Xcout Intel
Biotech venture funding, 2022 to 2026
$13.5Braised in 2026 so far
65%in $100M+ rounds
Public data report
Biotech venture funding, 2022 to today
Venture rounds raised by private biotech and drug-development companies, from seed to late stage. Listed companies’ raises, debt, grants and acquisitions are left out, and so are medical-device, diagnostics, digital-health and consumer-health companies. These are the rounds we hold, not the whole market: read the trend, not the level.
$13.5BRaised in 2026 to 16 Oct
65%Of it in $100M+ rounds
$7.0B → $10.6B2023, the low point, to 2024
RA Capital ManagementMost active investor (46 rounds)
The same weeks, every year
Dollars raised from 1 January to 16 Oct of each year, so 2026 is compared like for like. The dark part of each bar is rounds of $100M or more. 2026’s bar includes $2.3B from live news sources we did not read in earlier years, so a small rise or fall between the last two years is within our own coverage change (see coverage).
Rounds of $100M+Smaller rounds
2022to 16 Oct
$6.1Bmedian $15.4M
2023to 16 Oct
$5.6Bmedian $16.3M
2024to 16 Oct
$9.0Bmedian $13.5M
2025to 16 Oct
$9.4Bmedian $19M
2026to 16 Oct
$13.5Bmedian $19.8M
Year by year
Full calendar years, and 2026 to 16 Oct. The median is the middle round by size; it moves with the mix of sources (SEC filings are smaller than press-reported rounds), so read it with care.
2022
$7.8B37% in $100M+
2023
$7.0B48% in $100M+
2024
$10.6B62% in $100M+
2025
$11.9B54% in $100M+
2026so far
$13.5B65% in $100M+
| Year | Dollars | Median round | $100M+ rounds | Share of dollars in $100M+ | Rounds on record |
|---|---|---|---|---|---|
| 2022 | $7.8B | $16M | 16 | 37% | 226 |
| 2023 | $7.0B | $16.3M | 20 | 48% | 185 |
| 2024 | $10.6B | $13.4M | 35 | 62% | 224 |
| 2025 | $11.9B | $19M | 38 | 54% | 254 |
| 2026 (to 16 Oct) | $13.5B | $19.8M | 34 | 65% | 227 |
2023 was the low point of the period in dollars. “Rounds on record” is how many rounds we hold, which grows with our sources; see coverage before reading it as a count of deals.
Where the dollars go, by stage
Share of each year’s dollars by stage, among rounds whose stage was reported. SEC filings carry no stage, so they are left out of this split (they are in every other figure).
2022
28%30%23%13%
96rounds
2023
7%39%33%17%
90rounds
2024
31%46%14%
101rounds
2025
33%34%14%15%
161rounds
2026so far
22%48%12%13%
150rounds
The largest rounds
The ten largest rounds on our records since 2022, each checked by hand against its source. “SEC filing” means the amount comes from a Form D, which reports the amount sold, not the announced round. Our records are not complete: Altos Labs’ $3B launch round of January 2022, the largest of the period, is not in them, because no source we read gives its date.
The most active investors
By the number of rounds they joined, among the 590 rounds whose investors were reported (SEC filings rarely name them). “Led” counts rounds where they were named as lead.
OrbiMed29 companies · 18 rounds since 202538rounds
Pfizer Ventures14 companies · 9 rounds since 202518rounds
Janus Henderson Investors12 companies · 10 rounds since 202516rounds
Where the companies are
By headquarters. 70% of the dollars went to US companies. The share is higher than in most market counts because SEC filings, one of our two main sources, cover US-registered companies only.
United States800 rounds$35.3B
United Kingdom64 rounds$4.3B
Not known41 rounds
$3.7B
Switzerland26 rounds$1.3B
Netherlands17 rounds$725M
Israel18 rounds$509M
France22 rounds$460M
Canada17 rounds$451M
Coverage, and how far to trust it
Part of the rise in recent years is our own reach. 21% of 2026’s rounds came from live news sources (Google News, LinkedIn, FinSMEs) that hold almost nothing for 2022–2023; SEC filings for the latest quarters arrive late. That is why this page leads with dollars and the share of $100M+ rounds, which large rounds dominate and every year’s sources report, rather than with how many rounds there were or the median round, both of which move with the mix of sources.
| Year | SEC filings | Press releases and trade press | Live news sources |
|---|---|---|---|
| 2022 | 128 | 95 | 3 |
| 2023 | 91 | 93 | 1 |
| 2024 | 108 | 114 | 2 |
| 2025 | 83 | 160 | 11 |
| 2026 (so far) | 59 | 121 | 47 |
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Follow the money into any biotech
- Every round a company raised, with its investors and the source behind each one
- Each investor’s portfolio and who it co-invests with
- Funding next to hiring, leadership changes and events, on one company page
Past editions
Every edition is frozen at its own address, so a number you quote or share never changes under the link.
How these numbers are built
Which companies
- Companies our classifier places in drug development (biopharmaceuticals, drug-discovery platforms, biologics manufacturing), plus AI companies whose own description says they discover or design drugs.
- Left out: listed companies (from their listing date on), groups of 5,000+ people, subsidiaries of listed groups, and companies whose business is devices, diagnostics, clinics, digital health, trial software or consumer health.
- A company recorded twice (a merged duplicate) counts once, with all its rounds.
Which rounds
- Equity rounds announced from 1 January 2022 to the snapshot date; a future date is not counted. Debt, grants, IPOs, placements, stake sales, SPACs and acquisitions are left out.
- A round reported by several sources counts once, and so does a round extended within about six months. An SEC filing within six months of a reported round of the same company, or up to 18 months before one of nearly the same amount, is taken to be that round.
- Rounds found only on company-profile directories, or dated 1 January by a source from another year, are left out.
Checked by hand
140 rounds drawn at random across all five years, none seen while the rules were written, were read against their sources: 19 (14%) were wrong in some way, most of them small rounds (a listed company’s private placement, a consumer-health brand, a duplicate). Weighted by dollars the error is about 6%. The ten largest rounds were each checked. Thirty rounds added by a backfill of AI drug-discovery companies on 16 October 2026 were then read the same way: four were wrong (two dates, a namesake, a country) and were corrected, and three small ones could not be confirmed. 1,116 rounds in all.
Source
Xcout Intel company and funding records: SEC Form D filings, company press releases, trade press and news. Snapshot of 16 October 2026, frozen: these numbers will not change.
Editions: 16 October 2026 · Latest edition
Quoting these figures
Free to quote, chart and report on, with attribution: Source: Xcout Intel Biotech funding report (intel.xcout.app/insights/biotech-funding/2026-10-16). Reproducing a chart or table needs a link back to this page. Full terms are on the attribution page.
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