Venture rounds for Kailera, Kardigan, Tubulis top $200M: Finance Report

Private investment in life sciences companies has fallen in 2025, with both the number of venture rounds and the dollars invested trending southward compared with 2024. But some ambitious companies have continued to draw massive rounds of $200 million or more — and three fundings this week add to a tally that has nearly matched 2024’s count, with about 10 weeks left in the year.

There have now been 20 venture fundings of at least $200 million for life sciences start-ups this year, including one instance of venture debt. That’s just short of the 21 fundings of $200 million or more in 2024, suggesting that even in a down year overall, VCs are just as willing to back some start-ups’ capital-intensive projects at scale...