VC funding : Boston startups and tech firms raised $6.9B in July 2020

The Boston biotech scene is at it again, accounting for about $6.2 billion worth of all fundraising in Massachusetts last month. Altogether, Boston startups and tech firms raised about $6.9 billion by our count.

It’s not all biotech. The software industry is on fire, too, raising more than $417 million in capital last month. Most of that can be attributed to Walpole-based, a company that acquires Amazon businesses, which raised $260 million in a Series C financing. The new funding brought the startup’s valuation to $1 billion, making it the Bay State’s latest unicorn.

Startups that are looking to fundraise this fall — a.k.a., still mid-pandemic — have reason to rejoice. Six Boston-area VC and private equity firms raised funds that they intend to put to work in the coming months.

Below are the startups and related firms that raised capital in July, according to data compiled by BostInno:

Autonomous Vehicles

Dive Technologies, which designs and manufactures autonomous underwater vehicles, hauled in a $1.3M loan from MassDevelopment, a state economic development agency.

Sea Machines, the Boston-based developer of self-driving technology for boats, raised a $15M Series B round. The round was led by Huntington Ingalls Industries, America’s largest military shipbuilding company, with participation from Toyota AI VenturesBrunswick Corp. (through investment partner TechNexus), Geekdom FundNextGen Venture PartnersEniac VCLaunchCapital and others.


Biotech & Biopharma

Cambridge-based Amylyx Pharmaceuticals, which is developing treatments for neurodegenerative diseases, raised $30M in equity, according to an SEC filing.

Yumanity Therapeutics, which aims to transform drug discovery for neurodegenerative diseases caused by protein misfolding, raised $21.6M in equity, according to an SEC filing.

Newton-based Abcuro, a biopharma startup developing immunomodulatory therapeutics, raised $7.6M in equity in a $20M funding round, according to an SEC filing.

Cambridge biotech startup Vor Biopharma raised $110M to advance treatment acute myeloid leukemia, a cancer of the blood and bone marrow.

Boston-based Santi Therapeutics raised $6M in equity in a $14M funding round, according to an SEC filing.

French drug company Sanofi has signed on to co-develop two of Cambridge-based Kymera’s drug candidates for immune and inflammatory diseases. Under the deal, Kymera will receive $150M upfront and upwards of $2B in milestone payments.

Harbour BioMed raised $102.8M in Series C financing to accelerate development of biologics targeting cancer, immunologic diseases and Covid-19. The round was led by Hudson Bay Capital, with participation from new investors OrbiMedCountry Garden VCGTJA Investment GroupOctagon Capital and Sage Partners, as well as existing investor Greater Bay Area Investment Fund.

Cambridge biotech Aura Biosciences, which is developing a new class of therapies to target and selectively destroy tumor cells, raised $10M in equity in a $17M funding round, according to an SEC filing.

Boston biotech Dewpoint Therapeutics inked a deal with Merck worth up to $305M in upfront and milestone payments. The two will collaborate on a treatment for HIV.

Boxborough-based HelixBind, which is developing a diagnostic platform to address invasive microbial infections, was awarded a $3M grant from the NIH to support clinical studies evaluating the company’s early detection test for Lyme Disease.

Waltham-based Adagio Therapeutics launched with $50M in Series A financing to advance its portfolio of coronavirus antibodies as both therapeutics and prophylactics against SARS-CoV-2 as well as future coronavirus outbreaks. The financing was led by Polaris Partners and Mithril Capital and includes investments by Fidelity Management & Research CompanyOrbiMedM28 CapitalGV and others.

Glympse Bio, developer of an injectable chemical biomarker platform for diagnosing the body’s hidden diseases, raised $46.7M in a Series B round. It was led by Section 32, with participation from new investors TemasekDNS CapitalNew Leaf Venture PartnersWaterman Ventures and Catalio Capital Management and existing investors LS Polaris Innovation FundARCH Venture PartnersCRVGreatPoint VenturesGilead Sciences and others.

Cambridge-based Elicio Therapeutics, which is developing  vaccines and immunotherapies to defeat an array of aggressive cancers, raised $6.1M in equity in a $30M funding round, according to an SEC filing.

Cerevance, a Boston-based biopharma focused on brain diseases, expanded its Series B round, adding $20M to the $45M that it announced in April. UPMC EnterprisesCasdin Capital and Dolby Family Ventures joined the company’s investor base, while Foresite Capital added to its investment made in the first closing.

Cambridge biotech Moderna Therapeutics received another $472M from BARDA to support the company’s late-stage trail of a potential vaccine for the novel coronavirus, which began last month. ICYMI, here’s a short guide to Boston-area biotechs that have received BARDA funding.

Newton-based 4D Path, which is developing a precision medicine platform to detect and diagnose cancer, raised $2.7M in equity in a $4.5M funding round, according to an SEC filing.

Cambridge startup Thrive Earlier Detection Corp., which is developing a blood test to better detect early cancer, raised $257M in new financing. At least 11 new investors, including Bain Capital Life Sciences, contributed to the Series B funding round alongside existing investors.


Cambridge-based Omega Therapeutics, a Flagship Pioneering startup developing a new category of genomic medicine through epigenomic programming, completed an $85M financing. The startup did not disclose other investors.

Cambridge-based Praxis Precision Medicines raised $110M to take its three clinical-phase central nervous system treatments forward. Eventide Asset Management led the Series C1 round with support from fellow existing investors Vida VenturesNovo HoldingsBlackstone Life Sciences and OCV Partners.

Lexington-based mRNA therapeutics company Translate Bio inked a deal with Sanofi Pasteur to develop mRNA vaccines for all infectious disease pathogens. Translate Bio will receive $425M in upfront payment and common stock equity investment and overall will receive up to $1.9B of potential milestones and other payments.

Cambridge- and Berlin-based Vesigen Therapeutics launched with the objective of overcoming the hurdle of targeted intracellular drug delivery of next-generation therapeutics, such as CRISPR-cas9 and RNA molecules, by using a proprietary delivery technology. Leaps by Bayer and Morningside Ventures led the company’s Series A financing with $28.5M and were joined by Linden Lake Ventures and Alexandria Venture Investments.


Somerville-based Heila Technologies, which connects solar arrays, batteries and other distributed energy resources to grow self-managing microgrids, raised $2.1M in equity in a $3M funding round, according to an SEC filing.

Boston-based solar energy startup Sundensity raised $2M in debt in a $2.5M funding round, according to an SEC filing.


Devo Technology, a Cambridge-based cloud-native data analytics and security company, received a $9.5M contract award from the U.S. Air Force.

Burlington-based “data-security-as-a-service” startup Sotero emerged from stealth with a $5M seed round backed by Gutbrain VenturesBoston Seed Capital and PBJ Capital.


Data & AI

German startup LeanIX, an enterprise AI startup with offices in Boston that is helping brands like Adidas, Dropbox and DHL become become cloud-native, pulled in $80M in a Series D round led by Goldman Sachs.


Watertown-based Cazena, which aims to make cloud data lakes easy for all enterprises, has raised new funding from Boston firm Underscore VC.

TileDB, a startup headquartered in Cambridge that aims to simplify data management across industries, brought in $15M in Series A funding. The round was led by Two Bear Capital, with participation from new investor Uncorrelated Ventures and existing investors Nexus Venture PartnersIntel Capital and Big Pi Ventures.


Cambridge-based Tamr, a developer of data-mastering solutions, was awarded a five-year, $60M contract ceiling from the U.S. Air Force SEEK EAGLE Office to accelerate and automate the process of flight certification recommendations for new flight configurations.

Defense Tech

Andover-based Mercury Systems, which provides mission-critical technologies for aerospace and defense, received a $25M follow-on order from a defense prime contractor for integrated radio frequency and digital subsystems for an advanced naval electronic support application.


LearnLux, a digital education platform that brings employer-funded financial guidance to employees, received an investment of an undisclosed amount from Rochester, N.Y.-based VC firm Impellent Ventures, per an email to BostInno.


Boston-based Envel, an AI-driven fintech startup, raised $2.7M in convertible notes, according to an SEC filing.

Food & Agtech

Cambridge Crops, the Charlestown-based startup behind an edible coating designed to reduce food waste, closed a $12M Series A round and rebranded as Mori. Read our profile of the startup here.

Boston-based GALY, a biotech startup that makes cotton from cells, raised $2.9M in a sale of securities, according to an SEC filing.


Accomplice, a Boston-based early-stage VC firm, raised $207.5M for its third flagship fund and raised $100M for a fund that will invest in select rounds for an opportunities pool, per SEC filings.

Boston-based Victress Capital closed its second fund with nearly $22M in funding to back gender-diverse teams, meaning there is at least one woman on the founding team.

Boston private equity firm Cove Hill Partners closed its second fund at $1.5B, Buyouts Insider reported.

Cambridge-based Root Capital, a nonprofit that invests in the growth of agricultural enterprises so they can transform rural communities, raised $155.8M in debt, according to an SEC filing.

CRV, a San Francisco, Palo Alto and Boston-based venture capital firm, closed CRV XVIII, a $600M early-stage venture capital fund.

Biotech-focused venture capital fund the Longwood Fund raised $170M for its fifth fund.


Burlington-based smart router startup 128 Technology raised $20M in equity, per an SEC filing.

Health Tech

MIT spinoff Particles for Humanity received $5M from the Bill & Melinda Gates Foundation to develop a product to help people who suffer serious medical consequences from malnutrition.

Boston-based digital surgery startup Activ Surgical raised a $15M venture round led by ARTIS Ventures, with participation from new investor LRVHealth and existing investors DNS CapitalGreatPoint VenturesTao Capital Partners and Rising Tide VC.

Boston-based Cohere Health emerged from stealth with $10M in Series A funding led by Flare Capital Partners, with Define Ventures as an investor and partner as well as participation from an additional unnamed strategic partner. Cohere Health aims to streamline the health care process with its digital platform.

AI dermatology startup LuminDx closed an oversubscribed seed round at $2M, led by Argon VC with participation from Flare CapitalGood Growth Capital and TBD Angels.


PharmaCCX, which has created an online pricing platform for combination therapies, received an investment of an undisclosed amount from Rochester, N.Y.-based VC firm Impellent Ventures, per an email to BostInno.

Medical Devices

Boston-based medical device maker BioDirection closed an $18M Series C convertible preferred stock financing. The financing was led by the alternative investment division of Shepherd Kaplan Krochuk.

Lexington-based LayerBio was awarded $3M from the U.S. Department of Defense to further develop its device OcuRing for cataract surgery.

Marlborough-based medical device maker CardioFocus raised $12M in equity in a $15M funding round, per an SEC filing.


Somerville-based Righthand Robotics, whose autonomous robots specialize in pick-and-place systems, raised $6M in debt in an $8M funding round, according to an SEC filing.

Social Impact

Good news for the planet. With a founding $25M gift from King PhilanthropiesMIT’s Abdul Latif Jameel Poverty Action Lab (J-PAL) is launching the King Climate Action Initiative, which will be dedicated to solving problems at the nexus of climate change and global poverty.


Boston-based digital notary platform Notarize announced that it closed a $35M Series C round in March, bringing total funding to date to $82M. The round was led by real-estate focused venture capital firm Camber Creek, Boston-based Polaris Partners and other existing strategic investors.

Tripadvisor announced that it intends to offer $500M aggregate principal amount of new senior notes due 2025 in a private offering.

Westford-based Lotus Parent raised $15.3M in equity, according to an SEC filing.

Cambridge startup Jobcase, which provides a social platform for workers, took on a majority investment from Providence Strategic Growth and strategic investment from Workday Ventures. The investment includes $30M of primary capital to accelerate Jobcase’s product development, member services and employer partnerships.

Medfield-based Tour24, a mobile app that streamlines the rental touring process for consumers and property managers, raised $2M in debt in a $3M funding round, according to an SEC filing.

Nasuni, a provider of cloud storage and file sharing services based in the Seaport District, raised $40M in a new round of funding — $25M in equity financing and $15M in a debt facility.

Macro, a Boston-based developer of a native app that employs the Zoom SDK to add depth and analysis to your daily work meetings, raised a new $4.3M seed round from FirstMark CapitalGeneral Catalyst and Underscore VC.

Revenue Solutions, a Pembroke-based provider of technology-enabled public sector tax processing and compliance software solutions, received a strategic investment of an undisclosed amount from an affiliate of DC Capital Partners Management.

DeepBench, an expert network software platform based in Boston, secured an undisclosed amount of funding through a strategic partnership with VisasQ, global expert network service headquartered in Tokyo.

Walpole-based, which acquires Amazon businesses, raised $260M in a Series C financing led by private equity firm Advent International. The new funding brought the startup’s valuation to $1B, making it a unicorn.

Uwill, a startup that enables college students to connect with mental health professionals on demand, launched with $3.25M in a seed round led by Darryl McDaniels of Run-DMC. Bright Horizons CEO Stephen Kramer and Princeton Review founder John Katzman also joined the round.

ReSupply, a Waltham-based SaaS startup that services nonprofits, raised $2.8M in equity in a $3M funding round, according to an SEC filing.

Boston-based e-sports organizer ELS Gaming raised $1.8M in equity in a $4M funding round, per an SEC filing.

Compt, which provides software that enables employers to offer flexible perks allowances customizable to their employees, received an investment of an undisclosed amount from Rochester, N.Y.-based VC firm Impellent Ventures, per an email to BostInno.

TireTutor, a software company that offers an online platform to enable independent tire shops to source, price and install auto and truck tires competitively against large online sellers, received an investment of an undisclosed amount from Rochester, N.Y.-based VC firm Impellent Ventures, per an email to BostInno.

ClimaCell, a Boston-based microweather tech startup whose platform generates high-definition weather maps, brought in $23M in Series C funding. The round was led by Pitango Growth and Square Peg Capital.

Main Source :

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s