ElevateBio Pulls $525 Million in Successful Series C to Accelerate Biotechnology

By James White Saturday, March 20, 2021

Genetic technology concept.

In an effort to accelerate the production of new cell and gene therapies, biotech startup company ElevateBio raised $525 million in new capital from investors in the latest series C round for the business.

“ElevateBio has created the first fully-integrated technology company exclusively focused on cell and gene therapy, disrupting the current paradigm by providing end-to-end capabilities that enable partners a strategic advantage in the market and, ultimately, meet the urgent need of patients and families suffering with life-threatening and devastating diseases,” said David Hallal, co-founder, chairman, and CEO of ElevateBio.

Support for the biotech business was led by Matrix Capital Management. Other investors who backed the startup company in the latest round included Fidelity Management & Research Company and SoftBank Vision Fund 2, along with existing investors in the startup business such as MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, and others. ElevateBio will be adding two new members to the Board of Directors of its biotech startup business: Karan Takhar, Senior Managing Director at Matrix Capital Management, and Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers. To date, ElevateBio has amassed $845 million in support for its startup company.

From R&D to Commercial Production

The Massachusetts-based startup business was founded in 2017 by Hallal as well as entrepreneurs Mitchell Finer and Vikas Sinha. ElevateBio aims to bring together the R&D (research and development) and production phases of gene and cell therapy under one business model.

The biotech startup is host to a number of spin-out companies: AlloVir, which focuses on virus-specific T-cell therapies; HighPassBio, which is working on a treatment to prevent relapses in leukemia after hematopoietic stem cell transplant; and Life Edit Therapeutics, which seeks to provide gene therapies for genetic diseases. These portfolio companies, as well as strategic partners, are offered access to the ElevateBio BaseCamp, a 140,000 square foot, state-of-the-art research and production facility built by the startup business to assist the development of novel treatments.

Bustling Biotech Industry

Biotechnology is a rapidly expanding area of research as advancements in the field have important implications across numerous industries, as well as the potential to address many global issues such as food security and chronic illnesses.

Market research projects the global cell and gene therapy market to grow at a CAGR of 24.1% from 2020 to 2023, reaching $13.23 billion by the end of the forecast. ElevateBio’s company is likely to find continued support from investors as the industry continues to grow. Nature Biotechnology reported that over 73 life science firms collectively raised over $22 billion last year.

About the Author


Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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