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- Elephas
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Undisclosed stage | Tao 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 2024 | Series C | State 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 2022 | Series B | ARCH Venture Partners (lead); Tao Capital Partners; WARF Ventures; Northpond Ventures; Sands Capital Ventures; Moore Strategic Ventures | $42M | $104M | Elephas 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 2021 | Series A | Northpond Ventures (lead); WARF Ventures; Sands Capital Ventures | $20M | - | - |
| May 2021 | Seed | - | $1M | - | - |
| May 2021 | Seed | - | $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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2021 | ||
| 4 | Participant | Sep 2021 | ||
| 3 | Participant | Sep 2021 | ||
| 3 | Lead | Sep 2022 | ||
| 2 | Participant | Sep 2022 | ||
| 2 | Lead | Jan 2024 | ||
| 2 | Lead | Jan 2024 | ||
This data is available for Pro users. Sign up to see all 9 Elephas investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialElephas Competitors
Elephas competitors include listed companies like Pangaea Oncology and JLK, and private ones like MindwareWorks, Mihup, Broadcare Robot and Intiva Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $103M | - | ||
| Private | $2M | - | $119M | 59.5x | ||
| Private | - | - | $103M | - | ||
| Publicly listed | $17M | ($1M) | $59M | 3.7x | ||
| Private | - | - | $107M | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $32M | ($12M) | 3.3x | 2.7x | (8.7x) | (16.9x) | |||
| $242M | ($149M) | 0.5x | 0.6x | (0.9x) | 2.0x | |||
| $14M | ($12M) | 7.2x | 7.1x | (8.2x) | (11.3x) | |||
| - | ($12M) | - | - | (7.0x) | - | |||
| $52M | $15M | 2.7x | 2.7x | 9.9x | 10.2x | |||
| $30M | $4M | 2.7x | 2.2x | 18.3x | 16.4x | |||
| $10M | $4M | 8.7x | 7.3x | 23.2x | - | |||
| $2M | ($9M) | 35.6x | - | (9.3x) | - | |||
This data is available for Pro users. Sign up to see all Elephas competitors and their valuation data. Start Free Trial | ||||||||
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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