# Ray Therapeutics funding: rounds and investors > Ray Therapeutics has raised $133M across 2 rounds since 2025. Investors include Norwest Venture Partners, Novo Holdings and Deerfield. Source: https://millionrounds.com/company/ray-therapeutics (Millionrounds; every figure on the page links to its filing or article) United States · [Series B startup](https://millionrounds.com/companies) # Who invested in *Ray Therapeutics* 2 rounds we have observed, with the 11 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Biotech Genomics Raised 6 months ago Funding summary Updated 26 Oct 2026 **$133M** raised across 2 rounds since 2025, from 2 sources **$8.0M** Grant **$125M** Series B - **Latest round:** Series B, $125M Apr 2026 - **Led by:** Janus Henderson Investors - **Step-up i:** 15.6× - **Investors:** 11 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2026 **$8.0M** Grant **$125M** Series B - **First round:** Grant, $8.0M - **Biggest round:** $125M - **Between rounds:** 13 months ## The rounds - **Apr 2026** Series B **$125M** *8 new* *3 returning* [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) Lead [Norwest Venture Partners](https://millionrounds.com/fund/norwest) [Novo Holdings](https://millionrounds.com/fund/novo-ventures) [Deerfield](https://millionrounds.com/fund/deerfield) [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) [Invus](https://millionrounds.com/fund/invus) [Adage Capital Management](https://millionrounds.com/fund/adage-capital-management) [Platanus](https://millionrounds.com/fund/platanus-ventures) [4BIO Capital](https://millionrounds.com/fund/4bio-capital) [Marshall Wace](https://millionrounds.com/fund/marshall-wace) [MRL Ventures Fund](https://millionrounds.com/fund/mrl-ventures-fund) Reported by 4BIO Capital - **Apr 2025** Grant **$8.0M** *3 new* [Norwest Venture Partners](https://millionrounds.com/fund/norwest) [Novo Holdings](https://millionrounds.com/fund/novo-ventures) [Deerfield](https://millionrounds.com/fund/deerfield) Source recorded ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Grant** 2025 **Series B** 2026 [Norwest Venture Partners](https://millionrounds.com/fund/norwest) [Novo Holdings](https://millionrounds.com/fund/novo-ventures) [Deerfield](https://millionrounds.com/fund/deerfield) [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) L [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) [Invus](https://millionrounds.com/fund/invus) [Adage Capital Management](https://millionrounds.com/fund/adage-capital-management) [Platanus](https://millionrounds.com/fund/platanus-ventures) [4BIO Capital](https://millionrounds.com/fund/4bio-capital) [Marshall Wace](https://millionrounds.com/fund/marshall-wace) ## Everyone who backed them [Norwest Venture Partners](https://millionrounds.com/fund/norwest) VC firm **2** rounds [Novo Holdings](https://millionrounds.com/fund/novo-ventures) VC firm **2** rounds [Deerfield](https://millionrounds.com/fund/deerfield) VC firm **2** rounds [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) Private equity **1** round, led 1 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) Private equity **1** round [Invus](https://millionrounds.com/fund/invus) Private equity **1** round [Adage Capital Management](https://millionrounds.com/fund/adage-capital-management) Asset manager **1** round [Platanus](https://millionrounds.com/fund/platanus-ventures) Accelerator **1** round [4BIO Capital](https://millionrounds.com/fund/4bio-capital) VC firm **1** round [Marshall Wace](https://millionrounds.com/fund/marshall-wace) Hedge fund **1** round [MRL Ventures Fund](https://millionrounds.com/fund/mrl-ventures-fund) Corporate VC **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=ray-therapeutics). ## Quick answers about Ray Therapeutics ### Who invested in Ray Therapeutics? Ray Therapeutics's investors include Norwest Venture Partners, Novo Holdings, Deerfield, Janus Henderson Investors and Franklin Templeton, and 6 more on record. Janus Henderson Investors led its latest round. ### How much has Ray Therapeutics raised? Ray Therapeutics has raised $133M across 2 rounds since 2025. ### When did Ray Therapeutics last raise? Ray Therapeutics's most recent round was a Series B of $125M in Apr 2026, led by Janus Henderson Investors. ### What was Ray Therapeutics's biggest round? Its most recent round, $125M in Apr 2026, is also its largest on record. ### Who backed Ray Therapeutics first? Ray Therapeutics's first round on record, in Apr 2025, was backed by Norwest Venture Partners, Novo Holdings and Deerfield. ### What stage is Ray Therapeutics at? Ray Therapeutics's latest named round is a Series B, in Apr 2026. ### Where is Ray Therapeutics based? Ray Therapeutics is based in the United States. ### Who led Ray Therapeutics's rounds? Janus Henderson Investors led the Series B in 2026. ## Companies like Ray Therapeutics In the same sector, and raised in the last eighteen months. [**Amogy** $125M · Oct 2026](https://millionrounds.com/company/amogy)[**Star Therapeutics** $325M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Prolific Machines** $105M · Oct 2026](https://millionrounds.com/company/prolific-machines)[**Promaxo** $106M · Oct 2026](https://millionrounds.com/company/promaxo)[**IMIO** $19M · Oct 2026](https://millionrounds.com/company/imio)[**Clinical Ink** $24M · Oct 2026](https://millionrounds.com/company/clinical-ink) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app