The five largest funding rounds in the Boston tech scene generated a collective $416 million last month. The funding went toward innovations in veterinary care, warehouse robots and autonomous shipping yard trucks. Keep reading to see which Boston tech companies attracted the most funding in November.
Largest Boston Tech Funding Rounds, November 2022
- FogPharma
- Locus Robotics
- Elemental Machines
- BetterVet
- ISEE
#4 (tied). ISEE: $40 million, November 17
Spun out of MIT in 2017, ISEE manufactures autonomous trucks that can help solve supply chain bottlenecks by transporting shipping containers at logistics yards. The company’s proprietary artificial intelligence technology is based on advanced cognitive modeling, game theory and deep learning. The company’s revenue has grown by more than 20 times in the past year. This Series B funding round brings the company’s total funding to date to $70 million.
#4 (tied). BetterVet: $40 million, November 16
BetterVet allows pet parents to skip the anxiety-induced veterinary office visit and arrange a veterinary examination in their own home. The company’s web and app platform features real-time scheduling to book an appointment with a doctor and nurse either virtually or at their home. BetterVet, which is currently operating in 25 U.S. markets, plans to use this Series A funding to expand its presence in existing markets, add new markets and launch additional services.
#3. Elemental Machines: $41 million, November 10
Elemental Machines collects and reports life sciences lab data by connecting physical lab assets to the cloud with its LabOps Intelligence Platform. The company will use this Series B funding to grow its customer base among research, clinical and quality control laboratory operations and expand into related fields such as manufacturing, materials science, foodtech, agtech and other data-focused industries.
#2. Locus Robotics: $117 million, November 29
Wilmington-based Locus Robotics develops autonomous mobile robots that help warehouse employees fulfill orders, allowing companies to double or triple their productivity, according to the company. With more than 90 customers, Locus’ technology is used at more than 230 sites, some of which use up to 500 robots. This Series F round valued the company at close to $2 billion and brought its total funding raised to date to $430 million. The company doubled its team last year and expects to see similar growth in the coming year.
#1. FogPharma: $178 million, November 21
FogPharma is a Cambridge-based biopharmaceutical company that is leading the development of Helicon polypeptides, a new class of drugs that the company believes can reach cancer targets previously considered to be “undruggable.” The company’s lead therapeutic, FOG-001, is expected to enter clinical development in mid-2023.
