Today: Apr 17, 2024

Biotech Booms: Tome’s $213M Tops Week’s 10 Massive Fundings

4 months ago
  • Tome Biosciences emerged from stealth with a $213 million combination series A and B funding from investors such as Andreessen Horowitz Bio + Health and Arch Venture Partners.
  • Bicara Therapeutics raised a $108 million series B co-led by Red Tree Venture Capital and RA Capital Management in March returned with a $165 million series C co-led by Braidwell and TPG.
  • True Anomaly, a Space startup that develops hardware and software systems for space security, raised $100 million in a round led by Riot Ventures.

Biotechnology continues to dominate in terms startup investment. The latest data highlights a stellar week for the sector, with Tome Biosciences and Bicara Therapeutics securing over $350 million in funding combined.

Watertown, Massachusetts-based Tome Biosciences emerged from stealth with a $213 million combination series A and B funding from investors such as Andreessen Horowitz Bio + Health and Arch Venture Partners. The health-tech startup is using technology licensed from the Massachusetts Institute of Technology to develop gene therapies for monogenic liver diseases and cell therapies for autoimmune diseases.

Meanwhile, Boston-based Bicara Therapeutics is also in the spotlight, having secured $165 million Series C funding from Braidwell, TPG, and The Rise Fund. Earlier this year, Bicara raised a $108 million Series B round co-led by Red Tree Venture Capital and RA Capital Management. The venture is focused on developing biologics to fight tumors and is already conducting clinical trials for a head and neck cancer treatment.

Apart from biotech, the space industry also stole the spotlight as Centennial, Colorado-based True Anomaly raised $100 million in a funding round led by Riot Ventures. True Anomaly develops hardware and software systems to help space security and readiness. The startup works with both government and commercial customers to monitor threats to their assets in space, such as satellites.

The other notable funding recipient was Essential AI, which secured $57 million. The San Francisco-based startup, which has amassed more than $100 million, uses artificial intelligence to automate repetitive corporate tasks. The funding was led by March Capital, with significant participation from AI giants like Advanced Micro Devices, Google, and Nvidia.