10 Major Biotech Funding Rounds of 2023

by Dana Sokolova  (contributor )   •     

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In 2023, the venture capital (VC) landscape witnessed significant activity, providing crucial support to the biotech sector amidst a volatile public-market environment. According to McKinsey & Co., despite a downturn following the peak in 2021, VC funding has maintained a strong presence, consistently surpassing pre-pandemic levels. This resilience is evident as 2023 has already seen over $12 billion raised by the end of the third quarter, a notable continuation from the $22 billion secured by startups in 2022. The overall decrease in funding is attributed more to fewer deals than diminished deal sizes, which have remained relatively stable.

In this article, we have selected 10 biotech companies that managed to secure impressive funding in 2023: 

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Orbital Therapeutics

Orbital Therapeutics, specializing in RNA-based medicines, has secured $270 million in Series A funding round. This round, led by ARCH Venture Partners, included both previous and new investors such as a16z Bio + Health, Newpath Partners, and Abu Dhabi Growth Fund. The company is advancing RNA therapeutics to treat various human diseases, utilizing a platform that combines existing and emerging RNA technologies. Their approach aims to enhance the longevity and delivery of RNA treatments across multiple cell types and tissues. This funding acquired in the latest series A round will support the expansion of Orbital's technology platform and its therapeutic portfolio. 

 

Generate Biomedicines

Generate:Biomedicines has secured $273 million in Series C funding round, one of the largest rounds for biotech firms in 2023. The company aims to support their lead project with recent investment, a monoclonal antibody targeting SARS-CoV-2, and the filing of multiple investigational new drug applications (INDs). Co-founded in 2018 by Molly Gibson and Gevorg Grigoryan, the company leverages machine learning to innovate in protein generation and optimization for therapeutic use. Currently, Generate:Biomedicines has 17 programs focusing on immunology, infectious disease, and oncology. With this latest funding, the total equity since 2020 reaches nearly $700 million. Key investors include Flagship Pioneering, Abu Dhabi Investment Authority, Fidelity Management & Research Company, Amgen, and NVentures.

 

ReNAgade Therapeutics

In May 2023, ReNAgade Therapeutics announced a successful $300 million Series A financing, led by MPM BioImpact and F2 Ventures, to develop RNA-based medicines. The company's focus is on creating a platform that integrates proprietary delivery technologies, including novel lipid nanoparticles (LNPs), with tools for RNA coding, editing, and gene insertion. This technology seeks to enhance the delivery of RNA therapies to various tissues and cells, potentially expanding treatment options for a range of diseases.

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