17 Fast Growing Biotech Startups [As Of 2024]

Over the past five years, the biotech industry has seen remarkable growth, with many new startups leading the way in healthcare, agriculture, and environmental sustainability.

As of 2023, there were over 3,740 biotech businesses in the United States alone, a 9% increase from the previous year. On average, the number of biotech businesses in the US has been growing by 8.9% annually from 2018 to 2023.

From developing innovative therapies to sustainable agricultural practices, these startups are making a big impact, shaping the future of your planet. 

In this article, we have featured a few fast-growing biotech startups (in no particular order) that have secured substantial funding and are addressing some of humanity’s most pressing needs. 

Did you know? 

The global biotech market size is projected to surpass $4.25 trillion by 2033, growing at a CAGR of 13.9% from 2024 to 2033. Meanwhile, the US biotech market will exceed $763 billion by 2033, with an expected growth rate of 11.9% throughout the forecast period. [1]

17. Carisma Therapeutics

Founded in 2016
Location: Pennsylvania, United States

Total Funding: $151.9 million
Growth Status: Steady 

Carisma Therapeutics is working on chimeric antigen receptor macrophage (CAR-Macrophage) and CAR-Monocyte technologies to revolutionize the way we treat cancer. 

Their proprietary platform tackles the main hurdles encountered by current cell therapies by activating both the innate and adaptive immune systems to attack cancer cells. [2]

The company has backing from 16 investors, with the most recent funding round (Series C) taking place in 2022.

16. Schrödinger

Founded in 1990
Location: New York, United States

Total Funding: $567.2 million
Growth Status: Steady

Schrödinger leverages advanced computational methods, such as molecular modeling and simulation, to accelerate the drug discovery process. 

For more than three decades, the company has continually invested in R&D to advance its proprietary scientific platform. [3]

This platform integrates machine learning models, physical-based simulations, and big data analytics to predict molecular interactions, optimize drug candidates, and speed up the development of new therapies for diseases ranging from cancer to infectious diseases. 

Schrödinger is backed by big investors like Pavilion Capital and the Bill & Melinda Gates Foundation. It has raised about $567 million through 9 funding rounds. [4]

In 2023, the company generated $216.7 million in annual revenue, with a gross profit of $142 million. [5]

15. Benchling

Founded in 2012
Location: California, United States

Total Funding: $411.9 million
Growth Status: Explosive 

Benchling is an advanced cloud-based platform built to accelerate and streamline life sciences research and development. It offers customized tools for bioinformatics, molecular biology, and lab management, making it easier for scientists to design, analyze, and track experiments efficiently. [6]

It is currently used by over 200,000 researchers across 1,200 pharmaceutical and biotech firms. They utilize it to design DNA sequences, analyze complex biological data, and edit genomes all in one integrated platform. [7]

Benchling also offers collaboration features, allowing teams to work together seamlessly and share data securely. 

As of 2023, the company had a yearly revenue of $21 million. With nearly 330 employees, this yields a revenue-per-employee ratio of $64,024. [8]

14. Living Carbon

Founded in 2019
Location: California, United States

Total Funding: $36 million
Growth Status: Rapid

Living Carbon addresses climate change by harnessing the power of nature. It develops sustainable solutions that leverage living organisms like plants and bacteria to capture and store carbon dioxide from the atmosphere. 

From permanent carbon storage to nitrogen fixation, the company is exploring new technologies that allow plants to store carbon for longer durations. Their R&D platform is versatile and adaptable across various organisms and desired traits. [9]

Living Carbon is backed by 24 investors, including Toyota Ventures and Lowercarbon Capital. So far, they have raised $36 million through 5 funding rounds, with their latest funding coming in 2023. [10]

13. Maverick BioMetals

Founded in 2022
Location: California, United States

Total Funding: $9.6 million
Growth Status: Rapid 

Maverick BioMetals is working on mineral processing and metal extraction technologies. They utilize enzymes to chemically break down the ores’ crystal structure, enabling the extraction of metals and nonmetals at near-normal temperatures and conditions. 

One of the standout features of this bioextraction technology is its impressive extraction rates (of over 96%). It ensures that all valuable components of the or are effectively recovered. Plus, the high extraction efficiency also minimizes waste generation and conserves up to 80% of water. [11]

To date, the company has raised $9.6 million through two funding rounds, with the most recent funding occurring in January 2024.

12. Ansa Biotechnologies

Founded in 2018
Location: California, United States

Total Funding: $83.4 million
Growth Status: Explosive 

Ansa Biotechnologies is revolutionizing DNA synthesis with its new enzymatic technology. Unlike conventional methods, they focus on synthesizing complex sequences like GC- or AT-rich promoters and repetitive CRISPR arrays. [12]

Their technology allows for the direct synthesis of DNA molecules more than 1000 bases long. It relies on TdT-dNTP conjugates, enzymatic reagents that facilitate controlled, rapid single-base additions to DNA molecules. 

The technology also ensures no damage is done to the DNA and is environmentally friendly, as it doesn’t require harsh chemicals. 

As per the latest reports, Ansa Biotechnologies is backed by 15 investors, including Northpond Ventures and Humboldt Fund. [13]

In 2023, they generated nearly $16 million in annual revenue. With 104 employees, this translates to a revenue per employee of $155,000. [14]

11. MoMa Therapeutics

Founded in 2020
Location: Massachusetts, United States

Total Funding: $236 million
Growth Status: Steady

MoMa Therapeutics develops personalized immunotherapies that target and eradicate cancer cells while sparing healthy ones. They utilize monoclonal antibodies (MoMa) that are engineered to selectively bind to specific antigens expressed on cancer cells.

By targeting those antigens, MoMa antibodies stimulate the immune system to identify and attack cancer cells, which ultimately leads to tumor regression and improved patient outcomes. 

In 2024, the company announced a five-year collaboration with Roche, a Swiss multinational holding healthcare corporation. During this collaboration, MoMa will offer its proprietary KnowledgeBase platform to identify drug targets crucial for cancer cell proliferation and survival.

In exchange, MoMa will receive $66 million in cash upfront and could receive additional milestone payments for commercialization, potentially exceeding $2 billion. [15]

To date, the company has raised a total of $236 million in just two funding rounds. Major investors include Goldman Sachs, LifeSci Venture Partners, and Pavilion Capital. [16]

10. C16 Biosciences

Founded in 2018
Location: New York, United States

Total Funding: $33.5 million
Growth Status: Explosive 

C16 Biosciences aims to decrease the environmental impact of palm oil production. It utilizes microbial fermentation to develop sustainable alternatives to traditional palm oil. 

By engineering microorganisms to create high-quality oil molecules without the need for palm trees, the company can provide environmentally friendly solutions to meet the growing demand for palm oil-derived products in personal and home care and food applications.

So far, it has raised over $33 million through 8 funding rounds, with the latest round occurring in January 2024. The lead investors include Breakthrough Energy Ventures and the Bill & Melinda Gates Foundation. [17]

9. HiberCell

Founded in 2019
Location: New York, United States

Total Funding: $158.2 million
Growth Status: Steady 

HiberCell is dedicated to revolutionizing cancer treatment through innovative approaches. It studies complex interactions between cancer cells and their surrounding microenvironment to develop targeted therapies that disrupt tumor dormancy and prevent cancer recurrence. 

Their pipeline includes a range of promising drug candidates developed to target various aspects of tumors. In 2024, they published a paper in the Journal of Medicinal Chemistry titled “Discovery of HC-7366: An Orally Bioavailable and Efficacious GCN2 Kinase Activator,” confirming robust preclinical efficacy. [18]

While HiberCell is supported by 11 major investors, including ARCH Venture Partners and Hercules Capital, it has acquired two biotech companies: Genuity Science in 2021 and Biothera in 2020, aligning with its strategic goals.

8. Cellarity

Founded in 2017
Location: Massachusetts, United States

Total Funding: $294 million
Growth Status: Rapid expansion

Cellarity utilizes computational biology and AI to decode the complex networks of cellular interactions underlying various diseases, including cancer, neurodegenerative conditions, and autoimmune disorders. 

With AI and machine learning models, Cellarity aims to decrease the high failure rates associated with conventional approaches and bring new treatments more quickly and cost-effectively. 

The company integrates different data types, including transcriptomic, genomic, and proteomic data, to develop comprehensive models of disease biology. It combines computational algorithms with experimental data to accurately simulate and predict how drugs will interact with cellular networks, making the drug discovery and development process more efficient. 

In 2022, Cellarity concluded its Series C funding round, securing $121 million from Kyowa Kirin, Flagship Pioneering, and Hanwha Impact Partners. [19]

Building on this momentum, in 2024, they announced the extension of their partnership with Novo Nordisk to develop new therapy for Metabolic Steatohepatitis, for which there are currently no approved treatments available. [20]

7. Aro Biotherapeutics

Founded in 2017
Location: Pennsylvania, United States

Total Funding: $166.5 million
Growth Status: Explosive

Aro Biotherapeutics develops next-generation RNA-based therapies using its patented platform technology called Centyrin. This proprietary protein technology platform allows them to harness the power of RNA to target and modulate disease-causing proteins with high precision and efficacy. [21] 

Aro Biotherapeutics frequently partners with industry leaders. Through these collaborations, they combine Centyrins with different drug classes to facilitate precise targeting and delivery of a wide range of therapeutics.

In 2023, the company raised $41.5 million in a Series B funding round. In total, they have secured $166.5 million through 4 funding rounds. Major investors include Cowen Healthcare Investments, Northpond Ventures, and Johnson & Johnson Innovation. [22]

6. Insitro

Founded in 2018
Location: California, United States

Total Funding: $643 million
Growth Status: Rapid expansion

Insitro utilizes cutting-edge data science, machine learning models, and advanced computational techniques to accelerate the development of precision therapies for complex diseases. 

Its proprietary platform’s approach extends beyond data analysis, incorporating insights from human genetics to pinpoint casual intervention points in disease pathways. This integration of genetic information enables Insitro to recognize and prioritize therapeutic interventions with the potential to be highly effective in particular patient populations. [23]

Insitro is backed by 19 investors, including BlackRock, Google Ventures, Canada Pension Plan Investment Board, and Temasek Holdings. [24]

According to Growjo, its estimated annual revenue is $69 million. With 318 employees, this translates to a revenue per employee of $217,000. [25]

5. Orna Therapeutics

Founded in 2019
Location: Massachusetts, United States

Total Funding: $321 million
Growth Status: Accelerated  

Orna Therapeutics aims to revolutionize disease treatment through its fully engineered circular RNA (oRNA) therapeutics. Unlike conventional linear RNA molecules, oRNAs have the unique ability to drive protein expression within cells, offering a promising avenue for targeted therapy. [26]

One of the key advantages of Orna’s approach is its versatility, which allows for the development of therapies for a range of diseases, including infectious diseases, cancer, autoimmune conditions, and genetic disorders. 

Plus, Orna’s RNA-based therapies could offer personalized medicine, as they can be customized to target particular genetic mutations or disease pathways in individual patients.

In 2022, the company secured $221 million in a Series B funding round. To date, it has raised a total of $321 million from 10 investors, including Merck, MPM Capital, F2 Ventures, and Taiho Ventures. [27]

4. Click Therapeutics

Founded in 2012
Location: New York, United States

Total Funding: $946 million
Growth Status: Steady

Click Therapeutics is a Software as a Medical Device (SaMD) company that designs applications in compliance with FDA, ISO, and IEC standards.

At the heart of its approach lies its innovative platform, which utilizes AI models and cognitive and neurobehavioral science, to develop personalized digital interventions. These interventions target particular symptoms or behaviors associated with different health conditions, such as chronic pain, depression, and substance use disorder. 

Importantly, these interventions are rigorously tested through clinical trials to ensure their safety and efficacy. By gathering real-world data and utilizing advanced analytics, Click Therapeutics continuously improves and optimizes its interventions to maximize patient outcomes. 

According to ZoomInfo, Click Therapeutics generates $31.5 million in annual revenue. They have raised over $946 million through 12 funding rounds. [28]

In their most recent funding round in 2023, they secured a $20 million term loan from HSBC Innovation Banking. Before that, in 2022, they obtained a $15 million loan from Silicon Valley Bank. [29]

3. Every 

Founded in 2015
Location: California, United States

Total Funding: $239.8 million
Growth Status: Rapid expansion

The company “Every” has a unique name that reflects their belief in making all protein animal-free and shutting down every factory farm.

Every makes real animal protein without using any animals, starting with chicken-less egg proteins. 

To do this, they use a vast database of genetic instructions to create DNA sequences similar to those found in animals like chickens. Then, they insert these sequences into yeast cells along with common ingredients such as yeast and sugar. 

Through fermentation, the yeast converts sugar into animal proteins, mocking nature’s process but without using animals. This process is more sustainable and uses less water, land, and energy compared to conventional animal farming. 

So far, Every has raised over $239.8 million through 9 funding rounds, with the latest one in 2023. They are supported by 29 investors, including film actress Anne Hathaway and McWin, a private investment firm. [30]

2. Capstan Therapeutics

Founded in 2021
Location: California, United States

Total Funding: $340 million
Growth Status: Explosive

Capstan Therapeutics is expanding treatment options for patients by developing targeted in vivo RNA technologies. Their core technology revolves around proprietary targeted lipid nanoparticles, which deliver mRNA or gene editing tools to specific cell types in the body. 

This approach allows the company to engineer immune cells to target and eliminate pathogenic cells or modify the DNA of disease-causing cells. Plus, this approach can be applied to a range of diseases, from oncology and fibrosis to autoimmune and monogenic blood disorders. 

In 2024, Capstan Therapeutics secured $175 million in Series B financing to advance its research in treating autoimmune disorders. [31]

In total, it has raised $340 million through three funding rounds. Major investors include Pfizer Venture Investments, RA Capital Management, and Johnson & Johnson Innovation. [32] 

1. Forge Biologics

Founded in 2020
Location: Ohio, United States

Total Funding: $330 million
Growth Status: Rapid expansion

Forge is a contract manufacturing organization built for gene therapy developers. It offers the scale, technology, and manufacturing expertise to speed up gene therapies for genetic disorders. 

The company focuses on developing and commercializing effective therapies that can address medical needs in patient populations with rare genetic disorders. It also prioritizes partnerships with biopharmaceutical companies, academic institutions, and patient advocacy groups to advance its pipeline of gene therapy candidates. 

Forge Biologics is currently backed by nine investors, including Drive Capital, Aisling Capital, and MidCap Financial. In its most recent funding round (Series C, which took place in 2022), it raised $90 million. [33]

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Sources Cited and Additional References

  1. Healthcare, Biotechnology market by application; Forecast 2024 – 2033, Precedence Research
  2. Technology, Novel approach to treating solid tumors, Carisma
  3. Platform, Designing the molecules of tomorrow demands a ‘predict-first’ approach, Schrödinger
  4. Company Financials, Schrödinger highlights, Crunchbase
  5. News, Schrödinger reports strong fourth quarter and full-year 2023 financial results, Schrödinger
  6. The Benchling Platform, Industry-leading, cloud-native platform built for scale, Benchling
  7. About Us, Our mission is to unlock the power of biotechnology, Benchling
  8. Company Revenue, Benchling’s annual revenue is $21.0M, Zippa
  9. Yumin Tao, Enhanced Photosynthetic Efficiency for Increased Carbon Assimilation and Woody Biomass Production in Engineered Hybrid Poplar, MDPI
  10. Company Financials, Living Carbon highlights, Crunchbase
  11. Bioextraction, Next-gen extractive metallurgy, Maverick Biometals
  12. Technology, A unique enzymatic DNA synthesis technology, Ansa Biotechnologies 
  13. Company Financials, Ansa Biotechnologies highlights, Crunchbase
  14. Ansa Biotechnologies, Estimated revenue, valuation, and competitors, Growjo
  15. Katie Engleman, Moma Therapeutics announces five-year discovery collaboration with Roche focused on critical cancer dependencies, MOMA
  16. Katie Engleman, MOMA Therapeutics Announces $150 Million Series B Financing, MOMA
  17. Company Financials, C16 Biosciences highlights, Crunchbase
  18. Christopher Thomson, Discovery of HC-7366: An orally bioavailable and efficacious GCN2 kinase activator, National Library of Medicine
  19. Jessica Yingling, Cellarity announces close of $121 million Series C financing, Cellarity
  20. Press Release, Cellarity announces the expansion of its partnership with Novo Nordisk, Flagship Pioneering
  21. Centyrin Platform, Aro is combining advances in protein engineering, nucleic acid chemistry and disease gene biology, Aro Biotherapeutics 
  22. Mike Beyer, Comopany secures $41.5M Series B financing, Aro Biotherapeutics 
  23. Pipeline through Platform, AI/ML-driven discovery, Insitro
  24. Company Financials, Insitro highlights, Crunchbase
  25. Insitro, Company’s Revenue, competitors, and employee data, Growjo
  26. Ken Garber, Orna Therapeutics: circular logic, Nature Biotechnology
  27. Newsroom, Orna Therapeutics raises $221 million Series B financing to advance circular RNA platform and accelerate programs to the clinic, PR Newswire
  28. Healthcare Software, Click therapeutics revenue, Zoominfo
  29. Jonni Mills, Click Therapeutics secures $20 million debt financing from HSBC, Click Therapeutics
  30. News, Anne Hathaway makes first B2B investment, backing future of food leader EVERY, BusinessWire
  31. Rhiannon Jeselonis, Capstan Therapeutics announces $175M oversubscribed Series B financing, Capstan Therapeutics
  32. Company Financials, Capstan Therapeutics highlights, Crunchbase
  33. Marina Corleto, Forge Biologics announces $90 million Series C financing, Forge Biologics
Written by
Varun Kumar

I am a professional technology and business research analyst with more than a decade of experience in the field. My main areas of expertise include software technologies, business strategies, competitive analysis, and staying up-to-date with market trends.

I hold a Master's degree in computer science from GGSIPU University. If you'd like to learn more about my latest projects and insights, please don't hesitate to reach out to me via email at [email protected].

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