We analyzed biotech funding data on our online BiopharmIQ platform to identify companies that had early-stage (Angel/Pre-Seed, Seed, Series A round) biotech funding events in the 1st half of 2024. To identify biotech funding events, every workday, our team uses a combination of automated and manual systems. With respect to countries with the most companies with $1M+ early-stage funding events in the 1st half of 2024 (FIG. 1), not surprisingly the U.S. (29 companies) was at the top of the list for these types of funding events that were captured by our systems.
However, there were some surprises in the data. We were a bit surprised to see the UK (9 companies) and China (9 companies) had almost 1/3 as many companies as the U.S. with $1M+ funding events in the 1st half of 2024. And more surprised that Switzerland (7 companies) came up next on the list. We were surprised that Canada (4 companies) had twice as many companies in this category as France (2 companies). And with respect to negative surprises, our systems did not pick up any companies headquartered in Germany with $1M+ early-stage funding events in the 1st half of 2024.
FIG. 1. Number of biotech companies with $1M+ (U.S. dollars/equivalent) early-stage funding events worldwide in the 1st half of 2024.
With respect to the United States (FIG. 2), not surprisingly when we analyzed the data from our powerful online BiopharmIQ platform, California and Massachusetts led with 7 and 6 companies, respectively, that had a $1M+ early round funding event in the 1st half of 2024. Perhaps more surprising is that New York (4 companies) and Alabama (2 companies) had 4x and 2x as many companies as Pennsylvania (1 company). Of course, over a longer period of time these surprising nuances likely would correct themselves.
FIG. 2. Number of biotech companies with $1M+ (U.S. dollars/equivalent) early-stage funding events in the U.S. in the 1st half of 2024.
We next analyzed the biotech funding data we downloaded from our powerful online BiopharmIQ platform to categorize the company types of the biotech companies that had a $1M+ early-stage funding event in the 1st half of 2024 (FIG. 3). Not surprisingly, therapeutics companies led the way (34 companies. However, a bit surprising was that vendors had almost 80% as many companies in this category (27 companies).
FIG. 3. Number of biotech companies with $1M+ (U.S. dollars/equivalent) early-stage funding events by company type in the 1st half of 2024.
Finally, we specifically analyzed therapeutic company funding data that we easily identified and downloaded from our powerful online BiopharmIQ platform, with respect to disease areas (FIG. 4). Not surprisingly, cancer (9 companies) led the way, followed by CNS (6 companies). Perhaps more surprising given how exciting developments in obesity and metabolic have been lately, is that our systems only identified 2 metabolic companies that received early funding of over $1M in the 1st half of 2024.
FIG. 4. Number of therapeutics companies with $1M+ (U.S. dollars/equivalent) early-stage funding events in the 1st half of 2024 by disease area.
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Article History:
MV/RF (8/22/24)
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