Despite venture funding slowingconsiderably in recent years, companies in the technology field continue to fuel innovation. Last year, local companies in industries spanning biotechnology, agriculture, energy and edtech pulled in generous capital raises to enhance their solutions and expand their businesses. Read on to learn how these rounds could shape an upcoming year of growth for the Boston tech scene.
Largest Boston Tech Funding Rounds in 2023
- Cengage Group
- Ascend Elements
- ElevateBio
- Indigo
- Asimov
#5. $200 million, January 5
Synthetic biology innovator Asimov started 2023 with a fresh injection of capital from lead investor Canada Pension Plan Investment Board. The company is working to develop biologics, cell and gene therapies as well as RNA therapeutics that address challenges such as high manufacturing costs, drug quality and scalability. Its capital went toward scaling its tools and services businesses.
$4. $250 million, September 18
Agriculture tech company Indigo works to help grain buyers and growers transact directly with one another to reduce supply chain costs. Indigo announced its Series E round last fall from names like Baillie Gifford and Flagship Pioneering alongside launch of its grain marketplace solution.
#3. $401 million, May 24
Headquartered in Waltham, ElevateBio secured a round of funding led by AyurMaya Capital Management Fund to expand its tech solutions and therapeutics pipeline. The company’s tech platforms work to offer scale and biotechnological capabilities that power cell and gene therapy processes, programs and companies.
#2. $500 million, April 17
Apollo Funds committed $500 million to Cengage Group, an edtech company working to support students from middle school through graduate school with quality content and technology. The capital will help Cengage Group reduce its outstanding debt and invest in its business portfolio.
#1. $542 million, September 6
Ascend works to develop sustainable battery materials for electric vehicles. The Westborough-based innovator announced plans to build a commercial-scale manufacturing facility in Kentucky following its Series D raise from lead investors Decarbonization Partners, Temasek and Qatar Investment Authority.
