Elephas Valuation, Funding & Investors

Elephas is valued at $104M as of September 2022.

Last Elephas valuation

$104M

Series B · Sep 2022

Last Elephas funding round

$40M

Undisclosed stage · Nov 2025

Cumulative funding Elephas raised

$164M

across 6 funding rounds

Key investors in Elephas

  • Sands Capital Ventures
  • Northpond Ventures
  • ARCH Venture Partners
  • WARF Ventures
  • Moore Strategic Ventures
  • Tao Capital Partners

Elephas Overview

About Elephas

Elephas is a Boston-based biotech platform combining multimodal microscopy, cancer biology advances, and AI for oncology diagnostics and drug development. The system analyzes tissue samples to guide clinical decisions and accelerate therapies targeting solid tumors. Partnerships with hospitals like Massachusetts General enable real-time pathology insights from hyperspectral imaging. Founded in 2020, Elephas processes biopsies with 95% accuracy in biomarker detection.


Founded

2020

HQ

United StatesMadison, WI

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$104M (Sep 2022)

Elephas Valuation

Elephas is currently valued at $104M, based on its Series B in September 2022.

The $42M round was led by ARCH Venture Partners, with participation from Tao Capital Partners, WARF Ventures, Northpond Ventures, Sands Capital Ventures and Moore Strategic Ventures.

Elephas valuation by funding round

Elephas valuation by funding round
DateStageValuation
Sep 2022Series B$104M

Elephas Funding History

Elephas has raised a total of $164M across 6 funding rounds.

Elephas' first fundraising round was a $6M seed round in May 2021. The most recent completed round was a $40M undisclosed-stage round in November 2025.

Elephas funding rounds

Elephas funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Undisclosed stageTao Capital Partners; State of Wisconsin Investment Board; Northpond Ventures; Sands Capital Ventures; Venture Investors; ARCH Venture Partners$40M-Elephas Biosciences is a Madison, Wisconsin-based company founded in 2020 that has developed an innovative live tumor profiling platform for predicting immunotherapy response in cancer patients. The company addresses a critical unmet need in oncology: while immunotherapy treatments have expanded significantly, only approximately one in five patients receiving these therapies achieve a response, and many potentially responsive patients lack accurate biomarkers for treatment eligibility. The Elephas Live Platform functionally profiles ex vivo live tumor biopsies using proprietary technology that preserves the native tumor microenvironment and addresses tumor heterogeneity to predict how tumors will respond to immunotherapy within 72 hours. On November 6, 2025, Elephas announced a Series B-2 funding round of $40 million led by Northpond Ventures, with participation from ARCH Venture Partners, the State of Wisconsin Investment Board, Tao Capital Partners, Sands Capital, and Venture Investors Health Fund, among others. The round represented reinvestment from existing backers and underscored investor confidence in the company's approach. The capital was designated to support the launch and commercialization of the Elephas Live Platform as a laboratory-developed test (LDT) beginning in 2026, with management indicating strong momentum and progress during the year leading up to the announcement. CEO Maneesh Arora noted that this financing milestone would drive the next stage of growth and advance the company's commercialization strategy. The Elephas Live Platform operates in three sequential phases—Prepare, Assess, and Result—that together evaluate preservation of tumor tissue, response characteristics, and treatment outcomes. By achieving clinical validation through LDT launch, the company aims to scale its market presence and improve outcomes for cancer patients who would benefit from more accurate immunotherapy response prediction.
Jan 2024Series CState of Wisconsin Investment Board (lead); Venture Investors (lead); WARF Ventures; Northpond Ventures; Sands Capital Ventures; Moore Strategic Ventures; TAO Investments; ARCH Venture Partners$55M-Elephas Biosciences Corporation, founded in 2020 and based in Madison, Wisconsin, develops a novel live tumor imaging diagnostic platform to predict patient responses to immunotherapy by preserving the native tumor microenvironment. The platform aims to address the challenge that only 1 in 3 frontline immunotherapy patients respond, and many potential responders lack accurate predictive biomarkers. Elephas conducts observational clinical trials correlating patient clinical responses to platform data and launched biopharma services in 2023 to accelerate immunotherapy drug development through partnerships. On January 23, 2024, Elephas announced a $55 million Series C funding round led by Venture Investors Health Fund and State of Wisconsin Investment Board (SWIB), with participation from Northpond Ventures, ARCH Ventures, Sands Capital, Moore Strategic Ventures, Tao Invest, and WARF Ventures. This round brings the company's total funding to $116.5 million. XMS Capital Partners served as financial advisor. Proceeds will support advancing the platform to improve cancer patient care by guiding clinicians and enhancing access to immunotherapies. CEO Maneesh Arora emphasized commitment to the mission, backed by top-tier investors. Venture Investors' Paul Weiss highlighted the platform's promise for a new diagnostic era in immunotherapy. Elephas has been recognized multiple times as a top tech startup in Wisconsin, including in 2025, 2024, and 2023 lists by The Tech Tribune, and in Madison-specific awards. The company focuses on empowering researchers to create products for better health outcomes in oncology.
Sep 2022Series BARCH Venture Partners (lead); Tao Capital Partners; WARF Ventures; Northpond Ventures; Sands Capital Ventures; Moore Strategic Ventures$42M$104MElephas Biosciences Corporation is a Madison, Wisconsin-based oncology diagnostics company developing a novel live tumor diagnostic platform to determine the most effective cancer therapies for individual patients by functionally profiling live tumor biopsies while preserving the native tumor microenvironment. The company announced $41.5 million in Series B funding on September 6, 2022, led by ARCH Venture Partners with participation from new investors Moore Strategic Ventures and Tao Capital Partners, as well as continuing investors Northpond Ventures, Sands Capital Ventures, and WARF Ventures. This followed a $20 million Series A and $8 million from founders and early seed investors. The funding aims to advance the platform, with XMS Capital Partners acting as financial advisor. Paul Berns from ARCH joined the board, and Keith Crandell as observer; Steven Galson, former FDA director, was recently appointed as independent director. The Series B round implied a pre-money valuation of $104 million according to transaction reports. Elephas' technology addresses tumor heterogeneity to predict patient responses to therapies, particularly immunotherapies, aiming to avoid ineffective treatments and improve cancer care outcomes. CEO Maneesh Arora emphasized the support from top-tier investors committed to the mission. In a later development, Elephas raised $40 million in a Series B-2 round on November 6, 2025, from existing investors including Northpond Ventures, ARCH Venture Partners, State of Wisconsin Investment Board, Tao Capital Partners, Sands Capital, and Venture Investors Health Fund to support commercialization of the Elephas Live™ Platform as a laboratory developed test in 2026.
Sep 2021Series ANorthpond Ventures (lead); WARF Ventures; Sands Capital Ventures$20M--
May 2021Seed-$1M--
May 2021Seed-$6M--

Who has invested in Elephas?

9 investors have backed Elephas across its funding rounds, including Sands Capital Ventures, Northpond Ventures, ARCH Venture Partners, WARF Ventures, Moore Strategic Ventures and Tao Capital Partners.

Lead investors include State of Wisconsin Investment Board, Venture Investors, ARCH Venture Partners and Northpond Ventures.


Elephas Investors

Investors in Elephas by funding rounds participated
InvestorHQRoundsRoleFirst check
Northpond VenturesUnited StatesWashington, DC4LeadSep 2021
Sands Capital VenturesUnited StatesWashington, DC4ParticipantSep 2021
WARF VenturesUnited StatesMadison, WI3ParticipantSep 2021
ARCH Venture PartnersUnited StatesChicago, IL3LeadSep 2022
Tao Capital PartnersUnited StatesSan Francisco, CA2ParticipantSep 2022
State of Wisconsin Investment BoardUnited StatesMadison, WI2LeadJan 2024
Venture InvestorsUnited StatesMadison, WI2LeadJan 2024

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Elephas Competitors

Elephas competitors include listed companies like Pangaea Oncology and JLK, and private ones like MindwareWorks, Mihup, Broadcare Robot and Intiva Health.

Public and private companies comparable to Elephas
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MindwareWorksSouth KoreaSeoulPrivate--$103M-
MihupIndiaKolkataPrivate$2M-$119M59.5x
Broadcare RobotChinaShenzhenPrivate--$103M-
Pangaea OncologySpainSpainPublicly listed$17M($1M)$59M3.7x
Intiva HealthUnited StatesAustin, TXPrivate--$107M-
JLKSouth KoreaSouth KoreaPublicly listed$2M($9M)$93M-

Elephas Public Comps

Elephas is still privately-owned, but its public comps include electroCore, Definitive Healthcare, Oneview Healthcare, Anixa Biosciences, Omda, Alcidion Group, Pluszero, JLK, Laboro AI and RTB Digital (Roundtable).

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
electroCore$32M($12M)3.3x2.7x(8.7x)(16.9x)
Definitive Healthcare$242M($149M)0.5x0.6x(0.9x)2.0x
Oneview Healthcare$14M($12M)7.2x7.1x(8.2x)(11.3x)
Anixa Biosciences-($12M)--(7.0x)-
Omda$52M$15M2.7x2.7x9.9x10.2x
Alcidion Group$30M$4M2.7x2.2x18.3x16.4x
Pluszero$10M$4M8.7x7.3x23.2x-
JLK$2M($9M)35.6x-(9.3x)-

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Common questions about Elephas

When was Elephas founded?Elephas was founded in 2020.
Where is Elephas headquartered?Elephas is headquartered in Madison, WI, United States.
Is Elephas publicly listed?No, Elephas is a private, VC-backed company.
What is Elephas' valuation?Elephas was last valued at $104M in its Series B in September 2022.
How much funding has Elephas raised?Elephas has raised $164M across 6 funding rounds.
What was Elephas' last funding round?Elephas' last funding round was a $40M undisclosed-stage round in November 2025.
Who are Elephas' investors?Elephas' investors include Northpond Ventures, Sands Capital Ventures, WARF Ventures, ARCH Venture Partners, Tao Capital Partners, State of Wisconsin Investment Board, Venture Investors, Moore Strategic Ventures and TAO Investments.
Which companies are comparable to Elephas?Companies comparable to Elephas include MindwareWorks, Mihup, Broadcare Robot, Pangaea Oncology, Intiva Health and JLK.

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