The Boston tech scene saw a deluge in funding last month, with five of the largest rounds pulling in a collective $1.19 billion. This is an increase from April, in which the five largest rounds brought in a total of $940 million. Read on to learn how these local innovators spanning the biotech, greentech and hardware industries plan to spend their fresh capital.
Largest Boston Tech Funding Rounds, May 2023
- ElevateBio
- ReNAgade Therapeutics
- Gradiant
- Lightmatter
- Nido Biosciences
#5. $109 million, May 15
Nido Biosciences emerged from stealth with $109 million in funding from seed, Series A and Series B rounds. Nido Bio is working to develop a pipeline of small-molecule medicines to restore cells for people with neurological diseases. The company’s clinical stage solution, called NIDO-361, is expected to treat patients with spinal and bulbar muscular atrophy.
#4. $154 million, May 31
Photonics company Lightmatter developed a new type of semiconductor chip architecture that it claims is faster, cooler and more efficient than conventional processors. The company aims to improve computing infrastructure with its photonic technology. Following its recent $154 million Series C round, Lightmatter plans to partner with enterprises, large cloud providers and semiconductor companies.
#3. $225 million, May 17
Tech unicorn Gradiant builds and manages an end-to-end water treatment solution used by businesses in the food and beverage, pharmaceuticals and renewable energy industries. The $225 million Series D round co-led by BoltRock Holdings and Centaurus Capital brings Gradiant’s valuation to $1 billion. The Boston-based company plans to expand into the Middle East and Europe with its fresh capital. A portion of the funding will also help Gradiant scale its R&D efforts.
#2. $300 million, May 23
Newly launched ReNAgade Therapeutics pulled in a $300 million Series A round co-led by MPM BioImpact and F2 Ventures. ReNAgade Therapeutics aims to expand the reach of RNA medicines by developing technology to deliver medicine to previously inaccessible cells and tissues.
#1. $401 million, May 24
ElevateBio is a biotech company focused on creating what it calls “life-transforming cell and gene therapies.” Having raised Boston’s largest funding round in May, ElevateBio will use the capital to expand its technology platforms and pipeline. The Series D round was led by the AyurMaya Capital Management Fund.
