- Companies
- Emulate
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
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
Website
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2018 | Series C | $200M | 100.0x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2018 | $2M | $200M | 100.0x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2024 | Series F | Qiming Venture Partners | $47M | - | - |
| Sep 2021 | Series E | Northpond 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 2019 | Undisclosed stage | Ethos Family Office (lead) | $28M | - | - |
| Jun 2018 | Series C | Founders Fund (lead); SciFi VC; Starlight Ventures; Beyond Impact; ALS Investment Fund; Glass Wall Syndicate | $36M | $200M | Emulate, 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 2016 | Series B | CSC 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 2016 | Series B | Techammer; 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 2014 | Series 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2014 | ||
| 2 | Participant | Mar 2016 | ||
| 2 | Lead | Jul 2014 | ||
| 2 | Participant | Mar 2016 | ||
| 2 | Participant | Mar 2016 | ||
| 1 | Participant | Oct 2016 | ||
| 1 | Lead | Aug 2019 | ||
| 1 | Lead | Sep 2021 | ||
| -- | 1 | Participant | Oct 2016 | |
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Oct 2016 | ||
| 1 | Participant | Jun 2018 | ||
This data is available for Pro users. Sign up to see all 20 Emulate investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialEmulate Competitors
Emulate competitors include listed companies like Jagsonpal Pharma and Boan Biotech, and private ones like Rona Therapeutics, QureBio, Watchmaker Genomics and BioTroy Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $215M | - | ||
| Private | - | - | $174M | - | ||
| Private | - | - | $242M | - | ||
| Private | - | - | $246M | - | ||
| Publicly listed | $30M | $6M | $157M | - | ||
| Publicly listed | $117M | $19M | $200M | 1.4x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $117M | $19M | 1.4x | 1.4x | 8.4x | 24.3x | |||
| $3M | ($245M) | 29.9x | 12.0x | (0.4x) | - | |||
| $22M | $7M | 6.9x | 6.8x | 20.8x | 19.0x | |||
| $3M | ($52M) | 58.3x | 4.3x | (3.6x) | 19.2x | |||
| - | ($110M) | - | - | (0.8x) | - | |||
| - | ($26M) | - | - | (5.3x) | (6.0x) | |||
| $38M | $18M | 3.4x | - | 6.9x | - | |||
| $13M | ($126M) | 1.6x | 0.5x | (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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