Biotech funding has remained stable over the last few years, with global investments typically ranging between $36 billion and $40 billion. According to Crunchbase data, 2026 is expected to follow this trend. While overall venture investment reached record levels in the first half of this year, a significant portion of that capital went to generative AI companies.
AI-focused biotechs have attracted more than $6 billion this year. The largest investment was a $2.1 billion Series B round for London-based Isomorphic Labs, an AI-first drug design company. Earendil Labs, which develops AI platforms for protein therapeutics, raised $787 million in March, while San Francisco-based Chai Discovery secured $400 million in Series C at a $3.8 billion valuation.
Other heavily funded companies include NewLimit, a longevity startup from South San Francisco, which raised $435 million in a June Series C round. The current investment landscape is heavily tilted toward seed and early-stage rounds, which account for more than half of all biotech investment and the majority of the rounds.
Several companies have gone public early in their lifecycles. Kailera Therapeutics, founded in 2024, went public in April, six months after its Series B. Kardigan raised more than $550 million in early-stage funding last year before debuting on Nasdaq in June. Latigo Biotherapeutics completed its IPO in August, approximately 1.5 years after its Series B.
Late-stage biotechs also entered the public market. Parabilis Medicines, a 10-year-old company focused on cancer therapeutics, conducted the largest biotech offering of the year after raising its Series F in January. Additionally, Crunchbase data shows that at least 12 funded biotech companies were sold in transactions valued at $1 billion or more, including potential milestone payments.
