ElevateBio said on Wednesday it had raised $401 million in a new funding round led by a fund run by Matrix Capital Management, as the venture capital market looks to stage a rebound following a dreary 2022.
The biotechnology research firm has raised about $1.27 billion to date, it told Reuters in an emailed statement.
The latest funding round, led by the AyurMaya Capital Management Fund, comes after more than two years when ElevateBio raised $525 million from investors like SoftBank Vision Fund 2 and Matrix Capital.
The funding comes at a time when the pharma sector has seen an influx of investor money with several companies successfully testing IPO waters as well as venture funding rounds.
Earlier this month, biopharma firm Acelyrin Inc debuted on the Nasdaq, notching up a market valuation of $2.1 billion.
Johnson & Johnson’s consumer health spinoff, Kenvue Inc, fetched a valuation of about $48 billion, that marked the biggest U.S. initial public offering since 2021.
As part of the series D funding round, Khalil Barrage, managing director of Invus Group, was appointed to ElevateBio’s board.