Life sciences grew dramatically in Central Ohio in 2023, creating hundreds of high-paying jobs while developing treatments for fatal genetic diseases.
Meanwhile, new funds launched in the region for early-stage startups indicate hope even as the number of venture investors shrank by more than one-third nationwide.
The U.S. Food and Drug Administration approved Elevidys, the first gene therapy for Duchenne muscular dystrophy and the second FDA-approved gene therapy invented at Nationwide Children's Hospital.
Investments Children’s started two decades ago and collaborations with Ohio State University have led to a blossoming cell and gene therapy industry in the region. Veterans of the hospital are now sprinkled among:
- The Columbus R&D hub for Sarepta Therapeutics, which licensed Elevidys and brought it to market.
- Contract research organization AmplifyBio, a West Jefferson-based Battelle spinout that grew its business and opened a massive new lab in New Albany that expanded its capabilities.
- Children's spinout Andelyn Biosciences, which celebrated completion of its HQ on OSU's west campus, providing critically needed manufacturing space for regenerative medicine.
- Forge Biologics, which grew revenue from gene therapy manufacturing, made progress on developing its own therapeutics and was acquired this month for more than $600 million, the region's largest acquisition since CoverMyMeds.
More tech news from the year
Central Ohio added a public company, ReAlpha Tech Corp., which skipped the IPO in favor of a direct listing. Earlier in the year the Dublin property tech startup closed a limited direct offering of securities to the public, raising $9 million.
Chronic disease-reversal startup AndHealth, launched by CoverMyMeds founder Matt Scantland in 2022, grew steadily through partnerships with employers and insurers.
Drive Capital, the Columbus VC firm that was the first investor in both Olive and Root, expanded its thesis and its footprint, focusing on early-stage companies outside of the VC epicenters on the coasts.
New funds and investor collectives include:
- Columbus-based Venture Atlas launched its third fund, based in Chicago: The American Dream Fund focuses on immigrant-founded startups.
- Dublin firm Tamarind Hill launched a $50 million fund II.
- Rev1 Ventures launched its largest single fund to date: $30 million to support biotech spinouts and research commercialization from Ohio State and Children's.
- Serial entrepreneur Will Zell launched Ohio Angel Collective, a group of individual investors who plan to mentor startups as well, after converting his Zell Capital to a traditional VC fund.
Ohio State University launched its Software Innovation Center, established with a record $110 million donation from alum Ratmir Timashev, a serial tech entrepreneur whose goal is "to make Columbus the epicenter for the global digital economy." Next spring the center will host the first cohort of the Techstars Columbus startup accelerator.
Meanwhile, OSU shattered records for commercialization income, an adjusted $18.2 million in fiscal 2022, and opened the first buildings in the Carmenton innovation district on west campus, meant to create a hub of talent and company creation.
