This week, nearly $2 billion was raised in funding rounds across various healthcare and biotechnology companies.
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Funding
Formation Bio , a New York City-based tech-driven and AI-native pharmaceutical company, has raised $372 million in a Series D funding round. The investment was led by a16z (Andreessen Horowitz), with participation from several notable investors, including Sanofi, Sequoia, Thrive, Emerson Collective, Lachy Groom, and new investors SV Angel Growth and FPV Ventures. This funding round also changes Formation Bio's Board of Directors, with Scott Kupor from a16z and Alfred Lin from Sequoia joining as new members. The company plans to utilize this substantial capital for two main purposes: acquiring and in-licensing candidate drugs and enhancing their AI capabilities. This significant investment underscores the growing importance of AI in pharmaceutical development and positions Formation Bio as a major player in the tech-driven pharmaceutical industry.
Sidecar Health , an El Segundo, California-based startup offering innovative health insurance solutions, has successfully raised $165 million in a Series D funding round. Founded six years ago, the company provides personalized health insurance plans to businesses. Members can see any doctor and pay directly at the time of service.
EvolutionaryScale , a New York-based startup founded just one year ago, has secured a substantial $142 million seed funding round. The company, which develops artificial intelligence tools to assist scientists in understanding and designing new proteins, saw its funding round co-led by prominent investors Nat Friedman and Daniel Gross, along with Lux Capital. The round also attracted participation from major tech players, including Amazon and NVIDIA's venture capital arm, NVentures.
SkyCell AG , a Zug, Switzerland-based technology company focused on enhancing the pharmaceutical supply chain, has secured a substantial $116 million Series D funding. The investment round comprises $59 million from Tybourne Capital Management and CCI and a $57 million equity investment from Catalyst. With this significant financial boost, SkyCell aims to expand its global footprint, particularly emphasizing growth in the United States and Asian markets. This funding round underscores the importance of innovative supply chain solutions in the pharmaceutical industry and positions SkyCell to play an increasingly pivotal role in improving the efficiency and reliability of global drug distribution.
Arrow , a New York City-based healthcare technology company, has officially launched after securing a substantial $110 million Series A funding round in 2022. Gradient Ventures led the investment. Founded and led by CEO Roshan Patel, Arrow aims to revolutionize the healthcare industry by offering innovative solutions that boost operational efficiency and enhance patient outcomes. The company's product suite includes advanced tools, such as real-time claims acceleration and predictive analytics, designed to equip healthcare providers and health plans with improved accuracy and efficiency. This significant funding and official launch position Arrow to considerably impact the healthcare technology sector, addressing key challenges in healthcare operations and patient care.
Endogenex , a clinical-stage medical device company based in Minneapolis, Minnesota, has secured $88 million in Series C funding. The investment round attracted notable backers, including Hatteras Venture Partners, Lumira Ventures, Orlando Health Ventures, Intuitive Ventures, Longitude Capital, Mayo Clinic, and Santé Ventures. The primary purpose of this funding is to support the completion of Endogenex's pivotal ReCET Clinical Study, which has received an Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration (FDA). This substantial financial boost will enable Endogenex to advance its clinical research, potentially bringing its medical device technology closer to market approval and benefiting patients.
Exsilio Therapeutics , a biotechnology company based in Boston, Massachusetts, has raised $82 million in Series A funding. The company specializes in developing genomic medicines for a wide range of diseases. Novartis Venture Fund and Delos Capital led the funding round, with significant participation from notable investors, including OrbiMed, Insight Partners, J.P. Morgan Life Sciences Private Capital, CRISPR Therapeutics, Innovation Endeavors, Invus, Arc Ventures, and Deep Insight. Exsilio Therapeutics plans to utilize this substantial capital injection to expand its operations and accelerate its development efforts in the field of genomic medicine. This funding represents a major milestone for the company, enabling it to advance its research and bring innovative treatments closer to clinical realization.
Function Health , an Austin, Texas-based health technology company, has closed its Series A funding round, bringing its total funding to $53 million. The round was led by Andreessen Horowitz (a16z) Bio + Health, with support from the a16z Cultural Leadership Fund and a diverse group of investors, including venture capital firms and high-profile individuals from the entertainment, sports, and technology sectors.
UroMems , a company based in Grenoble, France, and Minneapolis, Minnesota, specializing in implantable mechatronics technology, has secured $47 million in Series C funding. Crédit Mutuel Innovation led the investment round. It included participation from the European Innovation Council and existing investors Wellington Partners, Bpifrance, Supernova Invest, Hil-Invent, b-to-v Partners, and Financière Arbevel. UroMems plans to utilize this new capital to support large-scale pivotal clinical trials of its UroActive™ implant in the United States and Europe. This significant funding demonstrates investor confidence in UroMems' innovative technology and its potential impact on the medical device sector.
Form Health , a Boston-based provider of science-based obesity care, has successfully raised $38 million in Series B funding. The investment round was led by Sound Ventures, with additional participation from M13, SignalFire, and Next View Ventures. Form Health plans to use this new capital to accelerate its collaborations with enterprise partners, expand its team of American Board of Obesity Medicine (ABOM) certified physicians, and further develop its telehealth technology platform. This substantial funding will enable the company to enhance its delivery of specialized obesity care and strengthen its position in the telehealth market for chronic disease management.
adonis , a New York City-based healthcare financial technology platform provider, has successfully raised $31 million in a Series B funding round. This latest investment brings the company's total funding to $54 million. The round was led by Point72 Private Investments, with participation from Kin Ventures and existing investors General Catalyst, Bling Capital, and Max Ventures. Adonis plans to utilize this new capital to drive product innovation, expand its presence in the health system sector, and grow its team based in New York City. This substantial funding underscores investor confidence in Adonis's potential to make significant strides in healthcare and fintech.
Boston Oncology Arabia, located in Riyadh, Saudi Arabia, secured a significant USD 35 million investment from TVM Capital. The funds are earmarked to bolster the company's expansion into comprehensive formulation and fill and finish manufacturing at its Sudair Industrial City facility. TVM Capital Healthcare, through this investment, aims to provide strategic guidance and utilize its extensive global network to help Boston Oncology Arabia broaden its reach to international suppliers, enhancing its operational capabilities and market presence in the bio-generic drugs sector.
Sensi.AI, a Palo Alto-based care intelligence company, has secured $31 million in Series B funding, bringing its total funding to $53 million. The investment round was led by Zeev Ventures and Insight Partners, with continued backing from existing investors, including Entrée Capital, Flint Capital, Jibe Ventures, and Secret Chord Ventures. Sensi.AI plans to utilize this new capital to expand its operations and extend its business reach, indicating its ambition to grow its presence in the care intelligence sector. This significant funding round demonstrates strong investor confidence in Sensi.AI's technology and market potential.
RareCyte, Inc. , a Seattle-based Life Sciences company, has secured $20 million in funding for its precision biology platforms. The funding round was led by Forest Road, Arboretum Ventures, and F-Prime Capital, with participation from several other investors, including HealthQuest Capital, 5AM Ventures, and Agilent Technologies. RareCyte plans to use this capital to expand its orion spatial biology platform, focusing on commercializing new multiplex assays, reagent products, and software applications. Additionally, the funds will support the growth of RareCyte's Precision Biology Services, enhancing its spatial biology and liquid biopsy assays at its CLIA and ISO 13485-certified labs in Seattle.
Augustine Therapeutics , a biotech company based in Leuven, Belgium, has successfully raised €17 million in the first closing of its Series A funding round. The company, which focuses on developing novel treatments for neurodegenerative and cardiometabolic diseases, saw the funding round led by Asabys Partners, with participation from several notable investors, including Eli Lilly and Company, the Charcot-Marie-Tooth Research Foundation, AdBio partners, V-Bio Ventures, PMV, VIB, and Gemma Frisius Fund.
Waypoint Bio , a New York City-based biotechnology company, has raised $14.5 million in Seed funding for its innovative cell therapies targeting solid tumors. The funding round was led by Hummingbird Ventures, with additional support from investors, including Recode Ventures and pre-seed lead Fifty Years. With this new capital, Waypoint Bio plans to advance its CAR T-cell therapies, focusing on improving their effectiveness against the tumor microenvironment. The company also aims to develop Treg therapies for autoimmune diseases in the future, expanding its potential impact in cell-based treatments.
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Heyday Health , a Cambridge, Massachusetts-based virtual-first value-based care provider focusing on Medicare and dual-eligible patients, has secured $12.5 million in funding. The investment round saw participation from Gradient Ventures, Lionbird, Great Oaks Capital, and Kate Ryder. With this new capital, Heyday Health plans to expand its operations into the Cincinnati/Dayton area in Southwest Ohio and the Louisville area in Kentucky. Additionally, the company aims to strengthen its current market position. This funding boost will enable Heyday Health to extend its innovative healthcare model to more patients in new geographic areas, potentially improving access to care for Medicare and dual-eligible individuals in these regions.
Kanvas Biosciences , a Princeton, NJ-based spatial biology company, has secured an additional $12.5 million in funding, raising its total to $29.5 million. The round was led by DCVC and Lions Capital LLC, with participation from new and existing investors. The funds will further develop the company's spatial biology platform and advance two novel therapeutics in its Immuno-oncology Program to file an Investigational New Drug (IND) application for KAN-001 in 2025. As part of the investment, Paul Theunissen from Lions Capital Partners LLC will join the company's Board, while Ashlie L Burkart from Germin8 Ventures will become a board observer.
Freyja Healthcare , an early-stage medical device company based in Boston, MA, has secured $8 million in funding. The company, which focuses on women's health, plans to use this capital to expedite the development of its innovative product line and push forward with the commercialization of its VereSee™ product. Additionally, Freyja Healthcare aims to leverage these funds to drive further advancements in the growing women's health market. While the funding represents a significant milestone for the company, the investors' identities in this round were not disclosed.
TwoStep Therapeutics , a biotechnology company based in Palo Alto, California, has secured $6.5 million in seed funding. The company specializes in developing targeted therapeutics for solid tumors. NFX led the funding round, with additional participation from investors, including 2048 Ventures, Alexandria Venture Investments, GC&H Investments (affiliated with Cooley), and the family office of Arcadia Investment Partners' founder. TwoStep Therapeutics plans to use this capital to advance its pipeline of solid tumor-targeting therapies, focusing initially on targeted cytotoxic drug delivery and immunotherapy. This funding represents a significant step in the company's mission to develop innovative treatments for cancer patients.
Synthpop - Healthcare AI , a New York City-based company, has secured $5.6 million in Seed funding for its AI-driven healthcare workflow platform. The funding round was led by Peterson Ventures, with additional participation from defy.vc, Zelda Ventures, Think+ Ventures, and OVO Fund. Synthpop plans to use this capital to expand its engineering team, aiming to bolster its capacity for agile software development and frequent system updates. This investment will support the company's growth as it expands its AI solutions across various healthcare industry sectors.
Marble Health , a young startup based in New York, has secured $5 million in seed funding. The platform connects adolescents with licensed therapists in group settings to offer support and guidance on mental health concerns like anxiety and depression. This round was co-led by Khosla Ventures, Town Hall Ventures, and IA Ventures, with additional investment from Daybreak Ventures and Lorimer Ventures.
Prescribe FIT , a Columbus, Ohio-based company specializing in remote patient monitoring (RPM) technology and lifestyle health coaching solutions, has raised $4.8 million in Series A funding. The investment round attracted diverse backers, including notable individuals and organizations such as Jim Grote, Tamarind Hill, Jobs Ohio Growth Capital, and several medical professionals. With this new capital, Prescribe FIT plans to expand its team by hiring additional health coaches, further enhancing its ability to provide comprehensive health solutions to patients remotely.
VenoStent, Inc. , a Houston-based clinical-stage medical device company, has secured an additional $4 million from Norwest Venture Partners, bringing its total Series A financing to $20 million. The funding round was co-led by Good Growth Capital and IAG Capital Partners. As part of this investment, Dr. Zack Scott and Dr. Ehi Akhirome from Norwest will join VenoStent as board observers. Additionally, the company has been awarded a $3.6 million Small Business Innovation Research (SBIR) Phase II Grant from the National Institutes of Health (NIH). This grant will support VenoStent's upcoming multi-center, 200-patient randomized controlled trial in the United States, furthering the development of their novel therapeutic device aimed at improving outcomes for dialysis patients.
Düsseldorf, Germany-based CUREosity GmbH , a medtech startup, has secured €3.8 million in growth financing. The round saw participation from existing investor Aachen-based TechVision Fund (TVF), which invested in LiSA, and the Belgian family office Nomainvest alongside other new co-investors. The growth financing round also received support from the law firms ADVANT Beiten and Forvis Mazars. The latest funding round will enable CUREosity to advance its innovative solutions further and expand its market presence. The capital will, among other things, expand CUREO®’s market leadership in VR therapy.
INVI MindHealth , a Denver-based mental health technology company, has successfully raised $1.5 million in Series Seed funding from undisclosed backers. The company plans to use these funds to enhance its application, improve user experience, and integrate more expert content on various mental health topics and solutions. Additionally, Invi MindHealth aims to develop a new dashboard tool called "Overwatch," designed to help leaders monitor and support their teams' well-being. This funding round represents a significant step for the company in its mission to innovate in the mental health technology sector and provide more comprehensive support for mental health management.
Carelane , a life sciences technology startup based in Bremen, Germany, has secured €800,000 in pre-seed funding. The round was spearheaded by High-Tech Gründerfonds (HTGF). With this investment, Carelane aims to accelerate the development and expansion of its unified platform, designed to streamline clinical trials. The platform's primary goal is to reduce the operational challenges faced by pharmaceutical companies, contract research organizations, and academic researchers in clinical studies. This funding is expected to help Carelane enhance its technology and potentially improve the efficiency of clinical trial processes in the life sciences sector.
Cypris Therapeutics, Inc. , a drug discovery company based in New York City, has secured over $500,000 in Pre-Seed funding. Ichor Life Sciences, a contract research organization in Syracuse, spearheaded the funding round. As part of this partnership, Cypris will be incubated at Ichor's facilities, gaining access to their equipment and benefiting from their drug discovery and development expertise. Cypris will utilize the newly acquired funds to expand its operations and further its development initiatives, potentially accelerating its progress in the pharmaceutical research field.
Qure.ai, a New York City-based company specializing in AI-augmented detection for Tuberculosis (TB), Lung Cancer, and Stroke, has received an investment from Merck Global Health Innovation Fund for its Series D funding round. While the investment amount was not disclosed, Qure.ai plans to use this capital further to develop foundation models for AI in medical imaging and expand the geographical reach of its AI-powered imaging solutions, particularly into the U.S. market. This investment from a major pharmaceutical company's innovation fund highlights the growing importance of AI in medical diagnostics and Qure.ai's potential to make significant advancements in this field.
CipherHealth , a New York City-based company focusing on patient-centered communication solutions, has secured an undisclosed investment from Atalaya Capital Management. The company plans to use this new funding to support its ongoing growth and expansion efforts. Specifically, CipherHealth intends to invest the capital in further developing its solutions and expanding its service offerings across various healthcare industry sectors. This investment is expected to strengthen CipherHealth's position in the market and enhance its ability to provide comprehensive communication solutions to healthcare providers.
Promptly Technologies, LLC , a Miami-based company focused on streamlining patient engagement, has received strategic minority investments led by Telegraph Hill Partners. While the investment amount was not disclosed, the company plans to use these funds to accelerate its growth in several key areas. Specifically, Promptly Technology aims to expand its technological capabilities, develop new features, and enhance its existing services. This investment underscores the growing importance of efficient patient engagement solutions in the healthcare technology sector.
N-Power Medicine, Inc. , a Redwood City, CA-based company specializing in clinical trial processes, has secured an undisclosed amount in Series B funding, bringing its total raised to $72 million. The round was led by Merck Global Health Innovation Fund, with participation from a US-based healthcare-focused investor. The company plans to use the funds to expand its network of oncology clinics and biopharmaceutical company collaborations, leveraging its platform to integrate clinical research into everyday patient care. Additionally, N-Power Medicine is collaborating with Merck (known as MSD outside the US and Canada) to increase participation in clinical research among oncologists and their patients.
Funds
Curie.Bio, a Cambridge, Massachusetts-based seed-stage venture firm and therapeutics accelerator, has successfully closed a new fund of $380 million. This significant capital raise will allow the firm to maintain its focus on investing in early-stage therapeutics companies, particularly as they progress toward generating clinical data. The fund's primary strategy is to allocate most of this capital to Series A rounds, specifically targeting clinical proof-of-concept studies that aim to demonstrate tangible benefits for patients. Curie.Bio's investment approach is versatile, encompassing both platform and asset-centric companies. However, the firm maintains a strict criterion that each program within their portfolio companies must independently possess blockbuster potential, defined as the ability to achieve peak sales of $1 billion or more.
Zoi Capital, a venture capital firm based in New York City, has announced its plan to raise $200 million for its Health AI Fund I. The firm, specializing in artificial intelligence solutions for the healthcare sector, aims to use this fund to increase its investments in innovative healthcare companies. This move underscores Zoi Capital's commitment to advancing AI applications in healthcare and supporting promising startups in this rapidly evolving field.