September 2025 | Seed | ≈$12,500,000 | Develops programmable gene-writing technology for precise insertion of therapeutic DNA and engineered cell therapies. | Europe | Not disclosed |
| Epigenic Therapeutics | Gene Editing Companies | September 2025 | Series B | $60M | Develops programmable epigenetic medicines that silence disease genes without cutting DNA. | Asia-Pacific | Lapam Capital |
| NRG Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series B | $67M | Develops medicines targeting mitochondrial dysfunction in neurodegenerative disease. | Europe | Dementia Discovery Fund |
| Enveda | Therapeutics Discovery Platforms | September 2025 | Series D+ | $150M | Uses machine learning and metabolomics to discover medicines from natural-product chemistry. | North America | Premji Invest |
| Congruence Therapeutics | Therapeutics Discovery Platforms | September 2025 | Unknown | $32M | Uses computational protein-dynamics modeling to discover small molecules for genetically defined diseases. | North America | Not disclosed |
| Rapafusyn Pharmaceuticals | Therapeutics Discovery Platforms | September 2025 | Series A | $44M | Develops non-degrading molecular-glue medicines for difficult-to-drug intracellular and membrane targets. | North America | 3E Bioventures; Proxima Ventures |
| MRM Health | Synthetic Biology Platforms | September 2025 | Series B | $64M | Develops rationally designed live bacterial consortia as microbiome therapeutics. | Europe | Biocodex |
| Treeline Biosciences | Therapeutics Discovery Platforms | September 2025 | Series A | $200M | Discovers and develops precision medicines against cancer targets using integrated computational and experimental drug discovery. | North America | Not disclosed |
| Mercy BioAnalytics, Inc. | Diagnostic Technology Firms | September 2025 | Series B | $59M | Develops extracellular-vesicle liquid-biopsy assays for early cancer detection. | North America | Novalis; Sozo Ventures |
| CHARM Therapeutics | Therapeutics Discovery Platforms | September 2025 | Series B | $80M | Uses deep learning and structural biology to design precision oncology medicines. | Europe | New Enterprise Associates; SR One |
| AccurEdit Therapeutics | Gene Editing Companies | September 2025 | Series A | $75M | Develops CRISPR-based in-vivo gene-editing therapies and delivery systems. | Asia-Pacific | Not disclosed |
| Cyted Health | Diagnostic Technology Firms | August 2025 | Series B | $44M | Develops molecular diagnostics combining minimally invasive esophageal cell collection with biomarker testing. | Europe | EQT Life Sciences; Advent Life Sciences; British Business Bank |
| MagicRNA | Therapeutics Discovery Platforms | August 2025 | Unknown | ≈$13,900,000 | Develops engineered cell-targeted lipid nanoparticles and therapeutic mRNA medicines, including in-vivo CAR-T programs. | Asia-Pacific | IDG Capital |
| EnsiliTech Ltd | Bioprocessing Tool Providers | August 2025 | Seed | ≈$6,100,000 | Develops silica-based stabilization technology that allows vaccines, antibodies and other biologics to be stored without refrigeration. | Europe | Eos Advisory |
| Shenandoah Therapeutics, Inc. | Therapeutics Discovery Platforms | August 2025 | Seed | $21.5M | Develops transcriptional chemical inducers of proximity that redirect cancer-driving transcription factors to trigger tumor-cell death. | North America | Samsara BioCapital; YK Bioventures |
| Wugen, Inc. | Cell Therapy Developers | August 2025 | Series C | $115M | Develops allogeneic, genome-edited CAR-T cell therapies for hematologic cancers and other diseases. | North America | Fidelity Management & Research Company |
| Leal Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | $30M | Develops neuro-metabolic medicines for neurodegenerative and neuropsychiatric disorders using novel therapeutic mechanisms. | North America | Dementia Discovery Fund |
| Arrowsmith Inc. | Therapeutics Discovery Platforms | August 2025 | Unknown | ≈$2,000,000 | Develops bacteriophage-based therapeutics for difficult-to-treat bacterial infections. | Asia-Pacific | Not disclosed |
| Therna Biosciences | Therapeutics Discovery Platforms | August 2025 | Seed | $10M | Develops programmable RNA medicines using AI-assisted design and RNA-engineering technologies. | North America | AIX Ventures; Pear VC; Fusion Fund |
| Incyclix Bio, LLC | Therapeutics Discovery Platforms | August 2025 | Series B | $11.3M | Develops selective cell-cycle therapeutics, led by the CDK2 inhibitor INX-315 for resistant cancers. | North America | Not disclosed |
| Arnatar Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | $52M | Develops RNA medicines including siRNA and antisense-oligonucleotide therapeutics for severe diseases. | North America | Eight Roads Ventures; 3E Bioventures |
| Plexium, Inc. | Therapeutics Discovery Platforms | August 2025 | Unknown | $60.1M | Develops targeted protein-degradation therapeutics using its discovery platform for molecular glues and degraders. | North America | Not disclosed |
| Wingor Biotechnology | Cell Therapy Developers | August 2025 | Unknown | Not Disclosed | Develops stem-cell medicines, engineered immune cells, exosome technologies and related regenerative therapies. | Asia-Pacific | Globelink Holding |
| Vibrant Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | Not Disclosed | Develops next-generation T-cell engager therapeutics for cancer using proprietary multispecific protein-engineering technologies. | Asia-Pacific | Trinity Innovation Fund; Apricot Capital |
| Vivatides Therapeutics | Therapeutics Discovery Platforms | August 2025 | Seed | $10M | Develops extrahepatic delivery technologies and drug candidates for siRNA and other small-nucleic-acid therapeutics. | Asia-Pacific | Apricot Capital |
| Molecular You | Diagnostic Technology Firms | August 2025 | Series A | $5M | Provides multi-omic blood testing that measures proteins and metabolites to identify molecular health risks. | North America | Voloridge Health |
| KROMATID, Inc. | Bioprocessing Tool Providers | August 2025 | Series C | $8M | Provides cytogenomic structural-analysis tools and services for genome engineering and advanced therapy development. | North America | BroadOak Capital Partners |
| Lucia Bio Pty Ltd | Therapeutics Discovery Platforms | August 2025 | Seed | ≈$1,300,000 | Develops selective Syk-inhibitor therapeutics for neuroinflammatory, autoimmune and hematologic diseases. | Asia-Pacific | Not disclosed |
| CorriXR Therapeutics, Inc. | Gene Editing Companies | August 2025 | Series A | $1M | Develops non-viral CRISPR gene-editing medicines that disable NRF2 in solid tumors. | North America | Not disclosed |
| Axelyf, Inc. | Therapeutics Discovery Platforms | August 2025 | Seed | $2.6M | Develops engineered lipid-nanoparticle delivery systems for RNA therapeutics. | North America | Brunnur Ventures |
| Sensorium Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | $25M | Discovers and develops CNS therapeutics inspired by bioactive natural products and human neurobiology. | North America | Not disclosed |
| Anocca AB | Cell Therapy Developers | August 2025 | Unknown | ≈$46,000,000 | Develops non-viral gene-edited TCR-T cell therapies targeting cancer-specific antigens. | Europe | Mellby Gård |
| Pattern Bioscience, Inc. | Diagnostic Technology Firms | August 2025 | Series D+ | $44.2M | Develops single-cell microbiology diagnostics for rapid bacterial identification and antimicrobial-susceptibility testing. | North America | AMR Action Fund; Illumina Ventures; Omnimed Capital |
| Mirugen Pty Ltd | Cell Therapy Developers | August 2025 | Seed | ≈$2,900,000 | Develops regenerative therapies that reprogram retinal cells to restore photoreceptors in degenerative eye disease. | Asia-Pacific | Not disclosed |
| Mabylon AG | Therapeutics Discovery Platforms | August 2025 | Unknown | ≈$18,600,000 | Develops human-derived antibody therapeutics for severe allergies and other immune-mediated diseases. | Europe | Not disclosed |
| Jocasta Neuroscience | Therapeutics Discovery Platforms | August 2025 | Series A | $35M | Develops α-Klotho-based protein therapeutics for cognitive impairment and neurological disease. | North America | True Ventures |
| Gameto | Cell Therapy Developers | August 2025 | Series C | $44M | Develops iPSC-derived ovarian support-cell therapies aimed at improving reproductive medicine and fertility treatment. | North America | Overwater Ventures |
| Libo Biotechnology | Therapeutics Discovery Platforms | August 2025 | Unknown | ≈$13,900,000 | Uses RNA structure prediction and experimental platforms to discover small-molecule drugs that directly target RNA. | Asia-Pacific | Tasly Capital; Panlin Capital |
| EyeStem Research | Cell Therapy Developers | August 2025 | Series B | $10M | Develops stem-cell-derived retinal cell replacement therapies for incurable eye diseases. | Asia-Pacific | Raju Barwale; Sandeep Singh |
| Tahoe Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | $30M | Generates large-scale single-cell perturbation datasets to train biological AI models for precision drug discovery. | North America | Amplify Partners |
| SNIPR Biome ApS | Gene Editing Companies | August 2025 | Series B | ≈$40,800,000 | Develops CRISPR-based precision antimicrobials that selectively target disease-causing bacteria. | Europe | Not disclosed |
| Minghui Pharmaceutical | Therapeutics Discovery Platforms | August 2025 | Growth Equity | $131M | Develops innovative oncology and immunology therapeutics including bispecific antibodies and antibody-drug-conjugate combination strategies. | Asia-Pacific | OrbiMed; Qiming Venture Partners |
| Strand Therapeutics | Synthetic Biology Platforms | August 2025 | Series B | $153M | Develops programmable mRNA medicines with engineered RNA circuits and targeted delivery systems. | North America | Kinnevik |
| QRL Bioscience Private Limited | Cell Therapy Developers | August 2025 | Seed | ≈$342,000 | Develops regenerative cell-based biologic therapies for conditions including diabetic foot ulcers and osteoarthritis. | Asia-Pacific | Not disclosed |
| Chai Discovery | Therapeutics Discovery Platforms | August 2025 | Series A | $70M | Builds generative AI models for designing proteins and other therapeutic biomolecules. | North America | Anthology Fund |
| Chengdu Zeling Biomedical Technology Co., Ltd. | Therapeutics Discovery Platforms | August 2025 | Series B | ≈$55,000,000 | Develops innovative therapeutics using structural biology, AI-driven drug design and organoid/PDX validation platforms. | Asia-Pacific | Qiming Venture Partners |
| Yanshengchao (Beijing) Biotechnology Co., Ltd. | Therapeutics Discovery Platforms | August 2025 | Unknown | Not Disclosed | Develops first-in-class antibody, peptide and small-molecule therapies against novel immune and inflammatory disease targets. | Asia-Pacific | Guosheng Capital (Chengdu BioCity Fund); Qiming Venture Partners; YuanBio Venture Capital; Chengdu Science and Technology Innovation Fund |
| METiS Technologies | Therapeutics Discovery Platforms | August 2025 | Series D+ | ≈$55,600,000 | Uses AI, nanotechnology and drug-delivery engineering to design and develop next-generation medicines. | Asia-Pacific | Beijing Medical and Health Industry Investment Fund; Daxing Industrial Investment Fund |
| Taiwan Universe BioMedicine Co., Ltd. (TaiU) | Therapeutics Discovery Platforms | August 2025 | Seed | $2M | Develops next-generation vaccine platforms, including virus-like-particle vaccines for infectious diseases. | Asia-Pacific | MVL Seed Fund |
| Excalipoint Therapeutics | Therapeutics Discovery Platforms | August 2025 | Series A | $41M | Develops next-generation T-cell engager therapeutics for cancer and autoimmune diseases. | Asia-Pacific | HongShan; YuanBio Venture Capital; Apricot Capital |
| ARTBIO | Therapeutics Discovery Platforms | July 2025 | Series B | $132M | Develops lead-212 alpha radioligand therapies and an integrated isotope-production platform for cancer treatment. | North America | Sofinnova Investments; B Capital; Not disclosed (existing life-sciences investment fund) |
| VelaVigo | Therapeutics Discovery Platforms | July 2025 | Unknown | >$60,000,000 | Develops multispecific antibodies and antibody-drug conjugates for oncology using an integrated biologics discovery platform. | Asia-Pacific | Shunwei Capital |
| MapLight Therapeutics | Therapeutics Discovery Platforms | July 2025 | Series D+ | $372.5M | Develops neuroscience therapeutics using optogenetics, transcriptomics and brain-mapping platforms to identify disease-specific neural targets. | North America | Forbion; Life Sciences at Goldman Sachs Alternatives |
| Dash Bio | Bioprocessing Tool Providers | July 2025 | Seed | $11M | Provides highly automated bioanalytical laboratory workflows for preclinical and clinical drug-development studies. | North America | The Aligned Fund |
| Avalyn Pharma | Therapeutics Discovery Platforms | July 2025 | Series D+ | $100M | Develops inhaled therapeutics designed to deliver antifibrotic drugs directly to the lungs for pulmonary fibrosis. | North America | Suvretta Capital Management; SR One |
| MedGenome | Diagnostic Technology Firms | July 2025 | Series D+ | $47.5M | Provides genomics-based molecular diagnostics, sequencing and research services for inherited disease, oncology and other clinical applications. | Asia-Pacific | Maj Invest; Novo Holdings |
| One Biosciences | Diagnostic Technology Firms | July 2025 | Series A | ≈$17,600,000 | Develops clinical single-cell transcriptomic profiling and AI-based tumor analysis for precision oncology. | Europe | Redmile Group; Blast |
| KORTUC Inc. | Therapeutics Discovery Platforms | July 2025 | Series B | $20M | Develops KRC-01, an injectable radiosensitizer intended to increase solid tumors' sensitivity to radiotherapy. | North America | Midas Capital |
| Illimis Therapeutics | Therapeutics Discovery Platforms | July 2025 | Series B | $42M | Develops chimeric fusion-protein therapeutics through its GAIA platform for neurodegenerative and immune-mediated diseases. | Asia-Pacific | DSC Investment |
| NUCLIDIUM | Therapeutics Discovery Platforms | July 2025 | Series B | ≈$99,000,000 | Develops copper-61 and copper-67 radiopharmaceuticals combining cancer imaging and targeted radioligand therapy. | Europe | Kurma Growth Opportunities Fund; Angelini Ventures; Wellington Partners; Neva SGR |
| Aqtual | Diagnostic Technology Firms | July 2025 | Series B | $31M | Develops cell-free DNA and active-chromatin profiling assays for disease detection, patient stratification and treatment-response monitoring. | North America | Manta Ray Ventures |
| Renasant Bio | Therapeutics Discovery Platforms | July 2025 | Seed | $54.5M | Develops disease-modifying small-molecule therapies for polycystic kidney disease by correcting defective polycystin signaling. | North America | 5AM Ventures |
| Actithera | Therapeutics Discovery Platforms | July 2025 | Series A | $75.5M | Develops precision radioligand therapies engineered for prolonged tumor retention and controlled pharmacokinetics. | Europe | M Ventures; Hadean Ventures; Sofinnova Partners; 4BIO Capital |
| CoRegen | Cell Therapy Developers | July 2025 | Unknown | $93.4M | Develops genetically engineered regulatory T-cell therapies that alter SRC-3 gene regulation to attack solid tumors. | North America | Not disclosed |
| Single Technologies | Bioprocessing Tool Providers | July 2025 | Series B | ≈$11,800,000 | Develops high-throughput 3D sequencing technology for generating genomic and spatial biological data at large scale. | Europe | European Innovation Council Fund |
| Centivax | Therapeutics Discovery Platforms | July 2025 | Series A | $45M | Develops broadly protective vaccines and therapeutics designed to provide immunity against diverse pathogen variants. | North America | Future Ventures |
| EvlaBio | Therapeutics Discovery Platforms | July 2025 | Seed | ≈$24,600,000 | Develops a monoclonal antibody targeting FGF23/FGFR4 signaling to treat left ventricular hypertrophy associated with chronic kidney disease. | Europe | Kurma Partners; AdBio Partners; Boehringer Ingelheim Venture Fund; NRW.Venture; HTGF |
| BrainEver | Therapeutics Discovery Platforms | July 2025 | Series B | ≈$38,700,000 | Develops recombinant homeoprotein therapeutics for neurodegenerative and retinal diseases, including amyotrophic lateral sclerosis. | Europe | Critical Path Ventures; European Innovation Council Fund |
| Syntis Bio | Therapeutics Discovery Platforms | July 2025 | Series A | $33M | Develops oral therapeutics using a synthetic tissue-lining platform that temporarily alters biological activity in the gastrointestinal tract. | North America | Cerberus Ventures |
| FELIQS Corporation | Therapeutics Discovery Platforms | July 2025 | Series A | $9M | Develops small-molecule therapeutics targeting oxidized lipids, led by FLQ-101 for retinopathy of prematurity. | Asia-Pacific | Beyond Next Ventures; Not disclosed (major U.S. pharmaceutical company) |
| STALICLA | Therapeutics Discovery Platforms | June 2025 | Unknown | ≈$2,500,000 (Chf2M) | Develops biomarker-guided precision therapeutics for neurodevelopmental disorders. | Europe | Addex Therapeutics |
| Adiposs SA | Diagnostic Technology Firms | June 2025 | Series A | ≈$5,000,000 (Chf4M) | Develops biotechnology-enabled imaging agents for measuring brown fat and predicting cancer-treatment response. | Europe | Not disclosed |
| Laverock Therapeutics | Cell Therapy Developers | June 2025 | Seed | ≈$8,900,000 (£6.5M) | Engineers programmable gene-control circuits for disease-responsive T-cell and macrophage therapies. | Europe | Calculus Capital |
| Portal Biotech Ltd | Diagnostic Technology Firms | June 2025 | Series A | $35M | Develops single-molecule protein sequencing technology for biological research and biomolecular analysis. | Europe | NATO Innovation Fund; Earlybird Venture Capital |
| ORIA Bioscience | Bioprocessing Tool Providers | June 2025 | Seed | ≈$3,100,000 (€2.7M) | Produces purified cell organelles using microfluidics for high-throughput drug discovery and biological research. | Europe | Newfund; Galion.exe |
| Reborna Biosciences, Inc. | Therapeutics Discovery Platforms | June 2025 | Unknown | ≈$5,350,000 (¥770M) | Develops orally available small-molecule medicines that directly target RNA for hereditary rare diseases. | Asia-Pacific | Not disclosed |
| Navinci Diagnostics AB | Diagnostic Technology Firms | June 2025 | Unknown | ≈$6,150,000 (€5.3M) | Develops in-situ protein-interaction and proximity-ligation assays for life-science research. | Europe | Not disclosed |
| RedShift BioAnalytics, Inc. | Bioprocessing Tool Providers | June 2025 | Unknown | $5.9M | Develops analytical instruments for secondary-structure and protein characterization in biopharmaceutical development. | North America | Not disclosed |
| Neuron23, Inc. | Therapeutics Discovery Platforms | June 2025 | Series D+ | $96.5M | Develops precision small-molecule medicines for genetically defined neurological and immunological diseases. | North America | Not disclosed |
| Arthrosi Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2025 | Series D+ | $60.9M | Develops small-molecule therapies for gout, hyperuricemia and related kidney disease. | North America | Not disclosed |
| Pheiron, Inc. | Therapeutics Discovery Platforms | June 2025 | Unknown | $3.2M | Builds multimodal biological phenotyping and disease-modeling technology to identify therapeutic targets and biomarkers. | Europe | Not disclosed |
| Actio Biosciences, Inc. | Therapeutics Discovery Platforms | June 2025 | Series B | $66M | Develops genetics-driven small-molecule therapies for rare and common diseases. | North America | Regeneron Ventures; Deerfield Management |
| GeneCentric Therapeutics, Inc. | Diagnostic Technology Firms | June 2025 | Series C | $8M | Develops molecular diagnostic and liquid-biopsy platforms for precision oncology and therapeutic development. | North America | Hatteras Venture Partners |
| Infinity Bio, Inc. | Diagnostic Technology Firms | June 2025 | Series A | $8M | Provides antibody-reactome profiling to map immune responses for research, biomarker discovery and therapeutic development. | North America | Not disclosed |
| E-Derm Co., Ltd. | Therapeutics Discovery Platforms | June 2025 | Series A | ≈$3,200,000 (¥460M) | Develops drugs for skin, hair and age-related diseases using stem-cell protection and regeneration biology. | Asia-Pacific | Not disclosed |
| Arima Genomics, Inc. | Diagnostic Technology Firms | June 2025 | Series C | $22M | Develops genomics assays and cancer tests based on three-dimensional genome architecture. | North America | Illumina Ventures |
| Visby Medical, Inc. | Diagnostic Technology Firms | June 2025 | Series D+ | $55M | Develops rapid molecular diagnostic tests, including point-of-care and at-home STI testing. | North America | Catalio Capital Management |
| Linus Biotechnology, Inc. | Diagnostic Technology Firms | June 2025 | Unknown | >≈$6,900,000 (¥1Bn+) | Develops biomarker-based exposome diagnostics, including a molecular screening test for autism. | North America | Not disclosed |
| CytoFacto Co., Ltd. | Bioprocessing Tool Providers | June 2025 | Series B | ≈$8,300,000 (¥1.2Bn) | Provides manufacturing, process-development and digital infrastructure for cell and gene therapies. | Asia-Pacific | MPower Partners GP, Limited; FUJIFILM Corporation |
| ScreenIn3D Ltd | Therapeutics Discovery Platforms | June 2025 | Seed | ≈$1,020,000 (£750K) | Provides 3D patient-derived cancer screening models used to evaluate therapy response and drug combinations. | Europe | TRICAPITAL Angels |
| Enterome SA | Therapeutics Discovery Platforms | June 2025 | Unknown | $19M | Develops microbiome-derived peptide immunotherapies for cancer using its OncoMimics platform. | Europe | Not disclosed |
| Parallel Bio | Therapeutics Discovery Platforms | June 2025 | Series A | $21M | Builds human immune-system organoids for preclinical drug, vaccine and immunotherapy discovery and testing. | North America | AIX Ventures |
| Elkedonia SAS | Therapeutics Discovery Platforms | June 2025 | Seed | ≈$12,900,000 (€11.25M) | Develops non-hallucinogenic neuroplastogen small molecules for depression and other neuropsychiatric disorders. | Europe | Kurma Partners; WE Life Sciences; French Tech Seed fund managed by Bpifrance |
| SpliceBio | Therapeutics Discovery Platforms | June 2025 | Series B | $135M | Develops protein-splicing genetic medicines designed to treat diseases caused by mutations in large genes. | Europe | EQT Life Sciences; Sanofi Ventures |
| Antares Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2025 | Series A | $177M | Develops precision small-molecule medicines against previously difficult targets in cancer and other serious diseases. | North America | Omega Funds; Atlas Venture; Lightspeed Venture Partners; BVF Partners; Cormorant Asset Management |
| OrisDX, Inc. | Diagnostic Technology Firms | June 2025 | Seed | $4M | Develops saliva-based multiomic diagnostics for oral and oropharyngeal cancers. | North America | Revere Partners; CareQuest Innovation Partners |
| 32 Biosciences, Inc. | Diagnostic Technology Firms | June 2025 | Unknown | $6M | Develops microbiome-derived diagnostic and therapeutic technologies for gastrointestinal disease. | North America | Not disclosed |
| Mosanna Therapeutics AG | Therapeutics Discovery Platforms | June 2025 | Series A | $80M | Develops metabolic therapies for obstructive sleep apnea, led by a nighttime nasal drug candidate. | Europe | Pivotal bioVenture Partners; EQT Life Sciences; Forbion; Broadview Ventures; Norwest |
| PreciseDx, Inc. | Diagnostic Technology Firms | June 2025 | Unknown | $11.2M | Develops morphology-based cancer diagnostics and risk-stratification tests using pathology data. | North America | Not disclosed |
| Signify Bio, Inc. | Therapeutics Discovery Platforms | June 2025 | Seed | $15M | Develops nucleic-acid-enabled in-situ protein therapeutics that direct patients' cells to produce therapeutic proteins. | North America | Actium Group |
| Allay Therapeutics | Therapeutics Discovery Platforms | June 2025 | Series D+ | $57.5M | Develops ultra-sustained local drug-delivery therapeutics for postsurgical pain. | North America | Lightstone Ventures; ClavystBio |
| Spica Therapeutics NV | Therapeutics Discovery Platforms | June 2025 | Seed | ≈$11,400,000 (€10M) | Develops small-molecule medicines against genetically validated but historically difficult drug targets. | Europe | Bioqube Ventures; Flanders Future Tech Fund |
| Akadeum Life Sciences, Inc. | Bioprocessing Tool Providers | June 2025 | Unknown | >$20,000,000 | Develops microbubble-based cell-separation products for cell-therapy manufacturing and biological research. | North America | Michigan Capital Network |
| Antheia | Synthetic Biology Platforms | June 2025 | Series C | $56M | Uses engineered biology and fermentation to manufacture pharmaceutical key starting materials and active ingredients. | North America | EDBI; Global Health Investment Corporation |
| Kamau Therapeutics, Inc. | Gene Editing Companies | June 2025 | Unknown | $5M | Develops HDR-based gene-correction therapies for genetically defined diseases. | North America | Not disclosed |
| OncoNano Medicine, Inc. | Therapeutics Discovery Platforms | June 2025 | Series B | $12.7M | Develops tumor-microenvironment-responsive nanomedicines for cancer therapy and imaging. | North America | Not disclosed |
| AimedBio Inc. | Therapeutics Discovery Platforms | June 2025 | Growth Equity | $37.2M | Develops antibody-drug conjugates and precision antibody therapeutics for cancer. | Asia-Pacific | Not disclosed |
| Immunomic Therapeutics, Inc. | Therapeutics Discovery Platforms | June 2025 | Unknown | $6.5M | Develops nucleic-acid-based immunotherapies and vaccines using its immune-programming platform. | North America | Not disclosed |
| SpyGlass Pharma | Therapeutics Discovery Platforms | June 2025 | Series D+ | $75M | Develops long-duration drug-delivery therapeutics for ophthalmic diseases including glaucoma. | North America | Sands Capital |
| Vivodyne | Therapeutics Discovery Platforms | May 2025 | Series A | $40M | Uses automated lab-grown human tissues, robotics and AI to generate predictive preclinical drug-development data. | North America | Khosla Ventures |
| Vima Therapeutics | Therapeutics Discovery Platforms | May 2025 | Series A | $60M | Develops small-molecule medicines that target underlying biology of movement disorders such as dystonia. | North America | Atlas Venture |
| ProteinQure | Therapeutics Discovery Platforms | May 2025 | Series A | $11M | Computationally designs peptide therapeutics and peptide-drug conjugates using machine learning and molecular simulation. | North America | Tom Williams / Heron Rock Fund |
| AusperBio | Therapeutics Discovery Platforms | May 2025 | Series B | $50M | Develops antisense oligonucleotide medicines and targeted-delivery technologies, initially for chronic hepatitis B. | North America | Not disclosed |
| GlycoEra | Therapeutics Discovery Platforms | May 2025 | Series B | $130M | Develops extracellular protein degraders for autoimmune and other immunological diseases. | Europe | Novo Holdings |
| GRIN Therapeutics | Therapeutics Discovery Platforms | May 2025 | Series D+ | $140M | Develops targeted medicines for severe neurodevelopmental disorders, led by radiprodil for GRIN-related disease. | North America | Not disclosed |
| Hedera Dx | Diagnostic Technology Firms | May 2025 | Series A | $17M | Provides decentralized liquid-biopsy cancer diagnostics and genomic interpretation software for hospitals. | Europe | Vsquared Ventures |
| SeqOne Genomics | Diagnostic Technology Firms | May 2025 | Growth Equity | $22.6M | Provides AI-powered genomic analysis and interpretation software for clinical molecular diagnostics. | Europe | Supernova Invest |
| FORE Biotherapeutics | Therapeutics Discovery Platforms | May 2025 | Series D+ | $38M | Develops precision oncology therapies selected using functional genomic profiling of patient-specific mutations. | North America | Not disclosed |
| ReproNovo | Therapeutics Discovery Platforms | May 2025 | Series A | $65M | Develops clinical-stage therapeutics for male and female infertility and uterine-health conditions. | Europe | Jeito Capital; AXA IM Alts; M Ventures |
| Juvenescence | Therapeutics Discovery Platforms | May 2025 | Series B | $76M | Develops and invests internally in therapeutics targeting biological mechanisms of aging and age-related disease. | Europe | M42 |
| PHASE Scientific International | Diagnostic Technology Firms | May 2025 | Series A | $34M | Develops urine-based molecular diagnostic technologies for cancer, women's health and infectious diseases. | Asia-Pacific | Not disclosed |
| CellCentric | Therapeutics Discovery Platforms | May 2025 | Series C | $120M | Develops epigenetic cancer medicines led by the oral p300/CBP inhibitor inobrodib. | Europe | Forbion; RA Capital Management |
| Pathos AI | Therapeutics Discovery Platforms | May 2025 | Series D+ | $365M | Combines oncology drug development with multimodal clinical data and AI models to develop precision cancer therapies. | North America | Not disclosed |
| Therini Bio | Therapeutics Discovery Platforms | May 2025 | Series A | $39M | Develops fibrin-targeting immunotherapies for neurodegenerative and vascular-associated diseases. | North America | Not disclosed |
| Azafaros | Therapeutics Discovery Platforms | May 2025 | Series B | $147M | Develops disease-modifying small-molecule therapies for rare lysosomal storage disorders. | Europe | Jeito Capital; Forbion Growth |
| Remedy Plan Therapeutics | Therapeutics Discovery Platforms | May 2025 | Unknown | $18M | Develops hyperbolic NAMPT inhibitors as therapeutics for cancer and other diseases. | North America | Not disclosed |
| TILT Biotherapeutics | Therapeutics Discovery Platforms | May 2025 | Series B | $25.6M | Develops intravenously delivered oncolytic-virus immunotherapies for solid tumors. | Europe | Not disclosed |
| Stylus Medicine | Gene Editing Companies | May 2025 | Series A | $45M | Develops in-vivo genetic medicines combining programmable gene integration with targeted delivery. | North America | Not disclosed |
| Somite AI | Cell Therapy Developers | May 2025 | Series A | $47M | Uses AI foundation models to design and manufacture human cells for regenerative cell therapies. | North America | Khosla Ventures |
| Quidditas Therapeutics | Gene Editing Companies | May 2025 | Seed | $1M | Develops recombination-based genome-editing technology for rare diseases and other biological applications. | Europe | iXLife Capital |
| Sirius Therapeutics | Therapeutics Discovery Platforms | May 2025 | Series B | $50M | Develops siRNA medicines and RNA-delivery technologies for cardiometabolic diseases. | North America | Not disclosed |
| HAYA Therapeutics | Therapeutics Discovery Platforms | May 2025 | Series A | $65M | Develops RNA-guided therapeutics that modulate disease-driving regulatory-genome programs. | Europe | Sofinnova Partners; Earlybird Venture Capital |
| Inductive Bio | Therapeutics Discovery Platforms | May 2025 | Series A | $25M | Builds machine-learning models and datasets for predicting small-molecule drug properties and optimizing discovery. | North America | Obvious Ventures |
| PAQ Therapeutics | Therapeutics Discovery Platforms | May 2025 | Series B | $39M | Develops autophagy-targeting small-molecule degraders, including therapeutics for KRAS-driven cancers. | North America | Bayland Capital; MRL Ventures Fund |
| NewLimit | Therapeutics Discovery Platforms | May 2025 | Series B | $130M | Develops epigenetic-reprogramming medicines intended to restore youthful cellular function. | North America | Kleiner Perkins |
| Nuevocor | Gene Editing Companies | May 2025 | Series B | $45M | Develops genetic medicines targeting mechanobiological causes of inherited cardiomyopathies. | Asia-Pacific | Kurma Partners; Angelini Ventures |
| Stately Bio | Cell Therapy Developers | May 2025 | Seed | $12M | Develops regenerative cell therapies using an ML-powered live-cell imaging platform. | North America | AIX Ventures |
| Ovo Labs | Therapeutics Discovery Platforms | April 2025 | Seed | $5.3M | Develops biotechnology-based therapeutics intended to improve human egg quality and reproductive outcomes. | Europe | Creator Fund; LocalGlobe |
| deepull | Diagnostic Technology Firms | April 2025 | Series C | $56.8M | Develops culture-free molecular diagnostics for rapid direct-from-blood pathogen identification. | Europe | Columbus Venture Partners; Panakès Partners; Mérieux Equity Partners |
| Craif | Diagnostic Technology Firms | April 2025 | Series C | $12M | Develops urine-based miRNA molecular diagnostics for early cancer detection. | Asia-Pacific | X&KSK |
| Cytovation | Therapeutics Discovery Platforms | April 2025 | Unknown | $6M | Develops tumor-targeted biologic therapies based on engineered cytolytic proteins. | Europe | Sandwater |
| Granite Bio | Therapeutics Discovery Platforms | April 2025 | Series A | $30M | Develops antibody therapeutics targeting inflammatory, autoimmune and fibrotic disease mechanisms. | Europe | Versant Ventures; Novartis Venture Fund |
| LTZ Therapeutics | Therapeutics Discovery Platforms | April 2025 | Series A | $40M | Develops immunotherapies that engage myeloid cells to eliminate cancer and other disease-driving cells. | North America | Wanwu Growth Venture Capital; Zoo Capital |
| Avidicure | Therapeutics Discovery Platforms | April 2025 | Seed | $50M | Develops multifunctional engineered antibody therapeutics for cancer using its AVC-Booster platform. | Europe | EQT Life Sciences |
| Araceli Biosciences | Bioprocessing Tool Providers | April 2025 | Seed | $7.2M | Develops high-content cellular imaging and analysis instruments for drug discovery and life-science research. | North America | Not disclosed |
| Granite Bio | Therapeutics Discovery Platforms | April 2025 | Series B | $70M | Develops antibody therapeutics targeting inflammatory, autoimmune and fibrotic disease mechanisms. | Europe | Forbion; Sanofi Ventures |
| Synthetic Design Lab | Therapeutics Discovery Platforms | April 2025 | Seed | $20M | Engineers next-generation antibody-drug conjugates using synthetic-biology and protein-design approaches. | North America | Not disclosed |
| Grove Biopharma | Therapeutics Discovery Platforms | April 2025 | Series A | $30M | Develops protein-like polymer therapeutics designed to disrupt or degrade intracellular disease targets. | North America | DCVC Bio |
| Noveome Biotherapeutics | Therapeutics Discovery Platforms | April 2025 | Series D+ | $51M | Develops cell-free biologic therapeutics designed to restore damaged or inflamed tissues. | North America | MAK Capital |
| GenrAb | Therapeutics Discovery Platforms | April 2025 | Seed | $5.6M | Develops naturally occurring human neuroprotective antibodies as therapies for neurological diseases. | North America | Not disclosed |
| Glycomine | Therapeutics Discovery Platforms | April 2025 | Series C | $115M | Develops replacement therapies for rare congenital disorders caused by defects in glycosylation. | North America | CTI Life Sciences Fund; abrdn Inc.; Advent Life Sciences |
| Brink Therapeutics | Gene Editing Companies | April 2025 | Seed | $4M | Develops programmable gene-editing therapeutics based on engineered CRISPR systems. | Europe | Kurma Partners; Breega |
| AATec Medical | Therapeutics Discovery Platforms | April 2025 | Seed | $4.5M | Develops recombinant alpha-1 antitrypsin therapeutics for inflammatory and respiratory diseases. | Europe | Not disclosed |
| Attovia Therapeutics | Therapeutics Discovery Platforms | April 2025 | Series C | $90M | Develops engineered antibody therapeutics for immune-mediated diseases using its ATTOBODY platform. | North America | Deep Track Capital |
| Nanovery | Bioprocessing Tool Providers | April 2025 | Seed | $1.5M | Develops nanorobotic nucleic-acid analysis technology for RNA therapeutic development and molecular diagnostics. | Europe | Not disclosed |
| Imbria Pharmaceuticals | Therapeutics Discovery Platforms | April 2025 | Series B | $57.5M | Develops metabolic-modulating small-molecule therapies for cardiometabolic diseases. | North America | Deep Track Capital |
| Solu Therapeutics | Therapeutics Discovery Platforms | April 2025 | Series A | $41M | Develops antibody-based therapeutics that target and eliminate disease-driving cells through cell-surface proteins. | North America | Not disclosed |
| Merida Biosciences | Therapeutics Discovery Platforms | April 2025 | Series A | $121M | Develops precision therapeutics that selectively eliminate pathogenic antibodies driving autoimmune and allergic diseases. | North America | Bain Capital Life Sciences; BVF Partners; Third Rock Ventures |
| Caris Life Sciences | Diagnostic Technology Firms | April 2025 | Growth Equity | $168M | Provides molecular profiling, sequencing and AI-enabled precision-oncology diagnostics using patient tumor data. | North America | Braidwell LP |
| Synucure Therapeutics | Therapeutics Discovery Platforms | April 2025 | Unknown | $2M | Develops disease-modifying therapeutics for Parkinson's disease based on modulation of neuroinflammatory biology. | North America | Not disclosed |
| RayThera | Therapeutics Discovery Platforms | April 2025 | Series A | $110M | Discovers and develops small-molecule therapies for immune-mediated diseases. | North America | Foresite Capital; OrbiMed Advisors |
| Neurona Therapeutics | Cell Therapy Developers | April 2025 | Unknown | $102M | Develops regenerative neural cell therapies derived from human stem cells for neurological disorders. | North America | Not disclosed |
| Atsena Therapeutics | Gene Editing Companies | April 2025 | Series C | $150M | Develops adeno-associated-virus gene therapies for inherited retinal diseases. | North America | Bain Capital Life Sciences |
| Prazer Therapeutics | Therapeutics Discovery Platforms | April 2025 | Series B | $19.6M | Develops small-molecule therapeutics targeting protein-protein interactions and previously difficult disease targets. | Asia-Pacific | Johnson & Johnson Innovation – JJDC, Inc. |
| AIRNA | Gene Editing Companies | April 2025 | Series B | $155M | Develops RNA-editing medicines designed to correct disease-causing transcripts in vivo. | North America | Venrock Healthcare Capital Partners; Forbion Growth |
| Isomorphic Labs | Therapeutics Discovery Platforms | March 2025 | Unknown | $600M | Uses AI models derived from structural biology to design therapeutic molecules and advance proprietary drug programs. | Europe | Thrive Capital |
| mo:re GmbH | Bioprocessing Tool Providers | March 2025 | Seed | $2.5M | Develops an automated laboratory platform for culturing and analyzing organoids and other complex 3D cell models used in drug research. | Europe | High-Tech Gründerfonds |
| Tribune Therapeutics AB | Therapeutics Discovery Platforms | March 2025 | Series A | $24.8M | Develops therapeutics targeting CCN-family signaling to treat fibrotic diseases. | Europe | LifeArc Ventures |
| Epicrispr Biotechnologies | Gene Editing Companies | March 2025 | Series B | $68M | Develops CRISPR-based epigenetic gene-regulation therapies that modulate gene expression without cutting DNA. | North America | Ally Bridge Group |
| Hillstar Bio | Therapeutics Discovery Platforms | March 2025 | Series A | $67M | Develops precision immunotherapies that selectively deplete pathogenic immune-cell subsets in autoimmune disease. | North America | Droia Ventures; Frazier Life Sciences; Novo Holdings A/S; LifeArc Ventures; Hummingbird Bioscience |
| Hubble Therapeutics LLC | Therapeutics Discovery Platforms | March 2025 | Series A | $7.3M | Develops gene-replacement therapy for LCA16 and other inherited retinal diseases. | North America | Not disclosed |
| Character Biosciences | Therapeutics Discovery Platforms | March 2025 | Series B | $93M | Uses human genetics, clinical data and multimodal biological profiling to develop precision medicines for progressive eye diseases. | North America | aMoon; Luma Group |
| Tempero Bio, Inc. | Therapeutics Discovery Platforms | March 2025 | Series B | $70M | Develops small-molecule therapeutics targeting glutamate biology for substance-use and related neuropsychiatric disorders. | North America | 8VC |
| Augustine Therapeutics NV | Therapeutics Discovery Platforms | March 2025 | Series A | $84.8M | Develops selective HDAC6 inhibitors for neuromuscular, neurodegenerative and cardiometabolic diseases. | Europe | Novo Holdings; Jeito Capital |
| Ampersand Biomedicines | Therapeutics Discovery Platforms | March 2025 | Series B | $65M | Develops programmable biologic medicines designed to act selectively in diseased tissues. | North America | Not disclosed |
| Arbor Biotechnologies, Inc. | Gene Editing Companies | March 2025 | Series C | $73.9M | Discovers and develops programmable gene-editing medicines for genetic diseases. | North America | ARCH Venture Partners; TCGX |
| RegCell, Inc. | Cell Therapy Developers | March 2025 | Seed | $8.5M | Develops regulatory-T-cell reprogramming therapies intended to restore immune tolerance in autoimmune disease. | North America | University of Tokyo Edge Capital Partners; Fast Track Initiative |
| Curevo Vaccine | Therapeutics Discovery Platforms | March 2025 | Series B | $110M | Develops adjuvanted protein-based vaccines, led by a shingles and chickenpox vaccine candidate. | North America | Medicxi |
| Latigo Biotherapeutics | Therapeutics Discovery Platforms | March 2025 | Series B | $150M | Develops non-opioid small-molecule pain medicines targeting peripheral pain pathways including NaV1.8. | North America | Blue Owl Capital |
| Maxion Therapeutics | Therapeutics Discovery Platforms | March 2025 | Series A | $72M | Develops antibody-based KnotBody therapeutics against ion channels and GPCRs. | Europe | General Catalyst |
| Accropeutics Inc. | Therapeutics Discovery Platforms | March 2025 | Series B | $12M | Develops therapeutics targeting regulated-cell-death mechanisms for inflammatory, autoimmune and oncology indications. | North America | Shenzhen Capital Group |
| Insilico Medicine | Therapeutics Discovery Platforms | March 2025 | Series D+ | $110M | Uses generative AI, automated laboratories and biological data to discover drug targets and develop therapeutic candidates. | North America | Value Partners Group |
| Montara Therapeutics | Therapeutics Discovery Platforms | March 2025 | Seed | $20M | Develops brain-selective therapeutics designed to achieve CNS exposure while limiting systemic exposure. | North America | Not disclosed |
| Vivace Therapeutics, Inc. | Therapeutics Discovery Platforms | March 2025 | Series D+ | $35M | Develops small-molecule cancer therapies targeting the Hippo-YAP-TEAD signaling pathway. | North America | RA Capital Management |
| Valo Therapeutics Oy | Therapeutics Discovery Platforms | March 2025 | Unknown | $20.6M | Develops PeptiCRAd, an oncolytic-virus-based immunotherapy platform for cancer. | Europe | Indaco Venture Partners; CDP Venture Capital SGR |
| TRIMTECH Therapeutics | Therapeutics Discovery Platforms | March 2025 | Seed | $31M | Develops CNS-penetrant targeted protein degraders for neurodegenerative and inflammatory diseases. | Europe | Cambridge Innovation Capital; SV Health Investors' Dementia Discovery Fund |
| Garuda Therapeutics | Cell Therapy Developers | March 2025 | Series A | $50M | Develops off-the-shelf hematopoietic stem-cell therapies for blood disorders and other severe diseases. | North America | Not disclosed |
| Callio Therapeutics | Therapeutics Discovery Platforms | March 2025 | Series A | $187M | Develops multi-payload antibody-drug conjugates for cancer using technology and programs licensed from Hummingbird Bioscience. | North America | Frazier Life Sciences |
| Eikon Therapeutics, Inc. | Therapeutics Discovery Platforms | February 2025 | Series D+ | $350.7M | Develops precision cancer medicines using advanced single-molecule imaging and drug-discovery technologies. | North America | Not disclosed |
| Ignota Labs | Therapeutics Discovery Platforms | February 2025 | Seed | $6.9M | Uses deep learning, cheminformatics and bioinformatics to identify and remediate toxicity in failed drug assets. | Europe | Montage Ventures; AIX Ventures |
| Inceptor Bio | Cell Therapy Developers | February 2025 | Series A | $21M | Develops engineered cell therapies, including CAR-T programs, for difficult-to-treat cancers. | North America | Kineticos Life Sciences |
| Fuse Vectors | Bioprocessing Tool Providers | February 2025 | Seed | $5.2M | Develops cell-free manufacturing technology for producing AAV vectors used in gene therapies. | Europe | HCVC |
| EG 427 | Therapeutics Discovery Platforms | February 2025 | Series B | ≈$28.3M | Develops targeted genetic medicines using engineered HSV-1 vectors for neurological and other diseases. | Europe | Andera Partners; Bpifrance |
| EnPlusOne Biosciences, Inc. | Bioprocessing Tool Providers | February 2025 | Unknown | ≈$10M | Develops enzymatic RNA-synthesis technology for scalable production of therapeutic RNA molecules. | North America | Northpond Ventures; Breakout Ventures |
| Reverb Therapeutics | Therapeutics Discovery Platforms | February 2025 | Seed | $12M | Develops antibody-based therapeutics that amplify endogenous cytokine signaling for cancer and autoimmune disease. | North America | Amplitude Ventures |
| VoxlBio | Bioprocessing Tool Providers | February 2025 | Unknown | ≈$620K | Develops spatial genetic analysis technology for non-destructive analysis of mutations and gene expression in tissue. | Europe | Not disclosed |
| Atrandi Biosciences | Bioprocessing Tool Providers | February 2025 | Series A | $25M | Develops high-throughput single-cell multiomics tools based on semi-permeable capsule technology. | Europe | Lux Capital |
| Level Zero Health | Diagnostic Technology Firms | February 2025 | Seed | $6.9M | Develops a DNA-based biosensor platform for continuous, minimally invasive hormone measurement. | North America | Redalpine |
| hema.to GmbH | Diagnostic Technology Firms | February 2025 | Seed | ≈$3.75M | Develops AI software that analyzes flow-cytometry data for blood-cancer and immune-disease diagnostics. | Europe | LUMO Labs |
| Bambusa Therapeutics | Therapeutics Discovery Platforms | February 2025 | Series A | ≈$90M | Develops next-generation bispecific antibodies for immunologic and inflammatory diseases. | North America | RA Capital Management |
| StemSight | Cell Therapy Developers | February 2025 | Seed | ≈$1.04M | Develops stem-cell-derived corneal therapies for patients with limbal stem-cell deficiency. | Europe | Voima Ventures |
| Latent Labs | Therapeutics Discovery Platforms | February 2025 | Seed | $10M | Builds generative AI models for designing and optimizing proteins for biotechnology and pharmaceutical R&D. | Europe | Not disclosed |
| Junevity, Inc. | Therapeutics Discovery Platforms | February 2025 | Seed | $10M | Uses human biological data and AI to identify transcription-factor targets and develop siRNA therapeutics for age-related diseases. | North America | Goldcrest Capital; Godfrey Capital |
| Latent Labs | Therapeutics Discovery Platforms | February 2025 | Series A | $40M | Builds generative AI models for designing and optimizing proteins for biotechnology and pharmaceutical R&D. | Europe | Radical Ventures; Sofinnova Partners |
| Newleos Therapeutics, Inc. | Therapeutics Discovery Platforms | February 2025 | Series A | $93.5M | Develops clinical-stage neuroscience medicines for anxiety, substance-use and other neuropsychiatric disorders. | North America | Goldman Sachs Alternatives |
| Phaeosynt GmbH | Diagnostic Technology Firms | February 2025 | Seed | ≈$1.77M | Produces recombinant vegan antibodies in diatoms and develops antibody-based diagnostic products. | Europe | Not disclosed |
| Bioxodes | Therapeutics Discovery Platforms | February 2025 | Series A | ≈$2.8M | Develops biologic therapies for thrombotic and inflammatory diseases, led by BIOX-101 for intracerebral hemorrhage. | Europe | Not disclosed |
| Abcuro, Inc. | Therapeutics Discovery Platforms | February 2025 | Series C | $200M | Develops antibody therapeutics targeting cytotoxic T cells for autoimmune diseases and cancer. | North America | New Enterprise Associates |
| Stellaromics | Bioprocessing Tool Providers | February 2025 | Series B | $80M | Develops 3D spatial biology instruments and assays for mapping gene and protein expression in intact tissues. | North America | Catalyst4 |
| Akribion Therapeutics | Gene Editing Companies | February 2025 | Seed | ≈$8.2M | Develops RNA-guided nuclease technology for programmable depletion of disease-causing cells. | Europe | CARMA FUND; RV Invest |
| Auron Therapeutics, Inc. | Therapeutics Discovery Platforms | February 2025 | Series B | $27M | Develops oncology medicines using a platform that maps cellular differentiation states to identify drug targets. | North America | DCVC Bio |
| Aplagon | Therapeutics Discovery Platforms | February 2025 | Unknown | ≈$7.3M | Develops APAC, a heparin-proteoglycan mimetic biologic for thrombo-inflammatory diseases. | Europe | Fåhraeus Startup and Growth; EIC Fund |
| AdvanCell | Therapeutics Discovery Platforms | February 2025 | Series C | $112M | Develops targeted alpha radiopharmaceutical therapies for cancer using lead-212. | Asia-Pacific | SV Health Investors; Sanofi Ventures; Abingworth; SymBiosis |
| Cajal Neuroscience, Inc. | Therapeutics Discovery Platforms | February 2025 | Series B | $40M | Uses human genetics, functional genomics and spatial biology to discover therapeutics for neurodegenerative disease. | North America | Not disclosed |
| Trotana Therapeutics | Therapeutics Discovery Platforms | February 2025 | Series A | $52.5M | Discovers and develops medicines targeting RNA-binding proteins. | North America | Lightstone Ventures |
| Diag-Nose.io | Diagnostic Technology Firms | January 2025 | Seed | $2M | Combines nasal liquid biopsy, proteomics and AI to classify respiratory disease biology and therapeutic response. | Asia-Pacific | Breakthrough Victoria |
| Helicore Biopharma | Therapeutics Discovery Platforms | January 2025 | Series A | $65M | Develops GIP-antagonist antibody and conjugate therapies for obesity and related metabolic conditions. | North America | Versant Ventures; OrbiMed |
| Atalanta Therapeutics | Gene Editing Companies | January 2025 | Series B | $97M | Develops divalent siRNA medicines designed for durable gene silencing throughout the central nervous system. | North America | EQT Life Sciences; Sanofi Ventures |
| Kryptos Biotechnologies | Diagnostic Technology Firms | January 2025 | Series A | $10M | Develops rapid PCR-based point-of-care molecular diagnostic systems using photothermal technology. | North America | Unknown |
| PinkDx | Diagnostic Technology Firms | January 2025 | Series A | $5M | Develops molecular diagnostic tests intended to resolve difficult diagnostic questions in women's health and gynecologic cancer. | North America | Not disclosed |
| Arctic Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $27.6M | Develops genetically informed small-molecule therapies for dementia and inflammatory diseases. | Europe | Not disclosed |
| Shenzhen TargetRx | Therapeutics Discovery Platforms | January 2025 | Series C | $50M | Develops targeted small-molecule therapeutics for cancers including leukemia and lung cancer. | Asia-Pacific | Not disclosed |
| Hinge Bio | Therapeutics Discovery Platforms | January 2025 | Series A | $30M | Develops multivalent and multispecific antibody therapeutics using its GEM-DIMER platform. | North America | Point72 |
| Be Biopharma | Cell Therapy Developers | January 2025 | Series C | $92M | Develops engineered B-cell medicines that produce therapeutic proteins in patients. | North America | Not disclosed |
| Umoja Biopharma | Cell Therapy Developers | January 2025 | Series C | $100M | Develops in-vivo and ex-vivo CAR-T cell therapies for cancer and autoimmune diseases. | North America | Double Point Ventures; DCVC Bio |
| VisiRose | Therapeutics Discovery Platforms | January 2025 | Seed | $3M | Develops Rose Bengal-based photodynamic antimicrobial therapies for infectious keratitis and other ocular diseases. | North America | Not disclosed |
| Normunity | Therapeutics Discovery Platforms | January 2025 | Series B | $75M | Develops immuno-oncology therapies targeting mechanisms that suppress anti-tumor immune responses. | North America | Samsara BioCapital; Enavate Sciences |
| Tune Therapeutics | Gene Editing Companies | January 2025 | Series B | $175M | Develops epigenome-editing medicines that durably silence or activate disease-associated genes without altering DNA sequence. | North America | New Enterprise Associates; Yosemite; Regeneron Ventures; Hevolution Foundation |
| Ouro Medicines | Therapeutics Discovery Platforms | January 2025 | Series A | $120M | Develops T-cell-engager and other immune-reset therapeutics for chronic immune-mediated diseases. | North America | TPG Life Sciences Innovations; NEA; Norwest Venture Partners |
| Windward Bio | Therapeutics Discovery Platforms | January 2025 | Series A | $200M | Develops long-acting antibody and bispecific medicines for severe immunological diseases. | Europe | OrbiMed; Novo Holdings; Blue Owl Healthcare Opportunities |
| Kardigan | Therapeutics Discovery Platforms | January 2025 | Series A | $300M | Develops targeted therapeutics for cardiovascular diseases including cardiomyopathies and heart failure. | North America | Perceptive Advisors; ARCH Venture Partners; Sequoia Heritage |
| RhyGaze | Gene Editing Companies | January 2025 | Series A | $86M | Develops optogenetic gene therapies intended to restore vision in patients with retinal degeneration. | Europe | GV |
| Timberlyne Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $180M | Develops antibody therapeutics for autoimmune diseases, initially centered on a clinical anti-CD38 monoclonal antibody. | North America | Abingworth; Bain Capital Life Sciences; Venrock Healthcare Capital Partners |
| Graph Therapeutics | Therapeutics Discovery Platforms | January 2025 | Seed | $3.1M | Combines patient-derived disease models and AI to discover precision medicines for inflammatory and immunological diseases. | Europe | SquareOne; Merantix Capital |
| Coave Therapeutics | Gene Editing Companies | January 2025 | Series A | $33M | Develops next-generation genetic medicines using engineered viral-vector technology. | Europe | Novo Holdings; Bpifrance |
| Verdiva Bio | Therapeutics Discovery Platforms | January 2025 | Series A | $411M | Develops oral and injectable therapies for obesity and cardiometabolic diseases. | Europe | Forbion; General Atlantic |
| RyboDyn | Therapeutics Discovery Platforms | January 2025 | Seed | $4M | Uses proprietary RNA sequencing to identify cryptic proteins and develop new cancer immunotherapies. | North America | Genedant Capital; SeaX Ventures |
| Light Horse Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $62M | Uses functional genomics and precision genome editing to discover small-molecule drug targets and therapeutics. | North America | Not disclosed |
| Leyden Labs | Therapeutics Discovery Platforms | January 2025 | Unknown | $70M | Develops intranasal biologic medicines intended to provide broad protection against respiratory viruses. | Europe | ClavystBio; Polaris Partners |
| A2 Biotherapeutics | Cell Therapy Developers | January 2025 | Series C | $80M | Develops logic-gated CAR-T cell therapies designed to distinguish tumor cells from normal cells. | North America | Not disclosed |
| Geneoscopy | Diagnostic Technology Firms | January 2025 | Series C | $105M | Develops stool-RNA molecular diagnostic tests for gastrointestinal diseases including colorectal cancer. | North America | Bio-Rad Laboratories |
| Aspect Biosystems | Cell Therapy Developers | January 2025 | Series B | $115M | Develops bioprinted tissue therapeutics combining therapeutic cells, biomaterials and precision bioprinting. | North America | Dimension |
| Neumirna Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $20.7M | Develops microRNA-targeting oligonucleotide therapeutics for epilepsy and other neurological diseases. | Europe | Invivo Partners; Angelini Ventures |
| Tenvie Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $200M | Develops small-molecule therapies for neurological, cardiometabolic and ophthalmic diseases. | North America | ARCH Venture Partners; F-Prime Capital; Mubadala Capital |
| Alesta Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series A | $67M | Develops oral small-molecule therapies for rare genetic diseases including hypophosphatasia. | Europe | Frazier Life Sciences; Droia Ventures |
| Aviceda Therapeutics | Therapeutics Discovery Platforms | January 2025 | Series C | $207.5M | Develops glycan-based immunomodulatory therapeutics for inflammatory retinal and other diseases. | North America | Omega Funds; TCGX |
| XyloCor Therapeutics | Gene Editing Companies | January 2025 | Series B | $67.5M | Develops gene therapies for cardiovascular disease, led by an investigational gene therapy for refractory angina. | North America | Jeito Capital |
| Alebund Pharmaceuticals | Therapeutics Discovery Platforms | January 2025 | Series C | $75M | Develops novel therapeutics for chronic kidney diseases and related renal disorders. | Asia-Pacific | Not disclosed |
| Orbis Medicines | Therapeutics Discovery Platforms | January 2025 | Series A | $93.4M | Develops orally available macrocyclic peptide medicines against targets traditionally addressed with injectable biologics. | Europe | NEA; Eli Lilly and Company; Cormorant Asset Management |
| AusperBio | Therapeutics Discovery Platforms | December 2024 | Series B | $73M | Develops targeted oligonucleotide therapeutics intended to achieve functional cures for chronic hepatitis B. | North America | HanKang Capital |
| GEMMA Biotherapeutics | Therapeutics Discovery Platforms | December 2024 | Seed | $34M | Develops gene therapies for rare diseases with a focus on accelerating translational development and global access. | North America | Double Point Ventures; Bioluminescence Ventures; Earlybird Venture Capital |
| Ottimo Pharma Ltd | Therapeutics Discovery Platforms | December 2024 | Series A | >$140,000,000 | Develops bifunctional antibody therapeutics combining immune-checkpoint blockade with angiogenesis inhibition for cancer. | Europe | OrbiMed |
| Tracer Biotechnologies | Diagnostic Technology Firms | December 2024 | Series A | $10M | Develops circulating-tumor-DNA assays for molecular monitoring of cancer treatment response and residual disease. | North America | GKCC, LLC |
| HERVolution Therapeutics ApS | Therapeutics Discovery Platforms | December 2024 | Series A | $11.7M | Develops off-the-shelf immunotherapies targeting human endogenous retrovirus antigens expressed in cancer and aging-related diseases. | Europe | Serum Institute of India |
| Borealis Biosciences | Therapeutics Discovery Platforms | December 2024 | Series A | $30M | Develops RNA medicines for kidney and other genetically defined diseases. | North America | Westlake BioPartners |
| Portal Biotechnologies, Inc. | Synthetic Biology Platforms | December 2024 | Seed | $7M | Develops intracellular delivery technology for engineering cells used in research, genetic medicine and cell therapy. | North America | IA Ventures |
| SiteOne Therapeutics, Inc. | Therapeutics Discovery Platforms | December 2024 | Series C | $100M | Develops selective ion-channel modulators as non-opioid treatments for acute and chronic pain. | North America | Novo Holdings |
| Indapta Therapeutics, Inc. | Cell Therapy Developers | December 2024 | Unknown | $22.5M | Develops allogeneic natural-killer-cell therapies for cancer and autoimmune diseases. | North America | Not disclosed |
| Syncromune, Inc. | Therapeutics Discovery Platforms | December 2024 | Series A | $100M | Develops intratumoral immunotherapies combining tumor disruption with multi-target biologics for metastatic solid cancers. | North America | Not disclosed |
| bit.bio | Synthetic Biology Platforms | December 2024 | Growth Equity | $30M | Programs human cells using synthetic gene-regulation technology to supply defined cells for research, drug discovery and cell therapy. | Europe | M&G Investments |
| Alessa Therapeutics, Inc. | Therapeutics Discovery Platforms | December 2024 | Seed | $15M | Develops localized sustained-delivery therapies designed to treat cancer while limiting systemic exposure. | North America | Mission BioCapital |
| Pleno, Inc. | Diagnostic Technology Firms | December 2024 | Series B | $25M | Develops high-throughput multi-omics diagnostic instruments for biological target detection. | North America | Not disclosed |
| DeepLife | Therapeutics Discovery Platforms | December 2024 | Series A | $10M | Builds AI-powered digital twins of human cells to model disease biology and accelerate drug discovery. | Europe | YZR Capital; Relyens Innovation Santé |
| Angitia Biopharmaceuticals | Therapeutics Discovery Platforms | December 2024 | Series C | $120M | Develops biologic medicines for musculoskeletal diseases through pathways controlling bone and muscle biology. | North America | Bain Capital Life Sciences |
| nChroma Bio, Inc. | Gene Editing Companies | December 2024 | Unknown | $75M | Develops in-vivo genetic medicines using epigenetic editing and targeted delivery technologies. | North America | Cormorant Asset Management; ARCH Venture Partners; Atlas Venture; Newpath Partners |
| Veradermics, Inc. | Therapeutics Discovery Platforms | December 2024 | Series B | $75M | Develops prescription therapeutics for dermatologic diseases including hair loss and inflammatory skin conditions. | North America | Suvretta Capital Management |
| Nintx | Therapeutics Discovery Platforms | December 2024 | Series A | $10M | Discovers and develops medicines from Brazilian biodiversity using genomics, chemistry and computational biology. | Latin America | Pitanga; Ecoa Capital; MOV Investimentos |
| Tasca Therapeutics | Therapeutics Discovery Platforms | December 2024 | Series A | $52M | Discovers small-molecule cancer medicines targeting genetically defined tumor vulnerabilities. | North America | Regeneron Ventures; Cure Ventures |
| Citryll B.V. | Therapeutics Discovery Platforms | December 2024 | Series B | ≈$89,800,000 | Develops NET-targeting therapeutics for immune-mediated inflammatory diseases. | Europe | Johnson & Johnson Innovation - JJDC; Forbion; Novartis Venture Fund |
| Alveron Pharma B.V. | Therapeutics Discovery Platforms | December 2024 | Seed | ≈$5,280,000 | Develops therapies that reverse anticoagulation and platelet inhibition in intracranial hemorrhage. | Europe | Broadview Ventures |
| Nuvig Therapeutics, Inc. | Therapeutics Discovery Platforms | December 2024 | Series B | $161M | Develops immunomodulatory biologics designed to restore immune homeostasis in autoimmune disease. | North America | Sanofi Ventures; Blue Owl Healthcare Opportunities; Norwest Venture Partners |
| Cilcare SAS | Therapeutics Discovery Platforms | December 2024 | Series A | ≈$22,100,000 | Develops therapeutics for hearing disorders using auditory biomarkers and clinical-development expertise. | Europe | Not disclosed |
| miDiagnostics NV | Diagnostic Technology Firms | December 2024 | Series D+ | ≈$31,500,000 | Develops silicon-based molecular diagnostic platforms for rapid PCR testing and biopharma quality control. | Europe | Thermo Fisher Scientific |
| Abselion Ltd | Bioprocessing Tool Providers | December 2024 | Series A | ≈$8,400,000 | Develops automated at-line analyzers for rapid quantification of antibodies, viral vectors and proteins during bioprocessing. | Europe | M Ventures |
| Antag Therapeutics ApS | Therapeutics Discovery Platforms | December 2024 | Series A | ≈$84,100,000 | Develops peptide therapeutics targeting the GIP receptor pathway for obesity and metabolic disease. | Europe | Versant Ventures |
| Refoxy Pharmaceuticals GmbH | Therapeutics Discovery Platforms | December 2024 | Seed | ≈$9,600,000 | Develops small-molecule therapies that modulate FOXO3 biology for age-related and fibrotic diseases. | Europe | Boehringer Ingelheim Venture Fund |
| Maze Therapeutics, Inc. | Therapeutics Discovery Platforms | December 2024 | Series D+ | $115M | Uses human genetics and functional genomics to discover precision medicines for genetically defined diseases. | North America | Frazier Life Sciences; Deep Track Capital |
| TRIO Pharmaceuticals, Inc. | Therapeutics Discovery Platforms | December 2024 | Seed | $3.1M | Develops bispecific antibody-based cancer therapeutics designed to selectively activate antitumor immune responses. | North America | Friedman Bioventure Fund |
| KisoJi Biotechnology Inc. | Therapeutics Discovery Platforms | December 2024 | Series B | $41M | Discovers and develops antibody therapeutics using transgenic antibody-discovery and AI-enabled screening platforms. | North America | Investissement Québec; Lumira Ventures |
| Celosia Therapeutics | Gene Editing Companies | November 2024 | Series A | $10.4M | Develops genetic medicines targeting disease-driving proteins in ALS and other neurodegenerative diseases. | Asia-Pacific | Uniseed |
| Allink Biotherapeutics | Therapeutics Discovery Platforms | November 2024 | Series A | $42M | Develops bispecific antibodies and antibody-drug conjugates for cancer. | Asia-Pacific | Lanchi Ventures |
| 35Pharma | Therapeutics Discovery Platforms | November 2024 | Series C | $53M | Develops engineered TGF-beta-superfamily biologics for pulmonary and cardiometabolic diseases. | North America | Frazier Life Sciences |
| Cradle | Synthetic Biology Platforms | November 2024 | Series B | $73M | Provides AI-powered protein-engineering software for designing proteins used in therapeutics and other biological products. | Europe | IVP |
| Doron Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series A | $11M | Develops regenerative biologic therapies for degenerative musculoskeletal diseases. | North America | SPRIM Global Investments |
| Adcendo | Therapeutics Discovery Platforms | November 2024 | Series B | $135M | Develops first-in-class antibody-drug conjugates for solid tumors. | Europe | TCGX |
| Amplified Sciences | Diagnostic Technology Firms | November 2024 | Seed | $2.6M | Develops ultrasensitive molecular diagnostic platforms and tests for earlier disease detection. | North America | Elevate Ventures; OCA Ventures |
| Secretome Therapeutics | Cell Therapy Developers | November 2024 | Unknown | $20.4M | Develops therapies derived from neonatal cardiac progenitor cells for heart failure and cardiomyopathy. | North America | Huffines Enterprises Science & Technology |
| AxoSim | Therapeutics Discovery Platforms | November 2024 | Unknown | $3.7M | Develops human nerve and brain-on-chip models for preclinical drug discovery and neurotoxicity testing. | North America | Not disclosed |
| Enveda | Therapeutics Discovery Platforms | November 2024 | Series C | $130M | Uses machine learning, metabolomics, and automated biology to discover medicines from natural chemistry. | North America | Kinnevik; FPV |
| Aizen Therapeutics | Therapeutics Discovery Platforms | November 2024 | Seed | $13M | Uses computational protein design to develop protease-resistant mirror-peptide therapeutics. | North America | Madrona |
| Valora Therapeutics | Therapeutics Discovery Platforms | November 2024 | Seed | $30M | Develops glyco-immune checkpoint therapeutics using antibody-lectin and T-cell engager platforms. | North America | Avalon BioVentures; Bregua Corporation; TigerGene |
| GenEdit | Gene Editing Companies | November 2024 | Series B | $35M | Develops nonviral nanoparticle delivery systems for in-vivo genetic medicines. | North America | DSC Investment |
| Modulo Bio | Therapeutics Discovery Platforms | November 2024 | Unknown | $5.9M | Uses computational and experimental biology to discover therapeutic targets in immune-mediated disease. | North America | Not disclosed |
| Freya Biosciences | Therapeutics Discovery Platforms | November 2024 | Series A | $11.8M | Develops microbiome-based immunotherapies for women's reproductive and maternal health. | Europe | Not disclosed |
| ReCode Therapeutics | Gene Editing Companies | November 2024 | Unknown | $15M | Develops tissue-targeted genetic medicines using lipid nanoparticle delivery for mRNA and gene-correction therapies. | North America | Not disclosed |
| Primaa | Diagnostic Technology Firms | November 2024 | Unknown | $5.3M | Develops AI-powered digital pathology software for cancer diagnosis from histology slides. | Europe | Not disclosed |
| ATB Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series A | $57M | Develops antibody-based therapeutics incorporating proprietary payload technology for oncology and autoimmune diseases. | Europe | EQT Life Sciences; MRL Ventures Fund |
| Inanovate | Diagnostic Technology Firms | November 2024 | Unknown | $3.5M | Develops multiplex protein-analysis technology and blood-based diagnostic assays. | North America | Not disclosed |
| SRTD biotech | Therapeutics Discovery Platforms | November 2024 | Seed | Not Disclosed | Develops conditionally active RNA therapeutics designed to function selectively in diseased cells. | Europe | High-Tech Gründerfonds |
| Metsera | Therapeutics Discovery Platforms | November 2024 | Series B | $215M | Develops next-generation peptide medicines for obesity and metabolic diseases. | North America | Wellington Management; Venrock Healthcare Capital Partners |
| TRexBio | Therapeutics Discovery Platforms | November 2024 | Series B | $84M | Develops tissue-informed immunology therapeutics for immune-mediated diseases. | North America | Delos Capital |
| MetaSight Diagnostics | Diagnostic Technology Firms | November 2024 | Series A | $8M | Develops multi-omics blood-based screening and diagnostic tests for chronic and acute diseases. | Middle East | Not disclosed |
| Aurealis Therapeutics | Synthetic Biology Platforms | November 2024 | Unknown | $9.1M | Develops engineered microbial cell and gene therapies using a synthetic-biology platform. | Europe | Not disclosed |
| Trace Neuroscience | Therapeutics Discovery Platforms | November 2024 | Series A | $101M | Develops genomic medicines, initially an antisense oligonucleotide restoring UNC13A protein in ALS. | North America | Third Rock Ventures |
| Alentis Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series D+ | $181.4M | Develops CLDN1-targeted antibody and antibody-drug conjugate therapies for solid tumors and fibrosis. | Europe | OrbiMed; Novo Holdings; Jeito Capital |
| Zucara Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series B | $20M | Develops therapeutics designed to prevent hypoglycemia in people using insulin. | North America | Not disclosed |
| Vittoria Biotherapeutics | Cell Therapy Developers | November 2024 | Unknown | $25M | Develops engineered T-cell therapies for difficult-to-treat cancers and other diseases. | North America | Valley Forge Investment Corporation |
| Pinteon Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series B | $29M | Develops antibodies targeting toxic cis-phosphorylated tau for neurodegenerative diseases. | North America | Not disclosed |
| Jocasta Neuroscience | Therapeutics Discovery Platforms | November 2024 | Series A | $31.7M | Develops alpha-klotho protein therapeutics for cognitive decline and neurodegenerative dementia. | North America | Not disclosed |
| Ensho Therapeutics | Therapeutics Discovery Platforms | November 2024 | Series A | $5.4M | Develops oral small-molecule therapies for inflammatory diseases. | North America | Not disclosed |
| Adipo Therapeutics | Therapeutics Discovery Platforms | November 2024 | Unknown | $8M | Develops nanoparticle-delivered therapeutics designed to convert energy-storing white fat toward energy-burning brown-like fat. | North America | Not disclosed |
| Phlox Therapeutics | Therapeutics Discovery Platforms | November 2024 | Seed | $2.1M | Develops RNA-based genetic medicines for inherited cardiomyopathies. | Europe | Not disclosed |
| PrognomiQ | Diagnostic Technology Firms | November 2024 | Series D+ | $34M | Develops multi-omics blood-based tests for cancer detection and treatment selection. | North America | Seer, Inc. |
| CrossBridge Bio | Therapeutics Discovery Platforms | November 2024 | Seed | $10M | Develops dual-payload antibody-drug conjugates and linker technology for cancer treatment. | North America | TMC Venture Fund; CE-Ventures |
| Mach5 Therapeutics | Therapeutics Discovery Platforms | November 2024 | Unknown | $19.2M | Develops therapeutics for immune-mediated inflammatory and fibrotic diseases. | North America | Not disclosed |
| Archon Biosciences, Inc. | Therapeutics Discovery Platforms | October 2024 | Seed | $20M | Designs computationally generated antibody-protein cages intended to improve biologic drug function and enable difficult targets. | North America | Madrona Ventures |
| Blue Earth Therapeutics Ltd | Therapeutics Discovery Platforms | October 2024 | Series A | $76.5M | Develops targeted therapeutic radiopharmaceuticals for cancer. | Europe | Soleus Capital; Sands Capital Management |
| Aignostics GmbH | Diagnostic Technology Firms | October 2024 | Series B | $34M | Uses AI to analyze multimodal pathology data for biomarker discovery, precision medicine and biopharma R&D. | Europe | ATHOS |
| Pathos AI | Therapeutics Discovery Platforms | October 2024 | Series C | $62M | Uses AI and multimodal patient data to identify, develop and clinically advance precision-oncology medicines. | North America | New Enterprise Associates |
| Agomab Therapeutics NV | Therapeutics Discovery Platforms | October 2024 | Series D+ | $89M | Develops regenerative and anti-fibrotic medicines for gastrointestinal, pulmonary and other fibrotic diseases. | Europe | Not disclosed |
| Dash Bio | Bioprocessing Tool Providers | October 2024 | Seed | $6.5M | Automates high-throughput preclinical and clinical bioanalysis using robotics, software and AI. | North America | Freestyle Capital |
| Alpha-9 Oncology Inc. | Therapeutics Discovery Platforms | October 2024 | Series C | $175M | Develops targeted radiopharmaceuticals for the diagnosis and treatment of cancer. | North America | Lightspeed Venture Partners; Ascenta Capital |
| March Biosciences, Inc. | Cell Therapy Developers | October 2024 | Series A | $28.4M | Develops autologous CAR-T therapies for aggressive hematological malignancies including T-cell lymphoma. | North America | 4BIO Capital; Mission BioCapital |
| Ikarovec Ltd | Therapeutics Discovery Platforms | October 2024 | Seed | $6.5M | Develops bicistronic gene therapies for chronic retinal diseases including geographic atrophy. | Europe | LifeArc Ventures; Parkwalk Advisors |
| AvenCell Therapeutics, Inc. | Cell Therapy Developers | October 2024 | Series B | $112M | Develops switchable autologous and allogeneic CAR-T cell therapies for cancer and autoimmune disease. | North America | Novo Holdings |
| Avenue Biosciences | Bioprocessing Tool Providers | October 2024 | Seed | $2.5M | Develops AI-enhanced protein-engineering technology to improve expression and production of therapeutic proteins. | Europe | Voima Ventures |
| Passkey Therapeutics, Inc. | Therapeutics Discovery Platforms | October 2024 | Seed | $20M | Develops multifunctional therapeutics designed to modulate rare combinations of interacting disease proteins. | North America | Breakout Ventures |
| Be Biopharma | Cell Therapy Developers | October 2024 | Series C | $82M | Engineers B cells as programmable medicines for genetic diseases and other serious conditions. | North America | Not disclosed |
| Seaport Therapeutics | Therapeutics Discovery Platforms | October 2024 | Series B | $225M | Develops neuropsychiatric medicines using a prodrug platform designed to bypass hepatic first-pass metabolism. | North America | General Atlantic |
| Terray Therapeutics, Inc. | Therapeutics Discovery Platforms | October 2024 | Series B | $120M | Integrates high-throughput experimental chemistry with generative AI to discover small-molecule drugs. | North America | Bedford Ridge Capital; NVentures |
| Nuclera Ltd | Bioprocessing Tool Providers | October 2024 | Series C | $75M | Develops benchtop systems that automate protein expression and purification for life-science research and drug discovery. | Europe | Elevage Medical Technologies |
| Shift Bioscience Ltd | Therapeutics Discovery Platforms | October 2024 | Seed | $16M | Uses generative-AI virtual-cell models to discover genetic interventions that rejuvenate aged cells. | Europe | BGF |
| Tolerance Bio, Inc. | Cell Therapy Developers | October 2024 | Seed | $17.2M | Develops thymus-regeneration and iPSC-derived thymic cell therapies to restore immune tolerance. | North America | Columbus Venture Partners |
| Antiverse | Therapeutics Discovery Platforms | October 2024 | Seed | $4.6M | Uses generative AI and experimental screening to design antibodies against difficult membrane-protein targets. | Europe | i&i Biotech Fund I; Kadmos Capital |
| invIOs GmbH | Cell Therapy Developers | October 2024 | Series A | $9M | Develops individualized immune-cell and small-molecule therapies for cancer. | Europe | Not disclosed |
| Booster Therapeutics GmbH | Therapeutics Discovery Platforms | October 2024 | Seed | $15M | Develops small-molecule proteasome activators to restore cellular protein quality control in disease. | Europe | Apollo Health Ventures; Novo Holdings |
| Purespring Therapeutics Ltd | Therapeutics Discovery Platforms | October 2024 | Series B | $105M | Develops AAV gene therapies that directly target podocytes to treat kidney diseases. | Europe | Sofinnova Partners |
| Arda Therapeutics, Inc. | Therapeutics Discovery Platforms | October 2024 | Series A | $43M | Develops medicines that selectively eliminate pathological cell populations driving chronic disease. | North America | Andreessen Horowitz Bio + Health |
| clock.bio Ltd | Cell Therapy Developers | October 2024 | Seed | $5.3M | Uses human induced pluripotent stem cells to identify rejuvenation biology and develop regenerative therapies. | Europe | Not disclosed |
| Amprion, Inc. | Diagnostic Technology Firms | October 2024 | Series B | $6M | Develops seed-amplification molecular diagnostic assays for neurodegenerative diseases including Parkinson's disease. | North America | Formation Venture Engineering |
| Somagenetix AG | Therapeutics Discovery Platforms | October 2024 | Series A | $11.7M | Develops ex vivo lentiviral gene therapies for inherited phagocyte disorders. | Europe | VI Partners |
| City Therapeutics, Inc. | Therapeutics Discovery Platforms | October 2024 | Series A | $135M | Engineers next-generation siRNA molecules and delivery technologies for RNA-interference medicines. | North America | ARCH Venture Partners |
| Judo Bio, Inc. | Therapeutics Discovery Platforms | October 2024 | Unknown | $100M | Develops targeted siRNA and other oligonucleotide medicines delivered selectively to kidney cells. | North America | Atlas Venture; The Column Group; Droia Ventures |
| Enara Bio Ltd | Cell Therapy Developers | October 2024 | Series B | $32.5M | Develops TCR-based cancer immunotherapies against proprietary Dark Antigen targets. | Europe | Pfizer Ventures; M Ventures |
| Resolution Therapeutics Ltd | Cell Therapy Developers | October 2024 | Series B | $82.5M | Develops engineered macrophage cell therapies for inflammatory and fibrotic diseases including end-stage liver disease. | Europe | Syncona |
| LoQus23 Therapeutics Ltd | Therapeutics Discovery Platforms | October 2024 | Series A | $43M | Develops small-molecule inhibitors of somatic repeat expansion for Huntington's disease and related disorders. | Europe | Forbion |
| Kailera Therapeutics | Therapeutics Discovery Platforms | October 2024 | Series A | $400M | Develops clinical-stage injectable and oral medicines for obesity and related metabolic diseases. | North America | Atlas Venture; Bain Capital Life Sciences; RTW Investments |
| Cartherics | Cell Therapy Developers | September 2024 | Unknown | >$10,000,000 | Develops genetically engineered, iPSC-derived allogeneic CAR-NK and other immune-cell therapies. | Asia-Pacific | Not disclosed |
| Aktis Oncology | Therapeutics Discovery Platforms | September 2024 | Series B | $175M | Develops targeted alpha-radiopharmaceutical therapeutics for solid tumors. | North America | RA Capital Management; RTW Investments; Janus Henderson Investors |
| 惠永药研 | Therapeutics Discovery Platforms | September 2024 | Series B | >$14,000,000 | Develops advanced drug formulations and differentiated therapeutics using peptide-conjugate, nanoparticle and controlled-release technologies. | Asia-Pacific | Not disclosed |
| 858 Therapeutics | Therapeutics Discovery Platforms | September 2024 | Series B | $50M | Develops small-molecule therapeutics targeting proteins involved in cancer biology and nucleic-acid metabolism. | North America | Avidity Partners |
| Genespire | Therapeutics Discovery Platforms | September 2024 | Series B | $52M | Develops in-vivo gene therapies using proprietary lentiviral-vector technology for severe genetic diseases. | Europe | Sofinnova Partners; XGEN Venture; CDP Venture Capital |
| LongBio Pharma (Suzhou) | Therapeutics Discovery Platforms | September 2024 | Series B | ≈$14,000,000 | Develops innovative antibodies and fusion-protein therapeutics for allergic and complement-mediated diseases. | Asia-Pacific | Qiming Venture Partners |
| LIfT BioSciences | Cell Therapy Developers | September 2024 | Series A | $13.4M | Develops allogeneic innate-cell therapies based on engineered immunomodulatory neutrophils. | Europe | Not disclosed |
| Constructive Bio | Synthetic Biology Platforms | September 2024 | Series A | $58M | Reprograms and synthesizes genomes to create engineered biological systems and novel biopolymers. | Europe | Ahren Innovation Capital; OMX Ventures; Paladin Capital Group |
| Ahammune Biosciences | Therapeutics Discovery Platforms | September 2024 | Series A | $5M | Develops first-in-class small-molecule therapeutics for vitiligo and other immune-mediated skin diseases. | Asia-Pacific | pi Ventures |
| Eradivir | Therapeutics Discovery Platforms | September 2024 | Series A | $10.3M | Develops targeted antiviral therapeutics, including an influenza treatment designed to recruit immune clearance mechanisms. | North America | Not disclosed |
| Vicebio | Therapeutics Discovery Platforms | September 2024 | Series B | $100M | Develops multivalent respiratory-virus vaccines using its molecular-clamp vaccine technology. | Europe | TCGX |
| VerImmune | Therapeutics Discovery Platforms | September 2024 | Seed | $4.5M | Develops virus-inspired particle immunotherapies designed to redirect pre-existing immunity against tumors. | North America | Beiley Biofund |
| GC Therapeutics | Cell Therapy Developers | September 2024 | Series A | $65M | Programs stem-cell differentiation with transcription-factor combinations to manufacture therapeutic cell types. | North America | Cormorant Asset Management |
| Brenus Pharma | Therapeutics Discovery Platforms | September 2024 | Series A | $25M | Develops precision cancer vaccines designed to generate broad antitumor immune responses. | Europe | Angelor; BIOJAG |
| ImmunOs Therapeutics | Therapeutics Discovery Platforms | September 2024 | Series C | $11M | Develops immune-system-modulating biologics for cancer and autoimmune diseases. | Europe | Gimv; Pfizer Ventures; Mission BioCapital; BioMed Partners |
| Nura Bio | Therapeutics Discovery Platforms | September 2024 | Series A | $68M | Develops neuroprotective small-molecule therapeutics targeting axon degeneration and neuroimmune biology. | North America | The Column Group |
| Celregen | Cell Therapy Developers | September 2024 | Seed | Not Disclosed | Develops iPSC-derived cell therapies for corneal, pancreatic and other regenerative-medicine applications. | Asia-Pacific | Not disclosed |

As this chart shows, and as featured in our biotechnology market deck, search interest in biotech has been trending upward
Is biotech funding actually healthier today than it was a year ago?
Biotechnology funding looks genuinely healthier today, although the extra strength is landing unevenly across the market.
We counted 425 qualifying financings from 18 September 2025 to 17 September 2026, up from 383 in the previous 12 months. Unique funded companies rose from 374 to 412, while the median round increased from $34 million to $39 million. Total disclosed or floor capital reached at least $26.44 billion, versus at least $21.21 billion before.
The typical month improved too. Median monthly deal count rose from 29.5 to 34, and median monthly capital moved from about $1.68 billion to $2.06 billion. The busiest month by deal count was actually smaller than before, which makes the improvement look more consistent rather than dependent on one unusually frantic stretch.
The weakness sits in concentration. Huge financings take a larger share of total capital now, and therapeutics discovery platforms dominate the mix much more heavily. So the healthier part of biotechnology today is the combination of more funded companies, more first financings and larger typical rounds. The less healthy part is how much of the money is clustering around a narrower group of categories and very large rounds.
| Metric | Current 12M | Previous 12M | Change |
|---|---|---|---|
| Deals | 425 | 383 | +11.0% |
| Unique funded companies | 412 | 374 | +10.2% |
| Total disclosed/floor capital | ≥$26.44B | ≥$21.21B | +24.7% |
| Median round | $39.0M | $34.0M | +14.7% |
| Average disclosed round | $63.1M | $56.0M | +12.8% |
| First financings | 115 | 90 | +27.8% |
| First-financing share | 27.1% | 23.5% | +3.6 pp |
| Early-stage deal share | 50.8% | 49.9% | +1.0 pp |
| Later-stage capital share | 62.5% | 56.9% | +5.5 pp |
| Median monthly capital | $2.06B | $1.68B | about +23% |
Would biotech funding still look stronger without the giant rounds?
Biotechnology funding still comes out ahead once we strip away the giant rounds, so the current acceleration goes deeper than one or two headline deals.
The obvious distortion is Isomorphic Labs' $2.1 billion Series B. Removing that entire financing still leaves roughly $24.34 billion of current-period capital, about 15% above the previous period's full total. Removing the top three deals from each period also leaves the recent 12 months ahead by roughly 18%.
The stricter cuts tell the same story with smaller margins. Capital from rounds below $50 million increased from $4.30 billion to $4.80 billion. If we remove every $100 million-plus financing, current capital is still about $11.38 billion versus $10.58 billion previously.
That is why the headline increase deserves to be taken seriously. Giant rounds make the rebound look stronger than it really is, but the rest of the market also expanded.
| Outlier test | Current 12M | Previous 12M | Change |
|---|---|---|---|
| All disclosed/floor capital | ≥$26.44B | ≥$21.21B | +24.7% |
| Excluding each period's top 3 rounds | about $23.30B | about $19.80B | about +18% |
| Excluding each period's top 5 rounds | about $22.54B | about $19.06B | about +18% |
| Capital excluding >$50M rounds | $4.80B | $4.30B | +11.8% |
| Capital excluding >$100M rounds | about $11.38B | $10.58B | about +7.5% |
| Deal count | 425 | 383 | +11.0% |

This chart, featured in our biotechnology market deck, illustrates yearly venture capital funding for biotechnology startups
Are more biotech companies actually getting funded now?
More biotechnology companies are getting funded now, and the increase is broad enough to show up in both company count and month-to-month activity.
We found 412 unique funded companies in the recent period, compared with 374 a year earlier. Deal count rose at almost the same pace. That tells us the extra activity did not come from the same small set of businesses repeatedly tapping the market.
The monthly pattern supports that reading. A typical rolling month had 34 deals, versus 29.5 before, even though the single busiest month dropped from 56 deals to 49. These days, biotechnology financing looks more consistently busy rather than more dependent on a short burst of activity.
Geography is the main exception. Funding reached companies in 22 countries, down from 28. Biotechnology is reaching more companies overall, but those companies are increasingly clustered in a smaller number of hubs.
Are investors funding new biotech startups or mostly doubling down on existing winners?
New biotech startups are getting funded more often, while existing winners are taking most of the extra dollars.
First financings rose from 90 to 115, a 28% jump, and their share of all deals increased by 3.6 percentage points. The median first financing also increased from $15 million to $17.25 million. New-company formation therefore looks better today than it did one year earlier.
The money tells a different story. Capital going into first financings barely moved, from $4.88 billion to $5.00 billion. Follow-on capital jumped from $16.32 billion to $21.44 billion. Investors are creating more new funded companies while reserving the really large checks for businesses that have already cleared at least one financing hurdle.
Fresh deals around the end of the period show how selective that can be. Solstice Oncology launched with a $225 million Series A around an already clinical-stage asset, while TwoStep Therapeutics raised $62.5 million alongside FDA IND clearance for its lead program. A first institutional round can still be very large, but lately those oversized debuts tend to come with substantial scientific or clinical proof already attached.
| Metric | Current 12M | Previous 12M | Change |
|---|---|---|---|
| First financings | 115 | 90 | +27.8% |
| First-financing share | 27.1% | 23.5% | +3.6 pp |
| First-financing capital | $5.00B | $4.88B | +2.6% |
| First-financing capital share | 18.9% | 23.0% | -4.1 pp |
| Median first financing | $17.25M | $15.0M | +15.0% |
| Follow-on financings | 310 | 291 | +6.5% |
| Follow-on capital | $21.44B | $16.32B | +31.3% |
| Follow-on capital share | 81.1% | 77.0% | +4.1 pp |
| Median follow-on | $45M | $40M | +12.5% |

This chart, featured in our biotechnology market deck, looks at Vertex’s strategy in biotechnology
Is biotech funding getting too concentrated at the top?
Biotechnology funding is much more concentrated at the top today, even though more companies are getting financed underneath that top layer.
The largest current deal accounts for 7.9% of all capital, versus 2.8% for the previous period's largest deal. The top three now represent 11.9% of capital, up from 6.7%, and the top ten represent 20.6%, up from 16.8%.
Rounds above $100 million are doing more of the heavy lifting too. They account for at least 57% of current capital, compared with about half previously. Underlying market growth survives that concentration, but the benefits are distributed very differently.
Why are therapeutics discovery platforms swallowing so much biotech capital?
Therapeutics discovery platforms are taking a much bigger share of biotech funding right now because they gained deals, round size and total capital at the same time.
The category went from 250 to 314 deals. Its share of all biotechnology financings rose from 65% to almost 74%, while its share of capital climbed from about 78% to nearly 88%. The median round increased from $41 million to $50 million.
The largest deal cannot explain the category shift on its own. Removing Isomorphic Labs still leaves roughly $21.15 billion of current therapeutics-platform capital, around 28% above the previous period. Kailera Therapeutics raised $600 million, NewLimit $435 million, Tubulis $361 million and several other therapeutic companies raised hundreds of millions each. The category gain runs well beyond the single largest transaction.
Recent company announcements show why investors are willing to write those checks. NewLimit tied its $435 million round to bringing its first aging-reprogramming medicine into human trials. Tubulis raised its Series C to push its lead ADC deeper into clinical development. These are platforms turning into drug-development companies, which gives investors something more tangible to underwrite than platform promise alone.
| Category | Current deals | Previous deals | Current capital | Previous capital |
|---|---|---|---|---|
| Therapeutics Discovery Platforms | 314 | 250 | $23.25B | $16.48B |
| Cell Therapy Developers | 39 | 36 | $1.44B | $1.54B |
| Diagnostic Technology Firms | 30 | 41 | $656M | $1.02B |
| Gene Editing Companies | 14 | 25 | $644M | $1.38B |
| Bioprocessing Tool Providers | 22 | 21 | $259M | $310M |
| Synthetic Biology Platforms | 6 | 10 | $187M | $478M |

This chart, featured in our biotechnology market deck, illustrates yearly funding for biotechnology startups
Is gene editing funding drying up?
Gene editing funding has clearly cooled over the last 12 months, with fewer deals, less capital and much smaller typical rounds.
Deal count fell from 25 to 14, while capital dropped from roughly $1.38 billion to $644 million. The median round fell from $45 million to $22.5 million. All three measures moved in the same direction, so this looks like a real retrenchment rather than a single missing megaround.
There are still meaningful financings. SonoThera closed a $125 million Series B to advance ultrasound-mediated nonviral genetic medicines, and Latus Bio announced a $97 million Series A financing. Those deals show that genetic medicine can still attract serious capital when there is a specific delivery or development story.
Across the category, funding attention is still much weaker than it was a year earlier. Investors currently appear more willing to fund selected gene-therapy or genetic-medicine platforms than to lift the whole category together.
Is cell therapy funding weakening, or are checks just smaller now?
Cell therapy is still getting deals done, but the typical biotech check in the category is much smaller now.
We counted 39 cell-therapy financings versus 36 previously, while aggregate capital slipped from about $1.54 billion to $1.44 billion. The bigger change is the median round, which fell from $28.4 million to $14.8 million.
Large financings have not disappeared. Orca Bio announced $250 million in aggregate new equity financing as it prepared for potential commercialization, and BrainChild Bio closed a $116 million Series A around a pivotal Phase 2 CAR T program. Those companies had concrete late-stage or clinical execution needs that can still pull in nine-figure capital.
Today, cell therapy still has deal flow, just with much smaller typical checks.

This chart, featured in our biotechnology market deck, compares the main business model options for biotech platform companies
Is biotech money moving to later-stage companies?
More biotech dollars are going to later-stage companies now, even though early-stage deal creation is still holding up.
Seed and Series A together make up 50.8% of current deals, slightly higher than before. Later-stage deal share actually fell. Capital moved the other way: later-stage companies absorbed 62.5% of current funding, up from 56.9%.
Series B is where that split becomes obvious. Its deal share rose only 1.2 percentage points, yet its capital share jumped almost ten points to 36.7%. Series B is where the really large scaling checks are landing once companies have enough validation.
Series D+ tells a different version of the same story. There were fewer D+ financings, but the median D+ round increased from $89 million to $109 million. Investors are writing bigger checks to a smaller group of companies that have already moved well beyond company formation.
| Stage | Current deal share | Previous deal share | Current capital share | Previous capital share |
|---|---|---|---|---|
| Seed | 20.0% | 19.6% | 3.1% | 3.6% |
| Series A | 30.8% | 30.3% | 29.3% | 31.3% |
| Series B | 22.1% | 20.9% | 36.7% | 27.2% |
| Series C | 6.6% | 8.1% | 11.8% | 12.9% |
| Series D+ | 5.4% | 6.5% | 11.8% | 15.0% |
| Growth Equity | 0.9% | 1.3% | 2.2% | 1.8% |
| Unknown | 14.1% | 13.3% | 5.2% | 8.2% |
Are biotech rounds getting bigger, or is the middle disappearing?
Biotech rounds are getting bigger at the top and more numerous at the very small end, while the middle has lost share.
Sub-$5 million rounds increased from 38 to 53, taking 12.5% of deals versus 9.9% previously. At the other end, $100 million-plus rounds increased from 66 to 81 and now represent 19.1% of deals.
The $5 million to $50 million middle lost about 5.8 percentage points of deal share. That is why the higher $39 million market median needs a little context: typical financing size did rise, but the distribution also became more split between small experimental checks and very large scaling rounds.
For founders, the practical picture today is less uniform than the median suggests. There is active capital for small early bets and plenty of money for companies that can justify $100 million-plus rounds, while the conventional middle has become relatively less prominent.

This chart, featured in our biotechnology market deck, breaks down revenue across customer segments in the biotechnology market
Are biotech companies raising again faster these days?
We do not see reliable evidence that biotechnology companies are raising again faster these days.
Among follow-on financings where we could identify a previous biotechnology round, the median interval increased from about 9.2 months to 14.9 months. Only 35.8% of the usable current follow-ons came within 12 months of the previous known round, versus 67.7% before.
The matched round-size sample also looks more restrained. Median step-up fell from 1.69x to 1.23x, while the share of follow-ons more than doubling the previous round dropped from about 42% to 29%.
We would keep this conclusion narrow. Previous-round dates are available for only about 26% of current follow-ons and 11% of previous follow-ons, so the samples are both incomplete and uneven. The data can reject the easy claim that fundraising velocity obviously accelerated; it cannot prove that the whole market now takes longer to refinance.
Do biotech startups need more proof to raise now?
Biotech startups do not seem to need to be older to raise today, but the biggest checks are increasingly attached to companies that can show concrete clinical or development progress.
Median company age in the usable sample is almost unchanged at about 4.9 years versus 5.0 years. First-financing companies are slightly younger, and the observable Series A cohort reached that stage at a median age of roughly 2.7 years versus 4.4 years previously, although founding-date coverage is weaker in the recent period.
Recent financings make the proof point much clearer than company age does. Solstice Oncology launched with $225 million around a clinical-stage oncology asset. TwoStep paired its $62.5 million Series A with FDA IND clearance. BrainChild Bio closed $116 million as it initiated a pivotal Phase 2 trial. These are unusually fresh examples of investors funding execution around assets that have already crossed important development gates.
For the biggest rounds, investors seem to care more about what has already been de-risked than about company age. That fits the rise in follow-on capital and the much larger role of Series B financing.

This chart, featured in our biotechnology market deck, shows how at-home genetic testing technology has evolved over time
Are pharma strategic investors taking a bigger role in biotech funding?
Pharma strategic investors are showing up in bigger biotech rounds now, even though their overall participation rate has barely changed.
Strategic-backed deals represented 32.9% of current financings versus 32.1% previously. The median strategic-backed round, however, jumped from $47 million to $63.5 million. Unique named strategics increased from 94 to 103, and total strategic participations rose from 180 to 201.
The mix tilted toward therapeutics as well. Therapeutics discovery platforms accounted for almost 79% of current strategic-backed deals, up from about 67%. Pfizer Ventures appeared in 15 strategic participations versus four previously, while Lilly and Sanofi Ventures also became more visible in our counts.
We see the same thing in individual deals. TwoStep's Series A included M Ventures and Pfizer Ventures as co-leads, SonoThera's round included several corporate venture arms, and Beeline Medicines' later Series A extension included Bristol Myers Squibb. Corporate money is currently concentrating around companies with clearer therapeutic development paths and larger capital needs.
Is China driving the biggest geographic shift in biotech funding right now?
China is currently the clearest geographic growth story in biotechnology funding, and the jump comes from many more funded companies rather than a few oversized checks.
Chinese deal count rose from 19 to 53, almost tripling. Capital followed a similar path, increasing from roughly $770 million to $2.18 billion. The median round actually fell from about $47.5 million to $40 million, which tells us the expansion came through breadth.
The licensing market points in the same direction. Nature's Biopharma Dealmakers reported that disclosed licensing value for China-origin pharmaceutical assets rose from roughly $5 billion in 2020 to more than $50 billion in 2024. Its later review of 2025 dealmaking highlighted China as one of the year's major biopharma themes, alongside multispecific antibodies and AI drug discovery.
We would treat those licensing numbers as context rather than proof of what caused the venture increase. Still, global pharma has lately been validating Chinese-developed assets much more aggressively, and the fundraising data are moving in the same direction.

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Is Europe actually keeping up with the biotech funding recovery?
Europe is lagging the broader biotech funding recovery once we look past a few huge rounds.
European deals fell from 126 to 117, cutting the region's deal share by more than five percentage points. Aggregate capital still increased from about $5.79 billion to $6.27 billion, but the median round fell from $24.8 million to $12.7 million.
The United Kingdom captures the contradiction. UK deal count rose, yet its median round dropped from $33.8 million to $15.5 million. The UK megadeal lifts aggregate capital dramatically without telling us much about the typical UK round.
Germany had a similar, smaller distortion through Tubulis' $361 million financing. Europe still produces companies capable of attracting world-class rounds, but the average European founder is operating in a weaker financing environment than the regional total suggests.
Are biotech investors becoming more selective or just more spread out?
More lead investors showed up in biotech deals, while fewer of the same names kept repeating.
We counted 333 unique disclosed lead investors versus 314 previously. Total disclosed lead participations increased only slightly, from 456 to 465, while the number of lead investors appearing more than once fell from 71 to 60.
Some specialist firms became much more visible. RA Capital Management appeared 15 times versus four previously, Forbion 11 versus seven, ARCH Venture Partners ten versus six, and OrbiMed eight versus five. Qiming Venture Partners' six current appearances also fit the stronger China activity.
We should not turn one year's absence or decline into a claim that a fund has “left biotech.” Lead-investor disclosure is incomplete, and current disclosure is somewhat weaker than in the previous period. What we can say is that the observed lead pool did not narrow around a smaller club of repeat names.

This chart, featured in our biotechnology market deck, breaks down revenue across Europe, Asia, North America, Africa, and South America in the biotechnology market
Are biotech companies raising to build science or to scale it now?
Biotech companies raising the biggest rounds today are often using the money to move from platform promise into clinical development, manufacturing or commercialization.
We cannot calculate a clean market-wide use-of-funds share because the financing records do not contain a consistent structured field for that purpose. The strongest current rounds still give us useful examples.
NewLimit said its $435 million financing would help bring its first aging-reprogramming medicine into human trials. Crossbow Therapeutics raised $77 million to advance its TCR-mimetic antibody programs, with clinical development already underway. Predicta Biosciences said its $23.4 million financing would support team expansion, CLIA laboratory infrastructure and commercialization of its first diagnostic test. Scarlet Therapeutics directed its seed capital toward in-vivo proof of concept, manufacturing development and regulatory engagement.
Orca Bio is even further along the curve: its financing was tied to commercial readiness and expanded manufacturing capacity around its cell-therapy program. Those deals show where some of the most visible capital is going now: toward turning validated programs into trials, manufacturing systems and commercial products.
What really changed in biotech funding over the last 12 months?
The biggest change in biotech funding is that the market became genuinely stronger underneath the headline.
More companies raised money, first financings increased, the typical round got larger and the improvement survived every useful megaround test we ran. That is the clearest reason we see the current market as healthier than the preceding 12 months.
The second change is concentration. The recent market gives a much bigger share of capital to $100 million-plus rounds and therapeutic discovery companies. The recovery is real, but its largest rewards are clustering around a narrower group of businesses.
New-company formation improved faster than overall deal activity, yet most incremental capital went to follow-ons. Biotechnology is currently doing two things at once: bringing more startups into the funded ecosystem and scaling selected existing companies much more aggressively.
Therapeutics discovery platforms have the strongest genuine momentum because they gained deals, capital and median round size together. Gene editing moved the other way across all three measures, while cell therapy kept its deal flow but saw the typical financing shrink sharply.
The money also shifted toward later development without choking off early-stage company creation. Series B became the main scaling stage, strategic-backed rounds got larger, and several recent large financings arrived alongside clinical progress, regulatory clearance or commercialization work.
The most misleading headline would be “biotech funding jumped 25%, so everything is booming again.” The market is healthier today, but it is also more concentrated by deal size, category and geography. Anyone looking only at total dollars would miss half of the story.

This chart, featured in our biotechnology market deck, illustrates yearly venture capital funding for biotechnology startups
OUR METHODOLOGY
We compared two equal 12-month periods: 18 September 2025 to 17 September 2026, and 18 September 2024 to 17 September 2025. The objective was to build the most analytically reliable picture of biotechnology fundraising activity we could, rather than reproduce the output of a single funding database.
We searched company and investor announcements, regulatory records, university and institutional releases, established funding databases, and reputable financial and industry reporting. Material facts were cross-checked when multiple sources were available, while the fundraising dataset built from that work was used as the source of truth for the period-to-period calculations.
We applied a strict biotechnology market-definition test. Biotechnology had to represent the company's overwhelming core business at the time of financing. We included qualifying private-company equity financings announced inside the defined periods and excluded debt, grants, loans, public offerings and financings where the equity component could not be isolated reliably.
Each financing was treated as a separate deal. Duplicate reports of the same round were consolidated, while extensions, additional closes, Form D filings and tranches were reviewed individually to decide whether they represented distinct financing events. We did not infer a funding stage from round size, assume an investor was a lead because its name was prominent, or estimate an undisclosed amount just to make the dataset look more complete.
Dates, stages, investors, previous rounds, company age and financing context were recorded only when public evidence supported them. Where evidence was incomplete or financing structures made comparisons less clean, we kept that uncertainty in the analysis. This is why funding-velocity and company-age conclusions are treated more cautiously than the headline capital and deal-count comparisons.
After the first compilation, we ran a separate quality-control pass focused on missed deals, date boundaries, equity eligibility, pure-play biotechnology eligibility, duplicates and partial closes. We also tested the conclusions after removing the largest deal, the top three deals, rounds above $50 million and rounds above $100 million.
Key sources used for the analysis include: Isomorphic Labs on its $2.1 billion Series B, NewLimit on its $435 million Series C and move toward human trials, TwoStep Therapeutics on its $62.5 million Series A and FDA IND clearance, Solstice Oncology on its $225 million Series A launch financing, BrainChild Bio on its $116 million Series A, Kailera Therapeutics on its $600 million Series B, Tubulis on its €308 million / $361 million Series C, SonoThera on its $125 million Series B, Orca Bio on $250 million of aggregate equity financing, Predicta Biosciences on its $23.4 million Series A, the University of Bristol on Scarlet Therapeutics' £3.2 million seed financing, Crossbow Therapeutics on its $77 million Series B and clinical programs, Nature Biopharma Dealmakers on China-origin licensing growth, and Nature Biopharma Dealmakers on 2025 biopharma dealmaking themes.

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