10 Boston Start-Ups & Scale-Ups To Watch In 2023
The Boston start-up space is packed with innovative and progressive businesses that have achieved significant growth in a short period.
These scale-ups have flourished in a number of different sectors, from artificial intelligence to SaaS and medical technology. Many of these companies are pioneering new products and solutions that are revolutionising their industries and transforming customer experiences.
Most importantly, these start-ups have also secured vital investment that has allowed them to expand their services, enhance their products, and supercharge their offering.
This has placed several Boston-based businesses in a very strong position for 2023.
Let’s take a look at 10 ambitious Boston start-ups that have skyrocketed their growth in 2022 - and have big plans for 2023.
Cohere Health
Cohere Health (founded in 2019) is a SaaS company focused on supporting healthcare providers and improving patient experiences through smart software solutions.
The business is built around several core principles, including purpose-driven performance and simplified collaboration. Cohere Health offers several software products that are designed to improve healthcare processes, such as ‘Intelligent Prior Authorization’ which automates administrative tasks and customises health plans for better patient outcomes.
The start-up has experienced huge success, having completed Series B funding in April 2021 and already raised $56.1M in total investment.
Hometap
Hometap is a successful Fintech start-up that was founded in 2017. The business aims to make homeownership more valuable (and less stressful) by allowing homeowners to access the equity in their homes quickly and easily.
The concept is simple, but hugely useful for homeowners. Through the Hometap platform, owners can request an estimate on their home’s equity, receive a debt-free cash investment up front, and settle up the repayments whenever they’re ready to do so.
This product has introduced a lot of flexibility to homeowners, empowering them to access the value of their homes without worrying about monthly repayments or loan charges.
Unsurprisingly, the innovative Hometap platform has generated a massive amount of interest from investors. The start-up received $60m in funding in December 2021 and has generated a total of $172m in investment so far.
Mabl
Mabl is a test-automation SaaS company that allows software development teams to easily set up end-to-end testing to improve the quality of their products.
Testing is enormously important for development teams, but it can be difficult to regularly run thorough tests when there are tight deadlines for application releases and product updates.
Mabl is designed to facilitate fast and efficient end-to-end testing processes through a series of clever features. The platform helps to improve speed, coverage, and reliability with tools such as simplified test creation and fully automated cross-browser testing.
Software development is an incredibly profitable industry, and by injecting advanced automation into the testing space, Mabl has already achieved a lot of success. The start-up completed Series C funding in November 2021 and has received $76.1m in total funding.
Marigold Health
Marigold Health (founded in 2016) utilises AI-powered chat support groups to assist patients with behavioural health needs.
With the Marigold Health platform, individuals facing mental health and substance use issues can access an anonymous support network to share experiences, learn about recovery options, and communicate with trained coaches.
By providing patients with an extensive support network, care providers can also free up valuable resources to improve their one-to-one services.
This kind of technology can be invaluable for healthcare teams, who are often under intense stress and struggling with limited capacity. Marigold Health has received a huge amount of attention from investors and has already secured $10.6m in funding after completing a seed round in February 2022.
Neural Magic
Neural Magic is an AI-focused start-up that’s aiming to unlock the full potential of machine learning in the world of software.
The business helps developers to improve efficiency by accelerating deep learning through advanced prediction models and industry-leading automation tools. In essence, Neural Magic looks to replicate the way that brains compute and process information to improve machine learning capabilities.
The end result is that Neural Magic can deliver GPU-level performance on CPUs through this ‘neural network’ technology.
Neural Magic completed a Series A funding round in October 2021 and has currently attracted a total of $50m in investment.
Starburst
Starburst is an advanced analytics engine that helps to rapidly transform data into actionable insights for businesses.
The start-up focuses on delivering flexibility, accessibility, and simplicity to the world of data and analytics. Starburst makes distributed data easy to access, regardless of where it’s stored, meaning clients can move swiftly from question to answer to find what they need.
This ‘single point of access’ data solution offers a range of benefits for businesses - teams can lower infrastructure costs, connect all of their systems, and reduce decision-making delays.
Many established global brands already leverage the Starburst platform, so it’s not surprising that the business has enjoyed impressive growth since launching in 2017. The start-up concluded Series D funding in February 2022 and has generated $414m in funding to date.
Vendr
Vendr is a pioneering SaaS buying-and-management platform that allows companies to discover their perfect software solutions, purchase them at the right price, and manage them effectively.
The start-up connects the dots across the SaaS buying process, enabling finance and procurement teams to make better decisions at various stages - whether they’re just starting to search for new tools or looking to negotiate a better price for a subscription.
Vendr offers many different services within its platform, from data-backed purchase insights to expert buyers who can assist companies in finding the best deal.
As the SaaS industry expands, Vendr will inevitably also continue to grow in popularity as businesses look for support. The start-up wrapped up Series B funding in June 2022 and has already raised an impressive $216m in investment so far.
Jnana Therapeutics
Jnana Therapeutics is a biotechnology start-up that specialises in researching, identifying and developing new medicines for a range of conditions.
The business uses chemoproteomics to accelerate the discovery of new drugs and produce small-molecule medicines that can treat immune-mediated diseases and cancers. While traditional methods for drug discovery can be slow-moving and tedious, Jnana Therapeutics leverages market-leading technology to speed up the process.
Jnana Therapeutics completed Series C funding in November 2022 and has raised $207m in total investment. The healthcare sector is always in need of fresh innovations, and
Jnana Therapeutics is one of the most promising start-ups leading the charge here.
Odyssey Therapeutics
Odyssey Therapeutics is a pioneering biotechnology start-up with a mission to create the next generation of immunomodulators and oncology medicines.
The company combines both established and future-facing drug discovery technologies to identify exciting new opportunities for effective treatments. Odyssey Therapeutics places a major emphasis on ‘precision medicines’ that can be developed quickly and deliver exceptional outcomes for patients.
The start-up has made huge strides in the drug discovery space, and this is reflected in the success that it has experienced. The company recently concluded Series B funding in October 2022 and has generated $386m in total investment.
Vizgen
Vizgen is a biotech company working to create the next generation of genomics.
The start-up’s patented ‘MERFISH’ technology is designed to facilitate advanced genome-scale nucleic acid imaging with unprecedented accuracy. This process will be fundamental for new tissue-scale research, and will also allow for the discovery of new cell types in a range of tissues and organisms.
Vizgen has attracted significant interest around its advancements in genomics, and this interest has translated into investment. The start-up finished Series C funding in June 2022 and has received a total of $136.2m in investment.
The Boston start-up space is as impressive as it is versatile. These incredible start-ups and scale-ups are bringing bold thinking and innovation to every conceivable industry, from healthcare to software development.
Each of these companies has already secured sizable funding from investors, which will undoubtedly lead to bigger and better things in 2023.
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