Emulate Revenue, Valuation, Funding & Investors

Emulate is valued at $200M as of June 2018, a 100.0x multiple on its last reported $2M revenue.

Last Emulate valuation

$200M

Series C · Jun 2018

Last Emulate funding round

$47M

Series F · Mar 2024

Emulate revenue

$2M

Series C · Jun 2018

Key investors in Emulate

  • +ND Capital
  • Techammer
  • OS Fund
  • Cedars Sinai
  • ATEL Ventures
  • Qiming Venture Partners

Emulate Overview

About Emulate

Emulate is a Boston, Massachusetts-based biotech company that develops organ-on-a-chip technology through its Human Emulation System, a set of microfluidic chips lined with living human cells that model organs including the liver, intestine, lung, and brain. The technology, licensed from the Wyss Institute at Harvard University, provides an alternative to animal testing for drug discovery, safety testing, and precision medicine, and is also applied in food, cosmetics, and chemical testing. Its customers include Roche, Genentech, Johnson & Johnson, Gilead Sciences, AstraZeneca, Takeda, and Merck, along with government partners such as the FDA and US Army.


Founded

2013

HQ

United StatesUnited States

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$2M (Jun 2018)

Valuation

$200M (Jun 2018)

Emulate Valuation

Emulate is currently valued at $200M, based on its Series C in June 2018.

The $36M round was led by Founders Fund, with participation from SciFi VC, Starlight Ventures, Beyond Impact, ALS Investment Fund and Glass Wall Syndicate.

Emulate valuation by funding round

Emulate valuation by funding round
DateStageValuationRevenue Multiple
Jun 2018Series C$200M100.0x

Emulate Revenue

Emulate's latest recorded revenue is $2M, as of its Series C in June 2018. At a $200M valuation, that implies a 100.0x revenue multiple.

Emulate revenue by funding round

Emulate revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2018$2M$200M100.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Emulate Funding History

Emulate has raised a total of $250M across 7 funding rounds.

Emulate's first fundraising round was a $12M Series A in July 2014. The most recent completed round was a $47M Series F in March 2024.

Emulate funding rounds

Emulate funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2024Series FQiming Venture Partners$47M--
Sep 2021Series ENorthpond Ventures (lead); Perceptive Advisors$82M-Emulate, Inc., based in Boston, Massachusetts, develops organ-on-a-chip technology through its Human Emulation System, providing in vitro models that mimic human biology and disease for more precise prediction of human responses compared to traditional cell culture or animal testing. The technology originated from the Wyss Institute for Biologically Inspired Engineering at Harvard University and serves customers in academia, pharma, and government, including major drug companies like Roche, Genentech, Johnson & Johnson, and Gilead Sciences. On September 7, 2021, Emulate closed an $82 million Series E financing round led by Northpond Ventures with participation from Perceptive Advisors, bringing total funding raised to nearly $225 million. An initial SEC filing referenced $57.5 million, likely part of the round. Northpond Ventures, a repeat investor from the prior Series D, led this extension amid rapid growth in the organ-on-a-chip market. Proceeds are allocated to scale research and development for new organ-on-a-chip models in areas like immunology, neuroinflammation, and tumor modeling, aligning with pharmaceutical R&D priorities, as well as expanding the commercial organization and operations in the Asia Pacific region with new distributors. The company plans to launch 14 new applications across multiple organ models. Recent partnerships include collaborations with the FDA and U.S. Army to evaluate COVID-19 vaccines and virus interactions using lung models. Emulate positions its technology to accelerate drug discovery by recreating true-to-life human biology, with investors citing its potential to transform preclinical testing.
Aug 2019Undisclosed stageEthos Family Office (lead)$28M--
Jun 2018Series CFounders Fund (lead); SciFi VC; Starlight Ventures; Beyond Impact; ALS Investment Fund; Glass Wall Syndicate$36M$200MEmulate, Inc. is a Boston-based biotech company developing Organs-on-Chips technology as part of its Human Emulation System, which uses microfluidic chips lined with living human cells to model organs like liver, intestine, lung, and brain, providing a human-relevant alternative to animal testing for drug discovery, development, safety testing, and applications in precision medicine, food, cosmetics, and chemicals. The technology originated from the Wyss Institute at Harvard University, where the founding team pioneered it, and Emulate holds an exclusive worldwide license. On June 18, 2018, Emulate closed a $36 million Series C funding round led by Founders Fund, with participation from ALS Investment Fund, SciFi VC, Glass Wall Syndicate members, Starlight Ventures, and existing investors including Hansjoerg Wyss and OS Fund, bringing total funding to $95 million. Aaron VanDevender from Founders Fund joined the board. The post-money valuation was $200 million (pre-money $164 million). Proceeds funded expansion of the product suite, enhanced biological capabilities for disease models, commercialization efforts, and building commercial teams to integrate the platform across pharma R&D from discovery to clinic. Emulate had strong traction with partnerships including AstraZeneca for Liver-Chip drug safety testing, collaborations with Roche, Takeda, Merck, Johnson & Johnson, a CRADA with the FDA for food and cosmetics hazard testing, and clinical work with Cedars-Sinai. Estimated revenue around the round was $2 million from sales of chips and instrumentation to biotech, pharma, and research institutions. The company aimed to compete in large markets like clinical lab services, projected at $146 billion by 2022. This Series C followed prior rounds including a $45 million Series B and $28 million earlier funding, with additional grants like $4 million from NCATS for space travel and bacterial impact studies. Emulate positioned its technology to address limitations of animal models, improving prediction of human responses to drugs and reducing side effect risks.
Oct 2016Series BCSC Upshot; Hansjörg Wyss; Cedars Sinai; Techammer; ALS Finding a Cure; +ND Capital; ATEL Ventures; OS Fund$17M-Emulate is a biotech company developing Organs-on-Chips technology—a living system designed to emulate human biology for research and drug development applications. The company announced a Series B funding round in October 2016, raising $17 million from investors including ATEL Ventures, Cedars-Sinai Medical Center, Hansjörg Wyss, Laboratory Corporation of America, NanoDimension, and OS Fund. The capital was designated to advance the commercialization of Emulate's technology into a marketable Human Emulation System.
Mar 2016Series BTechammer; Labcorp; Blue Ivy Ventures; ATEL Ventures; OS Fund$28M-Emulate is a biotechnology company founded in 2014 that develops Organ-Chips, microfluidic devices mimicking human organ functions for drug testing and disease modeling, offering alternatives to animal testing with higher accuracy. The company raised $28M in a Series B round on March 29, 2016, led by OS Fund, with participation from ATEL Ventures, Blue Ivy Ventures, Labcorp, and Techammer, following a $12M Series A in 2014. Subsequent rounds included $17M in October 2016 and $36M Series C in June 2018 led by Founders Fund, bringing total funding to over $224M as of later estimates. Emulate's platform integrates with AI for real-time drug response analysis, gaining FDA fast-track status and partnerships in pharma.
Jul 2014Series A+ND Capital (lead); Cedars Sinai$12M--

Who has invested in Emulate?

20 investors have backed Emulate across its funding rounds, including +ND Capital, Techammer, OS Fund, Cedars Sinai, ATEL Ventures and Qiming Venture Partners.

Lead investors include Northpond Ventures, Ethos Family Office, Founders Fund and +ND Capital.


Emulate Investors

Investors in Emulate by funding rounds participated
InvestorHQRoundsRoleFirst check
Cedars SinaiUnited StatesLos Angeles, CA2ParticipantJul 2014
TechammerUnited StatesNew York City, NY2ParticipantMar 2016
+ND CapitalUnited StatesSan Francisco, CA2LeadJul 2014
ATEL VenturesUnited StatesSan Francisco, CA2ParticipantMar 2016
OS FundUnited StatesChicago, IL2ParticipantMar 2016
CSC UpshotUnited StatesSan Francisco, CA1ParticipantOct 2016
Ethos Family OfficeUnited StatesPhiladelphia, PA1LeadAug 2019
Northpond VenturesUnited StatesWashington, DC1LeadSep 2021
Hansjörg Wyss--1ParticipantOct 2016
SciFi VCUnited StatesSan Francisco, CA1ParticipantJun 2018
Starlight VenturesUnited StatesMiami, FL1ParticipantJun 2018
ALS Finding a CureUnited StatesBoynton Beach, FL1ParticipantOct 2016
Beyond ImpactSwitzerlandMontreux1ParticipantJun 2018

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Emulate Competitors

Emulate competitors include listed companies like Jagsonpal Pharma and Boan Biotech, and private ones like Rona Therapeutics, QureBio, Watchmaker Genomics and BioTroy Therapeutics.

Public and private companies comparable to Emulate
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Rona TherapeuticsChinaShanghaiPrivate--$215M-
QureBioChinaShanghaiPrivate--$174M-
Watchmaker GenomicsUnited StatesBoulder, COPrivate--$242M-
BioTroy TherapeuticsChinaXi'anPrivate--$246M-
Jagsonpal PharmaIndiaIndiaPublicly listed$30M$6M$157M-
Boan BiotechChinaChinaPublicly listed$117M$19M$200M1.4x

Emulate Public Comps

Emulate is still privately-owned, but its public comps include Boan Biotech, Surrozen, Medeze Group, Innate Pharma, Nkarta, Satellos Bioscience, Savior Lifetec, Tonix Pharmaceuticals, PepGen and Alector.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Boan Biotech$117M$19M1.4x1.4x8.4x24.3x
Surrozen$3M($245M)29.9x12.0x(0.4x)-
Medeze Group$22M$7M6.9x6.8x20.8x19.0x
Innate Pharma$3M($52M)58.3x4.3x(3.6x)19.2x
Nkarta-($110M)--(0.8x)-
Satellos Bioscience-($26M)--(5.3x)(6.0x)
Savior Lifetec$38M$18M3.4x-6.9x-
Tonix Pharmaceuticals$13M($126M)1.6x0.5x(0.2x)-

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Common questions about Emulate

When was Emulate founded?Emulate was founded in 2013.
Where is Emulate headquartered?Emulate is headquartered in United States.
Is Emulate publicly listed?No, Emulate is a private, VC-backed company.
What is Emulate's valuation?Emulate was last valued at $200M in its Series C in June 2018.
How much funding has Emulate raised?Emulate has raised $250M across 7 funding rounds.
What was Emulate's last funding round?Emulate's last funding round was a $47M Series F in March 2024.
Who are Emulate's investors?Emulate's investors include Cedars Sinai, Techammer, +ND Capital, ATEL Ventures, OS Fund, CSC Upshot, Ethos Family Office, Northpond Ventures, Hansjörg Wyss, SciFi VC and 10 others.
What is Emulate's revenue?Emulate's latest recorded revenue is $2M (June 2018).
What is Emulate's revenue multiple?Emulate's latest valuation implies a 100.0x revenue multiple ($200M valuation on $2M of revenue).
Which companies are comparable to Emulate?Companies comparable to Emulate include Rona Therapeutics, QureBio, Watchmaker Genomics, BioTroy Therapeutics, Jagsonpal Pharma and Boan Biotech.

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