# HSG's Biotech Investments: 34 Startups in Its Portfolio (2026) > The 34 Biotech startups HSG has backed, by stage: $5.8B raised between them. From the rounds we track; updated nightly. Source: https://millionrounds.com/portfolio-maps/hsg-biotech-portfolio (Millionrounds; every figure on the page links to its filing or article) ## Series B 12 - [*G* Grail](https://millionrounds.com/company/grail) - [JW Therapeutics](https://millionrounds.com/company/jw-therapeutics) - [Frontera Therapeutics](https://millionrounds.com/company/frontera-therapeutics) - [ProfoundBio](https://millionrounds.com/company/profoundbio) - [D3 Bio](https://millionrounds.com/company/d3-bio) - [EdiGene](https://millionrounds.com/company/edigene) - [QuantX Biosciences](https://millionrounds.com/company/quantx-biosciences) - [Normunity](https://millionrounds.com/company/normunity) - [NuProbe](https://millionrounds.com/company/nuprobe) - [Qihan Biotech](https://millionrounds.com/company/qihan-biotech) - [Simcha Therapeutics](https://millionrounds.com/company/simcha-therapeutics) - [Refuge Biotechnologies](https://millionrounds.com/company/refuge-biotechnologies) ## Series C and later 8 - [Moderna](https://millionrounds.com/company/moderna) - [*IM* Insilico Medicine](https://millionrounds.com/company/insilico-medicine) - [*TT* Tencent Trusted Doctor](https://millionrounds.com/company/tencent-trusted-doctor) - [*BB* Brii Biosciences](https://millionrounds.com/company/brii-biosciences) - [Neurophth Therapeutics](https://millionrounds.com/company/neurophth-therapeutics) - [Adagene](https://millionrounds.com/company/adagene) - [Cullgen](https://millionrounds.com/company/cullgen) - [*JP* Joyo Pharma](https://millionrounds.com/company/joyo-pharma) ## Stage not reported 6 - [Structure Therapeutics](https://millionrounds.com/company/structure-therapeutics) - [ArriVent](https://millionrounds.com/company/arrivent) - [HemaCell](https://millionrounds.com/company/hemacell) - [*S* Stemirna](https://millionrounds.com/company/stemirna) - [RootPath](https://millionrounds.com/company/rootpath) - [Cero Therapeutics](https://millionrounds.com/company/cero-therapeutics) ## Series A 5 - [OnCusp Therapeutics](https://millionrounds.com/company/oncusp-therapeutics) - [Spiro Medical](https://millionrounds.com/company/spiro-medical) - [Spear Bio](https://millionrounds.com/company/spear-bio) - [Shanhu Health](https://millionrounds.com/company/shanhu-health) - [*GS* Grit Science](https://millionrounds.com/company/grit-science) ## Pre-seed and seed 3 - [Excalipoint Therapetics](https://millionrounds.com/company/excalipoint-therapetics) - [Generation Lab](https://millionrounds.com/company/generation-lab) - [CorrectSequence Therapeutics](https://millionrounds.com/company/correctsequence-therapeutics) ## Segment by segment ### Series B 12 startups · $2.6B raised - [*G* **Grail**](https://millionrounds.com/company/grail) United States $1.6B - [**JW Therapeutics**](https://millionrounds.com/company/jw-therapeutics) JW Therapeutics is a developer of cell-based therapy technologies created to revolutionize cancer treatment. China $190M - [**Frontera Therapeutics**](https://millionrounds.com/company/frontera-therapeutics) Frontera Therapeutics is an AAV gene therapy company that focuses on rAAV therapies for the global market. United States $160M - [**ProfoundBio**](https://millionrounds.com/company/profoundbio) ProfoundBio is a developer of targeted therapeutics intended for patients with cancer. United States $112M - [**D3 Bio**](https://millionrounds.com/company/d3-bio) D3 Bio is a clinical-stage biotechnology company based in Wuxi, China, founded in 2020. China $108M - [**EdiGene**](https://millionrounds.com/company/edigene) EdiGene is a biotechnology company that develops genome editing technologies. Japan $87M - [**QuantX Biosciences**](https://millionrounds.com/company/quantx-biosciences) QuantX Biosciences is a biotechnology company that specializes in computational drug discovery and small-molecule therapeutic products. United States $85M - [**Normunity**](https://millionrounds.com/company/normunity) Normunity is a biotechnology company founded in 2020, focused on developing innovative precision immuno-oncology therapies. United States $75M ### Series C and later 8 startups · $1.7B raised - [**Moderna**](https://millionrounds.com/company/moderna) Learn how we’re changing the world of medicine. United States $675M - [*IM* **Insilico Medicine**](https://millionrounds.com/company/insilico-medicine) Hong Kong SAR China $392M - [*TT* **Tencent Trusted Doctor**](https://millionrounds.com/company/tencent-trusted-doctor) China $250M - [*BB* **Brii Biosciences**](https://millionrounds.com/company/brii-biosciences) Brii Biosciences is a biotechnology company that commits to bring innovative medicines to China as a way to improve public health. China $155M - [**Neurophth Therapeutics**](https://millionrounds.com/company/neurophth-therapeutics) Neurophth Therapeutics is a leading clinical-stage gene therapy company based in Wuhan, China, with additional subsidiaries in Sha China $97M - [**Adagene**](https://millionrounds.com/company/adagene) Adagene is a clinical-stage biotech company that specializes in developing immuno-oncology antibodies. China $83M - [**Cullgen**](https://millionrounds.com/company/cullgen) Cullgen is a drug discovery services intended to create new drugs for the treatment of diseases that currently lack effective therapies. United States $66M - [*JP* **Joyo Pharma**](https://millionrounds.com/company/joyo-pharma) Joyo Pharma focuses on the research and development of drugs for the treatment of tumors, autoimmunity, metabolism, and infectious diseases. China $14M ### Stage not reported 6 startups · $1.1B raised - [**Structure Therapeutics**](https://millionrounds.com/company/structure-therapeutics) Structure Therapeutics specializes in the discovery and development of drugs against a type of targets called GPCR. United States $748M - [**ArriVent**](https://millionrounds.com/company/arrivent) ArriVent develops pharmaceutical products to cure presently untreatable cancer. United States $325M - [**HemaCell**](https://millionrounds.com/company/hemacell) HemaCell is a new cell therapy company to regenerate hematopoietic lineages in vitro, with unique stem cell reprogramming. China $17M - [*S* **Stemirna**](https://millionrounds.com/company/stemirna) Stemirna Therapeutics is a RNA technology based drug development company designed to maximize the potential of RNA science. China $14M - [**RootPath**](https://millionrounds.com/company/rootpath) RootPath is a synthetic biology company dedicated to reducing the cost of gene synthesis and enhancing gene function interrogation. United States $8.4M - [**Cero Therapeutics**](https://millionrounds.com/company/cero-therapeutics) CERo Therapeutics, Inc. United States $8.0M ### Series A 5 startups · $242M raised - [**OnCusp Therapeutics**](https://millionrounds.com/company/oncusp-therapeutics) OnCusp Therapeutics, Inc. United States $100M - [**Spiro Medical**](https://millionrounds.com/company/spiro-medical) Spiro Medical is a medical device company developing a groundbreaking Pulmonary Neuromodulation (PNM) System for asthma treatment. United States $67M - [**Spear Bio**](https://millionrounds.com/company/spear-bio) Spear Bio is a biotechnology startup based in Woburn, Massachusetts, founded in 2021. United States $45M - [**Shanhu Health**](https://millionrounds.com/company/shanhu-health) Shanhu Health is committed to provide the highest quality digital products for clinical research, including: IP4CAST, IRT, WMS, ED China $15M - [*GS* **Grit Science**](https://millionrounds.com/company/grit-science) Grit Science is a gene therapeutics firm. China $15M ### Pre-seed and seed 3 startups · $86M raised - [**Excalipoint Therapetics**](https://millionrounds.com/company/excalipoint-therapetics) Excalipoint Therapeutics develops targeted therapies that focus on modulating disease pathways at specific biological points. Hong Kong SAR China $69M - [**Generation Lab**](https://millionrounds.com/company/generation-lab) Generation Lab measures molecular disbalance a marker of aging using a straightforward cheek-swab test combined with patented methodologies. United States $11M - [**CorrectSequence Therapeutics**](https://millionrounds.com/company/correctsequence-therapeutics) CorrectSequence Therapeutics, also known as Correctseq, is a clinical-stage biotechnology company based in Shanghai, China. China $6.2M **How this map is made.** Every startup here works in Biotech and has raised money in a round we track that names HSG as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026. ## More portfolio maps [All portfolios](https://millionrounds.com/portfolio-maps) [Sector portfolio **HSG's AI portfolio** 52 startups · $44B](https://millionrounds.com/portfolio-maps/hsg-ai-portfolio)[Sector portfolio **HSG's Fintech portfolio** 19 startups · $4.3B](https://millionrounds.com/portfolio-maps/hsg-fintech-portfolio)[Sector portfolio **HSG's Web3 & Crypto portfolio** 16 startups · $2.3B](https://millionrounds.com/portfolio-maps/hsg-web3-crypto-portfolio)[Sector portfolio **HSG's Healthtech portfolio** 14 startups · $2.8B](https://millionrounds.com/portfolio-maps/hsg-healthtech-portfolio)[Portfolio map **HSG portfolio map** 185 startups · $66B](https://millionrounds.com/portfolio-maps/hsg-portfolio-map)[Co-investors **Who invests with HSG** 137 co-investors](https://millionrounds.com/portfolio-maps/hsg-co-investors) ## Raising from investors like HSG? Find the investors who back startups like yours, with their cheques, rounds and partners, in the app with filters, lists and exports. [Find investors](https://millionrounds.com/login?join=1&next=/app/investors)[Market maps](https://millionrounds.com/market-maps)