Known for its hearty presence of robotics and biotech innovators, the Boston tech scene received ample capital last month in these sectors and more. With an array of medical advancements on the horizon, learn which local companies are fueling their next stages of growth after raising February’s largest funding rounds.
Boston’s Largest Tech Funding Rounds, February 2024
- Ascend Elements
- Alys Pharmaceuticals
- Cohere Health
- NextPoint Therapeutics
- Sea Machines
#5. $12 million, February 6
Sea Machines builds autonomous piloting systems and perception technology for maritime vessels. Outfitted with $12 million in funding from investors including Emerald Technology Ventures, Sea Machines will build out its robotics tech and expand its market presence.
#4. $42.5 million, February 14
Biotech company NextPoint is developing therapeutics for cancer treatments. The company recently extended its Series B funding round, bringing the total raise to $122.5 million. NextPoint will invest the capital in advancing its two immuno-oncology clinical programs and fueling the development of additional therapeutic modalities that target a tumor antigen.
#3. $50 million, February 1
Innovating the prior authorization space, Cohere Health equips healthcare systems with an AI-enabled platform that autonomously reduces denial rates for health plans and providers. Deerfield led a $50 million equity raise for Cohere that will help the company fuel expansion to meet growing customer demand.
#2. $100 million, February 12
Working to develop treatments for immuno-dermatological conditions, Alys recently launched with $100 million in funding from Medicxi. The company’s programs cover matters including inflammatory diseases and dermatology-supportive care for cancer patients. It aims to advance at least one program to registrational studies within the next few years.
#1. $162 million, February 20
Ascend provides its customers with materials for sustainably crafting EV batteries. The company secured $162 million in equity funding from Just Climate, Clearvision Ventures and others. With the capital, Ascend plans to advance the construction of its Kentucky-based materials manufacturing facility.
