Cyclotron Road Companies Exceed $3 Billion in Follow-on Funding

Cyclotron Road, an entrepreneurial fellowship program at Lawrence Berkeley National Lab (Berkeley Lab), recently hit a significant milestone. Less than 18 months after surpassing $1 billion, the companies led by Cyclotron Road entrepreneurial fellows past and present have now exceeded $3 billion in total follow-on funding. Companies have secured this new funding from private and public sources to accelerate the scaling of new technologies across sectors including industrial biotechnology, energy, computing, and heavy metal therapeutics.

Follow-on funds will be used to build new or upgraded manufacturing sites with significant production capacities. Some of these companies will also use funds to continue their technological innovations, whether treatment for lead poisoning and radiation exposure (HOPO Therapeutics), inexpensively producing high-quality noncanonical amino acids for the pharmaceutical industry (Aralez Bio), or forming advanced electrolyte for lithium-ion batteries (Anthro Energy).

"Companies led by participants in the Cyclotron Road program continue to scale their innovative businesses, creating excitement among investors and potential end users," said Carol Burns, Berkeley Lab's deputy director for research. "This program provides a unique platform to support early-stage startups, and follow-on funding is a critical measure of the program's commercial impact."

Cyclotron Road, the longest-running site in the U.S. Department of Energy (DOE) Lab-Embedded Entrepreneurship Program (LEEP), supports leading entrepreneurial scientists as they advance technology projects with the potential for global impact. With support from the DOE and in close partnership with the Lab's nonprofit partner Activate, the program recruits, hosts, and trains entrepreneurial scientists and engineers at Berkeley Lab. The program provides a living stipend, access to state-of-the-art lab R&D resources, entrepreneurial training, and a community of scientists, industry experts, and alumni. While in the two-year program, fellows conduct market validation, develop prototypes, form partnerships, and secure essential seed funding. Since Cyclotron Road's founding in 2015, the program has provided mentorship and resources to 84 startups and 109 fellows.