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- Pathos
Pathos Revenue, Valuation, Funding & Investors
Pathos is valued at $3B as of October 2026. Pathos revenue was $13M, as disclosed with its October 2024 round.
Last Pathos valuation
$3B
Series E · Oct 2026
Last Pathos funding round
$237M
Series E · Oct 2026
Pathos revenue
$13M
Series C · Oct 2024
Key investors in Pathos
New Enterprise Associates
Revolution
Lightbank
Builders VC
Bristol-Myers Squibb
About Pathos
Pathos is an AI drug development company leveraging multimodal data for therapy discovery. Based in Boston, Massachusetts, it combines machine learning with clinical expertise to advance oncology and immunology pipelines. Pathos has raised over $100 million in funding and partners with pharmaceutical firms on target identification. Founded in 2022, it operates across preclinical and clinical stages.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Revenue
$13M (Oct 2024)
Valuation
$3B (Oct 2026)
Pathos Valuation
Pathos is currently valued at $3B, based on its Series E in October 2026. Read the announcement ↗
The $237M round was led by Bristol-Myers Squibb.
Pathos' valuation has grown 5.0x from $600M at its Series C in October 2024 to $3B in October 2026, across 3 priced rounds.
Pathos valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2026 | Series E | $3B | - |
| May 2025 | Series D | $1.6B | - |
| Oct 2024 | Series C | $600M | 46.2x |
Pathos Revenue
Pathos' latest recorded revenue is $13M, as of its Series C in October 2024. At a $600M valuation, that implies a 46.2x revenue multiple.
Pathos revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2024 | $13M | $600M | 46.2x | 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.
Pathos Funding History
Pathos has raised a total of $684M across 4 funding rounds.
Pathos' first fundraising round was a $20M undisclosed-stage round in March 2023. The most recent completed round was a $237M Series E in October 2026.
Pathos funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Series E | Bristol-Myers Squibb (lead) | $237M | $3B | Pathos, an artificial intelligence-driven drug development company focused on oncology, announced on 23 October 2026 a USD 237 million Series E round led by Bristol Myers Squibb, with participation from existing investors. The round values the company at about USD 3 billion; it came in below the USD 300 million the company had been targeting but at the post-money valuation it had sought. The company said proceeds will scale its Foundry platform. It announced the financing alongside strategic collaborations with Bristol Myers Squibb and Tempus AI to apply AI to clinical development, beginning with Alzheimer's disease. The raise follows a USD 365 million Series D in May 2025 at a post-money valuation of about USD 1.6 billion, and a USD 62 million Series C led by New Enterprise Associates in late 2024. Pathos was founded in 2022 by Eric Lefkofsky and Ryan Fukushima, and Iker Huerga became chief executive in 2025. It combines large-scale multimodal oncology patient data with proprietary AI and biological modeling to select patients, design adaptive trials and run clinical-stage programs with small teams, and it partners with biopharma companies. |
| May 2025 | Series D | - | $365M | $1.6B | Pathos AI is a biotechnology company specializing in AI-driven drug discovery and development for oncology, leveraging multimodal data including real-world oncology data, patient-derived functional genomics, clinical, imaging, and molecular datasets to optimize therapeutics, accelerate biomarker-driven development, and improve patient outcomes. Founded around 2020-2022 by executives from Tempus, including chairman Eric Lefkofsky, the New York/Chicago-based firm recently appointed Iker Huerga as CEO and has advanced a clinical-stage pipeline, including lead drug pocenbrodib in phase 1b/2a trials (licensed from Novo Nordisk), P-500 (PRMT5 inhibitor acquired from Prelude Therapeutics, phase 1 completed), and collaborations like a multi-year deal with AstraZeneca and Tempus announced in April 2025 for a large-scale multimodal deep learning model, with Tempus receiving $200M in fees. The company closed a Series D funding round around mid-May 2025 (sources cite April 17 or May 15, 2025), raising between $283M and $365M, which propelled its post-money valuation to $1.6 billion, marking unicorn status in roughly three years. Lead investors varied across reports: New Enterprise Associates and Revolution in some accounts, Insight Partners with D1 Capital and Coatue in others, building on prior backers like Builders VC from a $62M Series C in 2024. Total funding raised post-round reached $345M to $467M per different trackers. One outlier source reported a $2.8B valuation, but consensus across authoritative outlets like Axios, Pharmaceutical Technology, and Pharmaphorum confirms $1.6B post-money. Proceeds fund expansion of the AI foundation model for oncology, clinical asset advancement, trial design, biomarker discovery, engineering scale-up, market reach, and therapeutic innovation. The round underscores investor confidence in AI platforms for biotech amid strong sector interest, positioning Pathos against competitors in precision medicine and drug development. |
| Oct 2024 | Series C | New Enterprise Associates (lead); Lightbank; Revolution; Builders VC | $62M | $600M | Pathos AI is a Chicago-based clinical-stage biotechnology company that re-engineers drug development using artificial intelligence, focusing on precision oncology therapeutics. The company leverages AI to analyze multimodal real-world data, including patient outcomes, DNA and RNA sequencing, to improve patient selection, clinical trial design, and resurrect shelved compounds. Founded by Tempus executives including Eric Lefkofsky, Pathos applies causal AI frameworks to identify drugs with safe Phase I profiles likely to succeed in targeted populations. On October 29, 2024, Pathos closed an oversubscribed $62 million Series C funding round led by New Enterprise Associates, with participation from Revolution Growth, Lightbank, and Builders VC. This round achieved a $600 million post-money valuation and brought the three-year-old company's total funding to $102 million. The capital will expand its team of scientists and engineers, accelerate its AI-powered PathOS platform, and advance clinical-stage assets like P-300 and P-500, acquired in the last 12 months from Prelude Therapeutics, Rain Oncology, and others, with trials planned for 2025. Pathos differentiates from traditional AI drug discovery by targeting existing Phase I cancer drugs for optimization rather than de novo design. It partners with pharmaceutical companies to develop shelved programs and has secured three such assets to date. The funding underscores investor interest in AI-life sciences intersections amid Chicago's growing biotech scene, despite sector challenges like lab space vacancies. |
| Mar 2023 | Undisclosed stage | - | $20M | - | Search results exclusively detail a Series D round in 2025 raising $283M-$365M at $1.6B post-money valuation, led by investors like New Enterprise Associates and Revolution, focused on AI-driven oncology drug development using multimodal data for clinical pipelines and biomarkers. Pathos, founded around 2020-2022, specializes in AI platforms for precision medicine in cancer therapeutics, with prior rounds including a $62M Series C in 2024. |
Who has invested in Pathos?
5 investors have backed Pathos across its funding rounds, including New Enterprise Associates, Revolution, Lightbank, Builders VC and Bristol-Myers Squibb.
Lead investors include Bristol-Myers Squibb and New Enterprise Associates.
Pathos Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Oct 2024 | ||
| 1 | Lead | Oct 2024 | ||
| 1 | Participant | Oct 2024 | ||
This data is available for Pro users. Sign up to see all 5 Pathos investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Pathos
Pathos has acquired 2 companies to date.
Last acquisition by Pathos was on May 5th 2026. Pathos acquired DeuterOncology for undisclosed valuation.
Latest Acquisitions by Pathos
| Description | DeuterOncology is a preclinical biotechnology company developing deuterated inhibitors targeting MET and RAS pathways in cancers. San Diego-based, its lead compound offers improved pharmacokinetics for lung and colorectal tumors harboring KRAS mutations. | San Francisco-headquartered Rain Oncology is a precision oncology company with milademetan, a MDM2 inhibitor for TP53 wild-type tumors, completing Phase 2 trials in dedifferentiated liposarcoma. It targets RAS pathway cancers with aurigene-7272, partnering with Amgen for global development. |
| HQ Country | ||
| HQ City | Geel | Newark, NJ |
| Deal Date | 5 May 2026 | 13 Dec 2023 |
| Valuation | undisclosed | $42M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Pathos acquisitions and their M&A valuation multiples. Start Free Trial | ||
Pathos Competitors
Pathos competitors include listed companies like InSilico Medicine Cayman and Jilin Aodong, and private ones like Insitro, Gimlet Labs, Heyuan Biotechnology and HyperSat.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.2B | - | ||
| Publicly listed | $56M | ($353M) | $2.7B | - | ||
| Private | - | - | $3B | - | ||
| Private | - | - | $3B | - | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $351M | - | $3B | 5.9x |
Pathos Public Comps
Pathos is still privately-owned, but its public comps include Jilin Aodong, Denali Therapeutics, China Medical System, Bausch Health, Nurix Therapeutics, Sunshine Lake Pharma, IDEAYA Biosciences, Tasly, Dyne Therapeutics and InnoCare Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $351M | - | 8.2x | 5.9x | - | 8.9x | |||
| - | ($541M) | - | 72.0x | (4.3x) | (4.9x) | |||
| $1.2B | $347M | 1.9x | 1.7x | 6.8x | 6.8x | |||
| $10B | $3.1B | 2.2x | 2.1x | 7.2x | 5.5x | |||
| $84M | ($267M) | 23.2x | 3.1x | (7.3x) | 14.5x | |||
| $723M | $164M | 4.8x | - | 21.2x | - | |||
| $219M | ($155M) | 10.4x | 33.1x | (14.8x) | (5.5x) | |||
| $1.2B | $267M | 2.1x | 2.0x | 9.7x | 8.6x | |||
This data is available for Pro users. Sign up to see all Pathos competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pathos
| When was Pathos founded? | Pathos was founded in 2020. |
| Where is Pathos headquartered? | Pathos is headquartered in Chicago, IL, United States. |
| Is Pathos publicly listed? | No, Pathos is a private, VC-backed company. |
| What is Pathos' valuation? | Pathos was last valued at $3B in its Series E in October 2026. |
| How much funding has Pathos raised? | Pathos has raised $684M across 4 funding rounds. |
| What was Pathos' last funding round? | Pathos' last funding round was a $237M Series E in October 2026, led by Bristol-Myers Squibb. |
| Who are Pathos' investors? | Pathos' investors include Lightbank, New Enterprise Associates, Revolution, Bristol-Myers Squibb and Builders VC. |
| What is Pathos' revenue? | Pathos' latest recorded revenue is $13M (October 2024). |
| What is Pathos' revenue multiple? | Pathos' latest valuation implies a 46.2x revenue multiple ($600M valuation on $13M of revenue). |
| Which companies are comparable to Pathos? | Companies comparable to Pathos include Insitro, InSilico Medicine Cayman, Gimlet Labs, Heyuan Biotechnology, HyperSat and Jilin Aodong. |
| How many companies has Pathos acquired? | Pathos has acquired 2 companies, including DeuterOncology and Rain Oncology. |
| What was the largest acquisition by Pathos? | The $42M acquisition of Rain Oncology in December 2023 is the largest acquisition Pathos has made to date. |
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