Here are the Massachusetts companies that raised the largest Series A rounds in 2022

It’s no secret that fundraising conditions haven’t been as ideal in 2022 as compared to last year. After fears of an economic recession began spreading earlier this year, investors began tightening their purse strings.

Last year, Massachusetts companies raised around $34.5 billion, according to data from Pitchbook. As of the end of September this year, Bay State companies had brought in around $16.4 billion. There is still time to hit the $17.4 billion mark that was reached in 2020. 

This downturn has impacted early-stage companies. While Pitchbook doesn’t break down early-stage fundings by state, it found that early-stage deal activity was $55.8 billion across the U.S. by the end of September this year. Last year, deal activity reached $87.6 billion. There were 5,312 early-stage deals in 2021 and 3,535 by the start of October in 2022. 

Despite these conditions, Massachusetts startups still raised significant early-stage capital rounds this year. 

Here are the top Series A rounds raised by Massachusetts companies this year, according to Crunchbase data. Notice that the top 10 are, unsurprisingly, dominated by life science companies. BostInno has also included a second list that doesn’t include life science companies to highlight the other startups standing out in industries like software, robotics and fintech. 

Largest Series A rounds by Mass. companies in 2022

#1 Upstream Bio

#2 Idrx

#3 Triana Biomedicines

#4 Seismic Therapeutic

#5 Dianthus Therapeutics

#6 Nested Therapeutics

#7 Aktis Oncology

#8 Satellite Bio

#9 Entact Bio

#10 Cellino

Largest Series A rounds by Mass. companies in 2022 (excluding life science companies)

#1 Flipside Crypto

#2 BetterVet

#3 Quaise

#4 Colossus

#5 Sayata

#6 ZwitterCo

#7 AcuityMD

#8 Slim.AI

#9 Modulate

#10 Pramana