Boston tech companies won over investors with their unique innovations last month. The five largest funding rounds in the local tech scene brought in $249 million for technology that could treat diseases, reduce medical billing errors and improve the battery life of electric vehicles. Keep reading to see which Boston tech companies raised the biggest funding rounds in February.
Largest Boston Tech Funding Rounds, February 2023
- Hemab Therapeutics
- CodaMetrix
- Axena Health
- Electra Vehicles
- Istari
#5. $13 million, February 13
Istari launched from stealth last month with $13 million in seed funding from former Google CEO Eric Schmidt and other investors. The startup is developing machine learning technology that allows engineers to design and test defense systems and other hardware in the virtual world, which eliminates the time and cost constraints of designing and testing technology in the real world. Istari has already secured nine government and commercial contracts.
#4. $21 million, February 22
Electra Vehicles’ AI-based software aims to improve the range, lifespan and safety performance of EV batteries. The company’s business-to-business software can be used for electric vehicles, electric fleets and other battery-electric verticals. This $21 million funding round will help the company scale its operations, grow its new Italy office and expand into other European markets.
#3. $25 million, February 16
Medical device company Axena Health raised a $25 million Series A round to expand access to its Leva system, which is a wand that can detect the contraction of pelvic floor muscles. The wand syncs to an app and provides real-time visual feedback to women practicing Kegel exercises to strengthen their pelvic floor muscles. This solution, which requires a prescription to obtain, has been cleared by the U.S. Food and Drug Administration to treat stress, overactive bladder, mild-to-moderate urgency urinary incontinence and as a first-line treatment for fecal incontinence.
#2. $55 million, February 27
CodaMetrix, a spinout of Mass General Brigham, is using AI to make medical coding more efficient and less prone to errors. The company’s AI platform absorbs information from electronic health records so it can classify codes across multiple specialty fields, like radiology, pathology and surgery. CodaMetrix, which has already partnered with 10 health systems and academic universities, raised $55 million in Series A funding to accelerate its efforts to reach large healthcare organizations.
#1. $135 million, February 21
Hemab is a biotech company developing the first prophylactic treatments for bleeding and thrombotic disorders. The company raised $135 million in Series B financing to complete phases 1 and 2 of clinical trials for therapeutic solutions for Glanzmann thrombasthenia and von Willebrand disease. The company plans to have five clinical assets developed by 2025.
