Sepax Technologies Funding, Investors & Competitors

Merck KGaA operates in three main segments: life science, electronics, and healthcare. The life science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates over 90% of its revenue from sequencing instruments, consumables, and services. Illumina’s high-throughput technology enables whole genome sequencing in humans and other large organisms. Its lower throughput tools enable applications that require smaller data outputs, such as viral and cancer tumor screening. Illumina also sells microarrays (9% of 2024 sales) that enable lower-cost, focused genetic screening with primarily consumer and agricultural applications.

Sartorius AG is a leading provider of bioprocessing solutions. Its bioprocess division sells equipment and consumables for upstream and downstream manufacturing of biologic drugs, and has a focus on single-use technology. Its laboratory products and services division offers a wide range of products for laboratory use, including scales, pipettes, and filtration equipment. As of 2024, the bioprocess and LPS divisions contributed 80% and 20% of revenue, respectively. Bioprocess is housed in its subsidiary Sartorius Stedim Biotech, of which Sartorius AG has a 72% ownership and 83% voting control. The business is geographically diverse, with revenue across Europe, Middle East, and Africa (41% of 2024 sales), the Americas (36%), and Asia-Pacific (23%). We estimate China revenue to be around 10%.

Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. It reports in two segments: protein sciences (about 75% of revenue) and diagnostics and genomics (25%). The protein sciences segment sells reagents and analytical instruments used in life sciences research, including antibodies used in protein analysis. The diagnostics and genomics segment sells diagnostic reagents, molecular diagnostics, and spatial biology products. The United States accounts for about 55% of revenue. The firm also has operations in Europe, the Middle East, and Africa (20% of sales), the UK (5%), and Asia-Pacific (15%), with the rest of the world accounting for the remaining 5%.

10x Genomics Inc is a life science technology company based in the United States. Its solutions include instruments, consumables, and software for analyzing biological systems. The company's integrated solutions include instruments, consumables, and software for analyzing biological systems at a resolution and scale that matches the complexity of biology. Its product offerings include a Chromium platform comprising microfluidic chips and related consumables, Chromium X series, Visium and Xenium platforms, and others, which are predominantly used for the study of biological components. Geographically, the company derives operates from the United States and the rest from Americas (excluding the United States), Europe, Middle East and Africa, China, and Asia-Pacific (excluding China).

Demant is a Denmark-based manufacturer and distributor of hearing solutions, such as hearing aid devices and diagnostic equipment. More than 80% of the company's sales come from North America and Europe.

Intrepid Labs is a biotechnology firm spun out of the University of Toronto in 2022. The company applies artificial intelligence and robotics to automate drug formulation processes, speeding up therapeutic development for pharmaceuticals. Its platform optimizes solid oral dosage forms by predicting formulation outcomes and reducing trial-and-error iterations. Based in Toronto, Ontario, Intrepid Labs partners with contract development organizations to enhance efficiency in early-stage drug manufacturing pipelines.

Benchling is a San Francisco-headquartered cloud platform for biotech R&D launched in 2012 that supports molecular biology workflows including DNA design, CRISPR editing, and experiment tracking. Adopted by Pfizer, Regeneron, and Moderna for vaccine development, it serves over 200,000 scientists at more than 3,000 organizations worldwide.

BillionToOne Inc is a precision diagnostics company revolutionizing molecular testing with its patented Quantitative Counting Templates (QCT) platform. This technology enables ultrasensitive, single-molecule DNA quantification, making genetic testing more accurate, affordable, and accessible. The company serves prenatal screening and oncology markets with non-invasive tests that detect fetal genetic risks and monitor cancer therapy response.

Adaptive Biotechnologies Corp is a company advancing the field of immune-driven medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. Its clinical diagnostic product, clonoSEQ, is test authorized by the FDA for the detection and monitoring of minimal residual disease (MRD) in patients with multiple myeloma (MM), B cell acute lymphoblastic leukemia (ALL) and chronic lymphocytic leukemia (CLL) and is also available as a CLIA-validated laboratory developed test (LDT) for patients with other lymphoid cancers, including diffuse large B-cell lymphoma (DLBCL).

Astromech is an artificial intelligence company spun out of Colossal Biosciences, founded by Ben Lamm. It uses AI to analyze biological data and forecast evolution and disease risk, applying its platform to biotech research.

Chai Discovery is a San Francisco-based applied AI research lab, founded in 2024, that builds foundation models to predict and design interactions between biochemical molecules for drug discovery. Its models, including Chai-1, Chai-2, and Chai-3, are used to design molecules such as antibodies for difficult drug targets, with its most recent model achieving a de novo antibody hit rate far above prior computational methods. The company's technology has been used by pharmaceutical partners including Eli Lilly, Pfizer, and Novartis.

Sinovac Life Sciences is a research-driven biopharma conducting vaccine R&D, production, and commercialization for human infectious diseases. Based in China, it focuses on viral pathogens through clinical trials, process scale-up, and regulatory filings. Operations mirror Sinovac Biotech efforts in formulation stability and large-scale filling for needle-free and traditional delivery systems.

Bloomage BioTechnology Corp Ltd manufactures and sells a variety of chemicals and chemical-based products, typically made from hyaluronic acid or sodium hyaluronic acid. The company's products include raw materials, medical products, functional skincare, and functional foods. Raw materials, mainly hyaluronic acid, are used in pharmaceuticals, medical devices, cosmetics, and food. Medical products span beauty and therapeutic uses, such as viscoelastics, lubricants, fillers, and skin protectors. Skincare items include lotions, creams, and masks, while functional foods feature hyaluronic acid drinks and supplements.

Generate Biomedicines Inc is a clinical-stage generative biology company pioneering the AI revolution in biotechnology and drug design and development. The company's single operating segment is engaged in the field of generative biology by using machine learning for drug discovery and development through the programming of novel protein therapeutics. Its product candidates include: GB-0895, GB-4362, and GB-5267. Through the company's Generate Platform, it can generate medicines on demand across multiple therapeutic modalities with unprecedented speed representing a fundamental shift in drug discovery.

Oxford Nanopore Technologies PLC makes a novel generation of DNA/RNA sequencing technology that provides rich data and is fast, accessible, and easy to use. The company is predominantly involved in researching, developing, manufacturing, and commercializing a nanopore-based sequencing platform that allows the real-time analysis of deoxyribonucleic acid (DNA) or ribonucleic acid (RNA). This enables its customers to perform scientific/biomedical research in a range of areas, including human genetics, cancer research, outbreak surveillance, environmental analysis, pathogens/antimicrobial resistance, microbiome analysis, and crop science. The company's reportable segments are; Life Science Research Tools which generates key revenue, and COVID Testing.

GemPharmatech Co Ltd is a provider of genetically engineered mouse models and services to preclinical research and development communities. The company develops mouse models with independent intellectual property rights based on technical platforms such as gene editing, stem cells, phenotypic analysis, efficacy analysis, and sterile animals, and carries out one-stop services such as model customization, customized breeding, and functional efficacy analysis.

Medable is a Palo Alto-based clinical research company offering a cloud platform for digital and decentralized clinical trials. Its software connects patients, trial sites, and clinical trial teams to support trial design, recruitment, retention, and data quality, with modules covering remote screening, electronic consent, outcomes assessment, and telemedicine. The platform has been used across more than 150 trials in over 60 countries, serving pharmaceutical, biotech, and research organizations.