# Corporate VCs backing Biotech (2026 list)

> 89 corporate VCs backing Biotech, 88% active in the last 12 months. Led by Google Ventures, Samsung Next, Novartis Venture Fund. Ranked by what they funded.

Source: https://millionrounds.com/lists/corporate-vcs-biotech (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Corporate VCs backing Biotech

Updated 7 November 2026

Corporate VCs we have observed in a biotech round in the last two years.

[See all 89 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcorporate-vcs-biotech)The top 25

**89** investors on the list No change this week

**643** cheques in 12 months *+16%* against the market

**$27M** median round they joined *+238%* against the market median

**88%** wrote a cheque in 12 months

**47%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Google Ventures](https://millionrounds.com/fund/gv) *Deploying now* Corporate VC · United States **884** **$38M** median round **Oct 2026** last seen
- 2 [Samsung Next](https://millionrounds.com/fund/samsung-next) *Deploying now* Corporate VC · United States **311** **$15M** median round **Nov 2026** last seen
- 3 [Novartis Venture Fund](https://millionrounds.com/fund/novartis-venture-fund) *Deploying now* Corporate VC · Switzerland **154** **$48M** median round **Nov 2026** last seen
- 4 [M Ventures](https://millionrounds.com/fund/m-ventures) *Deploying now* Corporate VC · Switzerland **143** **$15M** median round **Sept 2026** last seen
- 5 [Advantage Capital](https://millionrounds.com/fund/advantage-capital) *Deploying now* Corporate VC · United States **142** **$4.1M** median round **Sept 2026** last seen
- 6 [Sony Innovation Fund](https://millionrounds.com/fund/sony-innovation-fund) *Deploying now* Corporate VC · Japan **142** **$10M** median round **Sept 2026** last seen
- 7 [SR One](https://millionrounds.com/fund/sr-one) *Deploying now* Corporate VC · United States **139** **$66M** median round **Oct 2026** last seen
- 8 [Eli Lilly](https://millionrounds.com/fund/eli-lilly) *Deploying now* Corporate VC · United States **137** **$56M** median round **Nov 2026** last seen
- 9 [Barclays Ventures](https://millionrounds.com/fund/barclays-ventures) *Deploying now* Corporate VC · United Kingdom **128** **$23M** median round **Oct 2026** last seen
- 10 [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) *Deploying now* Corporate VC · United Kingdom **105** **$6.3M** median round **Nov 2026** last seen
- 11 [Hana Ventures](https://millionrounds.com/fund/hana-ventures) *Deploying now* Corporate VC · South Korea **102** **$6.2M** median round **Jul 2026** last seen
- 12 [Nippon Venture Capital](https://millionrounds.com/fund/nippon-venture-capital) *Deploying now* Corporate VC · Japan **95** **$2.9M** median round **Jul 2026** last seen
- 13 [Chiratae Ventures](https://millionrounds.com/fund/chiratae-ventures) *Deploying now* Corporate VC · India **90** **$6.6M** median round **Oct 2026** last seen
- 14 [Rev1 Ventures](https://millionrounds.com/fund/rev1-ventures) *Deploying now* Corporate VC · United States **89** **$3M** median round **Mar 2026** last seen
- 15 [Unilever Ventures](https://millionrounds.com/fund/unilever-ventures) *Deploying now* Corporate VC · United Kingdom **89** **$8.2M** median round **Sept 2026** last seen
- 16 [Pfizer](https://millionrounds.com/fund/pfizer) *Deploying now* Corporate VC · United States **84** **$51M** median round **Jun 2026** last seen
- 17 [Lockheed Martin](https://millionrounds.com/fund/lockheed-martin-ventures) *Deploying now* Corporate VC · United States **80** **$27M** median round **Oct 2026** last seen
- 18 [Rainmatter by Zerodha](https://millionrounds.com/fund/rainmatter-by-zerodha) *Deploying now* Corporate VC · India **79** **$2.5M** median round **Nov 2026** last seen
- 19 [Bosch Ventures](https://millionrounds.com/fund/bosch-ventures) *Deploying now* Corporate VC · Germany **75** **$35M** median round **Oct 2026** last seen
- 20 [Axon Partners Group](https://millionrounds.com/fund/axon-partners-group) *Deploying now* Corporate VC · Spain **72** **$5M** median round **Jul 2026** last seen
- 21 [Accenture Ventures](https://millionrounds.com/fund/accenture-ventures) *Deploying now* Corporate VC · Ireland **62** **$25M** median round **Aug 2026** last seen
- 22 [Aramco Ventures](https://millionrounds.com/fund/aramco-ventures) *Deploying now* Corporate VC · Saudi Arabia **60** **$27M** median round **Sept 2026** last seen
- 23 [Hitachi Ventures](https://millionrounds.com/fund/hitachi-ventures) *Deploying now* Corporate VC · Germany **59** **$31M** median round **Oct 2026** last seen
- 24 [Boehringer Ingelheim Venture Fund](https://millionrounds.com/fund/boehringer-ingelheim-venture-fund) *Deploying now* Corporate VC · Germany **59** **$20M** median round **Sept 2026** last seen
- 25 [ICF Capital](https://millionrounds.com/fund/icf-capital) *Deploying now* Corporate VC · Spain **58** **$1.4M** median round **Oct 2026** last seen

**64 more on this list**

All 89 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcorporate-vcs-biotech)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *Led by* [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [Samsung Next](https://millionrounds.com/fund/samsung-next)
- **5** Nov **[Anaheim Bio](https://millionrounds.com/company/anaheim-bio)** Series A · $45M *With* [Novartis Venture Fund](https://millionrounds.com/fund/novartis-venture-fund)
- **5** Nov **[altM](https://millionrounds.com/company/altm)** Series A · $10M *Led by* [Rainmatter by Zerodha](https://millionrounds.com/fund/rainmatter-by-zerodha)
- **2** Nov **[Lightyears](https://millionrounds.com/company/lightyears)** Other · $174M *With* [Obayashi Corporation](https://millionrounds.com/fund/obayashi-corporation)
- **2** Nov **[General Medicine](https://millionrounds.com/company/general-medicine)** Series B · $120M *With* [Eli Lilly](https://millionrounds.com/fund/eli-lilly)

## Stages This Year

588 rounds

- Series A **16%**
- Series B **16%**
- Venture **15%**
- Seed **15%**
- Other **8%**
- Other **30%**

## What They Backed

Sectors, last 12 months

- AI **197**
- Biotech **114**
- Healthcare **62**
- Energy **30**
- Manufacturing **26**
- Fintech **24**

## Cheques by Quarter

Led Joined

145 Q1 25

116 Q2 25

156 Q3 25

200 Q4 25

188 Q1 26

185 Q2 26

142 Q3 26

55 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in health and biotech

- The Innovator's Prescription: A Disruptive Solution for Health Care Clayton M. Christensen · 2008 4.21 from 1,158 ratings on Goodreads Health and biotech Innovation Moats and competition About the book A groundbreaking prescription for health care reform--from a legendary leader in innovation... Our health care system is in critical condition. Each year, fewer Americans can afford it, fewer businesses can provide it, and fewer government programs can promise it for future… On AmazonListen on Audible
- Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care Jonathan Bush · 2014 3.78 from 598 ratings on Goodreads Health and biotech Company building Innovation About the book A bold new remedy for the sprawling and wasteful health care industry Where else but the doctor’s office do you have to fill out a form on a clipboard? Have you noticed that hospital bills are almost unintelligible, except for the absurdly high dollar amount? Why is it that… On AmazonListen on Audible
- Ashes to Ashes: America's Hundred-Year Cigarette War, the Public Health, and the Unabashed Triumph of Philip Morris Richard Kluger · 1997 3.94 from 306 ratings on Goodreads Health and biotech Company building About the book Ashes to Ashes is a monumental history of the American tobacco industry’s ironic success in developing the cigarette, modern society’s most widespread instrument of self-destruction, into the nation’s most profitable consumer product. Starting with its energized, work-obsessed… On AmazonListen on Audible
- The Kelloggs: The Battling Brothers of Battle Creek Howard Markel · 2017 3.87 from 969 ratings on Goodreads Health and biotech Company building About the book "What's more American than Corn Flakes?" --Bing Crosby From the much admired medical historian ("Markel shows just how compelling the medical history can be"--Andrea Barrett) and author of An Anatomy of Addiction ("Absorbing, vivid"--Sherwin Nuland, The New York Times Book… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=health).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about corporate VCs backing Biotech

### Who are the most active corporate VCs backing Biotech?

By cheques observed, the most active are Google Ventures, Samsung Next, Novartis Venture Fund, M Ventures and Advantage Capital.

### How many corporate VCs backing Biotech are there?

89 are on record. 88% made an investment in the last 12 months and 47% have led a round.

### Which stages do corporate VCs backing Biotech back?

Of the rounds with a named stage in the last 12 months, mostly Series A (22%) and Series B (21%).

### How big are the rounds corporate VCs backing Biotech join?

The typical (median) round among the leading investors here is $15M.

### Which sectors do corporate VCs backing Biotech back most?

In the last 12 months, mostly AI, Biotech and Healthcare.

### Which corporate VCs backing Biotech lead the most rounds?

Google Ventures (33 led), Novartis Venture Fund (5 led) and Barclays Ventures (5 led).

### Where are corporate VCs backing Biotech based?

Among the most active, most are based in the United States (8), the United Kingdom (3) and Germany (3).

### What have corporate VCs backing Biotech invested in recently?

Recent rounds include T-Therapeutics (Series B, Nov 2026, with British Business Bank), firmly (Series A, Nov 2026, with Samsung Next) and Anaheim Bio (Series A, Nov 2026, with Novartis Venture Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)