40 of the top biopharma and medtech deals so far in 2025

Biotech and medtech VC funding isn’t flowing these days. Venture activity has cooled in 2025, with fewer deals and more selectivity, but megarounds persist.

Two outsized rounds set the 2025 pace: Neuralink ($650M, Series E) and Isomorphic Labs ($600M, first external round). Neuralink is moving from cursor control to thought-to-text trials. The firm, which is now planning a trial for speech impediments, could find use across a range of medical conditions, from amyotrophic lateral sclerosis (ALS) and brainstem stroke/locked-in syndrome to other anarthric conditions. Elon Musk has publicly suggested Neuralink aims to make its technology widely available over time.

Meanwhile, raising almost as much is Isomorphic, the Alphabet-backed, AI-first drug-design firm founded by 2024 Nobel laureate Sir Demis Hassabis. It says its AI-designed drugs are nearing human trials. A recent video from Bloomberg notes that the company aims to turn cancer into “a chronic, but livable disease.” While Neuralink was the top entry, the following list shows biotech accounting for roughly two-thirds of the total companies surveyed. Medtech was close to one-quarter, and health-data/IT made up about one-tenth. Across themes, AI-enabled work was a prominent theme with Isomorphic and Pathos notable recipients.

A few patterns stand out. Metabolic disease shows up with a single, outsized raise (Verdiva). Second, the tools that make drugs are attracting as much interest as the drugs themselves, with Lila Sciences pulling in $435 million across two rounds for autonomous laboratories. Third, despite the AI hype, gene and RNA therapies collected $630 million across just four companies.

For many of 40 companies featured below, the line between “tech” and “biotech” has effectively disappeared.