Boston's startup ecosystem is among the most vibrant and innovative in the world. With 2,662 startups, representing about 5% of all startups in the United States, Boston consistently ranks as a top city for entrepreneurial activity. The city's ecosystem is the 4th best in the U.S. and 5th globally, reflecting its strong pool of talent, substantial funding, and extensive experience. President Biden's designation of Massachusetts as a technology hub in 2023, along with a $500 million investment to stimulate advancements in AI, quantum computing, and biotech, further solidifies Boston's position as a leading startup hub.
In December 2023 alone, Boston-area companies raised $873.4 million in funding, highlighting the robust financial support available for startups. Notable funding rounds include Indigo's $1.4 billion, Longroad Energy's $600 million, and Lightmatter's $155 million. The city's business environment, recognized as one of the best for launching a startup, is bolstered by initiatives to support minority- and women-owned businesses. In 2023, Boston awarded $151 million to these businesses, reflecting its commitment to diversity and inclusion. With a rich pool of educated talent from renowned institutions like MIT and Harvard, and a strategic location offering easy access to major business hubs, Boston provides a fertile ground for startups to thrive.
1. NuMind
Year Founded: 2022
HQ: Cambridge, Massachusetts, United States
Size: 1-50
Founders: Etienne Bernard, Samuel Bernard
NuMind is an advanced AI startup specializing in natural language processing (NLP) tools. Founded by Etienne Bernard and Samuel Bernard, NuMind simplifies the creation of custom NLP models for tasks like content classification, entity recognition, and structured data extraction. Their platform leverages large language models to reduce the labeling effort required, supports active learning for efficient document processing, and offers multilingual capabilities to handle diverse data sets without translation. Users retain full ownership of their models, allowing seamless integration into production environments. Key clients span industries such as insurance, where it aids in claims analysis and fraud detection, and healthcare, where it supports EHR data analysis and patient feedback sentiment analysis.
NuMind has raised $3 million in seed funding, backed by investors including Flybridge and Y Combinator. The company's founders bring significant expertise, with Etienne Bernard previously leading machine learning at Wolfram Research and Samuel Bernard co-founding Make.org. Their innovative platform, developed in collaboration with the Laboratory of Formal Linguistics (LLF), combines the latest NLP research with practical tools to accelerate model development. NuMind's mission is to make the benefits of AI and machine learning accessible to all, significantly speeding up the creation and deployment of NLP models.
2. Zus Health
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Jonathan Bush
Zus Health, founded by Jonathan Bush in 2020, is a pioneering health data platform designed to enhance healthcare interoperability by providing comprehensive patient information at the point of care. The platform's flagship product, the Zus Aggregated Profile (ZAP), offers a single, shareable view of a patient's health history, including coverage, care team, and medications. By integrating patient data from various sources, Zus enables healthcare providers to deliver more informed and holistic care, improving patient outcomes and operational efficiency. The platform supports seamless integration with electronic health records (EHRs), CRMs, and other patient care technologies, thus reducing clinician burden and enhancing patient-physician relationships.
Zus Health raised $40 million in a Series A funding round in March 2023, with participation from JAZZ Venture Partners, F-Prime Capital, Maverick Ventures, and Andreessen Horowitz (a16z). This funding will be used to expand the platform's data sources, develop new workflow and referral tools, and introduce integration pathways for external patient data. Zus has also announced a partnership with Elation Health to integrate ZAP into Elation's systems, enabling clinicians to access comprehensive patient records from hospitals, clinics, labs, and pharmacies. This collaboration aims to support population health and value-based care initiatives, further solidifying Zus's role as a crucial player in the healthcare data ecosystem.
3. Kodex
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Matt Donahue, Danny Mendoza
Kodex is an innovative SaaS platform designed to streamline communication between companies and law enforcement, regulators, and other government agencies. Founded in 2020 by Matt Donahue, a former counterterrorism intelligence officer for the FBI, Kodex addresses the complex challenge of managing legal data requests efficiently and securely. The platform automates the receipt and response to subpoenas and summonses, ensuring robust security and compliance. Kodex's intuitive interface and advanced verification processes help prevent real-world harm while protecting user privacy.
Kodex's platform is purpose-built for legal response teams, enhancing efficiency, trust, and peace of mind. With features like audit trails, secure file transfers, and API integrations, Kodex is reshaping how private enterprises engage with legal processes. The company has raised $10 million in a funding round led by Tusk Venture Partners, with additional support from Y Combinator. The founding team includes Matt Donahue, CEO, who brings his extensive experience in public safety and intelligence, and Matthew Leonard, Head of Product, who previously led technical development for legal compliance at Pinterest. Kodex serves a growing number of verified global agencies, ensuring transparency and automation in legal compliance across various industries.
4. InstaKin
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Yasir Shirazi, Zain Khan
InstaKin is a comprehensive platform designed to assist immigrants and expatriates in managing tasks and services back home. Founded in 2020 by Yasir Shirazi and Zain Khan, InstaKin caters to overseas Pakistanis by offering a variety of services such as bill payments, gift deliveries, documentation handling, and a concierge service for special requests. The platform includes features like InstaShop, an integrated e-commerce store for purchasing electronics, gifts, and more, as well as InstaRunner, a reliable delivery service for parcels and important errands. With secure payment methods and an intuitive interface, InstaKin ensures a seamless experience for users across the globe. InstaKin has raised significant funding to expand its services and enhance its platform, including $200,000 in pre-seed funding from Antler and additional undisclosed amounts in subsequent rounds from Goodwater Capital and other investors.
InstaKin's mission is to reinvent the money transfer experience for migrants, offering a secure, instant, and fully digitized way to support families back home while building creditworthiness in their new countries. The platform addresses the challenges faced by immigrants in managing tasks remotely, providing a trusted solution that eliminates the risks of misuse and delays associated with traditional methods. Backed by investors like Goodwater Capital and Antler, InstaKin has raised significant funding to expand its services and enhance its platform. With a customer base spanning over 60 countries, InstaKin is dedicated to making life easier for global families by providing efficient and reliable solutions for their everyday needs.
5. Backlight
Year Founded: 2021
HQ: Boston, Massachusetts, United States
Size: 200+
Founders: Ben Kaplan, Ed Laczynski, Cristian Livadiotti
Backlight is a media technology company that significantly enhances the video and entertainment content lifecycle, from creation to monetization. Launched in 2022 with substantial backing from PSG, Backlight has quickly expanded by acquiring five fast-growing media tech companies: ftrack, iconik, Celtx, Wildmoka, and Zype. Each of these companies brings specialized solutions to streamline media workflows, allowing creatives and content owners to handle their mission-critical processes more effectively. The company focuses on providing cloud-native, SaaS solutions that cater to various needs, including screenwriting, media asset management, live cloud production, and web streaming.
In April 2022, Backlight launched with a significant $200 million investment led by PSG, which facilitated the acquisition of five innovative media technology brands. This strategic move has enabled Backlight to quickly scale its operations and enhance its product offerings, providing cutting-edge solutions to clients across the media and entertainment sectors.
Headquartered in Lexington, Massachusetts, Backlight is driven by the vision of its co-founders and led by CEO Ben Kaplan. The company aims to serve media, entertainment, and video-forward customers with innovative, flexible solutions that modernize media workflows. By integrating these diverse business units, Backlight supports video-forward organizations in solving their operational challenges, ensuring seamless content creation and distribution. With its comprehensive suite of tools, Backlight empowers content creators to deliver high-quality, engaging media experiences efficiently and at scale.
6. KaiPod Learning
Year Founded: 2021
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Amar Kumar
KaiPod Learning is an innovative educational startup founded in 2021 by Amar Kumar, headquartered in Boston, Massachusetts. The company helps education entrepreneurs launch and operate personalized microschools, small and highly individualized learning environments that prioritize student-centered education. By offering programs like KaiPod Catalyst, which supports educators in starting their microschools, and a Microschool Support Network for existing schools, KaiPod Learning provides essential software, services, and a community to help these educational institutions thrive. Their vision is to create a future where every child loves their school, and every educator has the freedom and resources to build their dream learning environment.
KaiPod Learning has successfully raised $1.5 million in seed funding from investors such as Y Combinator, GSV Ventures, EO Ventures, and Verissimo Ventures. This funding supports the company's mission to make microschools a mainstream option for families seeking alternatives to traditional education. The platform addresses the growing demand for flexible and personalized learning solutions, especially in the wake of the pandemic. By creating a national network of microschools, KaiPod Learning is transforming education by empowering educators and giving families the power to choose the best educational options for their children.
7. Vendr
Year Founded: 2019
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Ryan Neu
Vendr, a Boston-based startup, is revolutionizing the SaaS purchasing process by streamlining software buying and management. Founded in 2019 by Ryan Neu, Vendr simplifies SaaS procurement by leveraging its extensive database of pricing benchmarks and expert negotiation support. The platform enables companies to achieve significant savings on their software purchases, boasting an average saving of 17%. Vendr's services include pricing benchmarks, procurement automation, and seamless integration with existing enterprise systems, allowing businesses to control costs and enhance operational efficiency. The company serves over 1,000 customers globally, including notable names like HubSpot, Canva, and Brex, and has processed over $4 billion in software spend.
In a significant move to expand its capabilities and market presence, Vendr raised $150 million in a Series B funding round co-led by Craft Ventures and SoftBank Vision Fund 2 in June 2022. This funding will accelerate the development of Vendr's platform, aiming to deliver even more powerful insights and comprehensive SaaS management solutions. Vendr's mission is to transform the SaaS buying experience, making it transparent, fair, and efficient for businesses of all sizes. The company continues to innovate and provide value by ensuring that its customers get the best possible deals on their software investments, ultimately driving significant cost savings and operational improvements.
8. Tender Food
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Christophe Chantre, Luke MacQueen, Grant Gonzalez, Kevin Kit Parker
Tender Food, founded in 2020 and based in Somerville, Massachusetts, is revolutionizing the plant-based meat industry with its innovative approach to creating alternative proteins. By using a unique technology that spins plant protein fibers, similar to the way cotton candy is made, Tender Food is able to replicate the texture and taste of real meat more accurately than traditional plant-based products. Their product line includes alternatives to beef, chicken, and pork, all designed to provide the same culinary experience as animal meat while being more sustainable and ethical.
Tender Food has quickly gained traction in the market, securing contracts with prominent food service providers such as Clover Food Lab's fast-food chain in the Boston area. The company recently raised $11 million in Series A funding led by Rhapsody Venture Partners, with participation from Chris Sacca's Lowercarbon Capital, Safar Partners, Claridge Partners, and Nor’easter Ventures. This follows a $12 million seed round in 2022. With this funding, Tender Food aims to scale up production, expand its product offerings, and further develop its technology to meet the growing demand for high-quality plant-based meats.
9. Sherlock Biosciences
Year Founded: 2019
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Feng Zhang, Jim Collins, Omar Abudayyeh, Jonathan Gootenberg
Sherlock Biosciences is revolutionizing the field of molecular diagnostics through its innovative use of CRISPR and synthetic biology technologies. Founded by renowned scientific pioneers, Sherlock Biosciences aims to democratize and decentralize diagnostic testing, making it more accessible and affordable. The company’s proprietary platforms, CRISPR-based SHERLOCK™ and synthetic biology-based INSPECTR™, enable rapid and accurate DNA and RNA detection, providing actionable health information at the point of need. This approach is poised to transform global health by delivering accurate, rapid, and cost-effective diagnostic solutions even in low-resource settings.
In a significant boost to its mission, Sherlock Biosciences recently raised $80 million in a Series B funding round led by Novalis LifeSciences in March 2022, with participation from new investors like Illumina Ventures and Albany Capital. This funding brings their total capital raised to $111 million and will support the development of new diagnostics and expand the use of their CRISPR-based platform. With their innovative technologies, Sherlock Biosciences is well-positioned to lead the market in decentralized diagnostics, offering PCR-like accuracy without the need for complex equipment, thereby addressing longstanding challenges in healthcare accessibility and convenience.
10. Concerto Biosciences
Year Founded: 2020
HQ: Cambridge, Massachusetts, United States
Size: 1-50
Founders: Cheri Ackerman, Jared Kehe, Bernardo Cervantes
Concerto Biosciences is a pioneering biotechnology company founded in 2020 and headquartered in Cambridge, Massachusetts. The company aims to revolutionize microbial research and develop innovative microbial products by leveraging its proprietary kChip discovery engine. This technology allows Concerto to construct millions of defined microbial communities simultaneously and analyze their behaviors to identify the best product candidates. By tapping into the complex relationships between microbes, Concerto is able to develop transformative microbial, prebiotic, and postbiotic products that have applications across various industries, including healthcare, agriculture, and consumer goods.
Concerto Biosciences has raised $23 million in a Series A funding round led by Safar Partners, with participation from Horizons Ventures and M Ventures, among others. The funding will be used to advance their first product, ENS-002, designed to rehabilitate the skin microbiome and reduce the frequency and severity of eczema flares. The company was co-founded by Dr. Jared Kehe, Dr. Cheri Ackerman, and Dr. Bernardo Cervantes, who have a shared passion for unearthing the secrets of microbial ecology. With a mission to reinvent humanity's relationship with microbes, Concerto is poised to make significant strides in developing a new class of microbe-based products that protect the health of our bodies, our food, and our planet.
11. RemotePass
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Kamal Reggad, Karim Nadi
RemotePass is a cutting-edge HR and fintech platform designed to streamline the process of onboarding, managing, and paying remote workers globally. The platform offers a comprehensive suite of services including EOR (Employer of Record) solutions, multi-currency payroll, and international compliance management, allowing businesses to hire and manage talent in over 150 countries without the need for a local legal presence. RemotePass's innovative super app ensures timely payments in the currency of choice and provides access to premium financial services and benefits, such as health insurance and a USD debit card. This all-in-one solution simplifies HR tasks and enhances the efficiency of finance teams by automating tedious manual processes.
Founded by Kamal Reggad and Karim Nadi, RemotePass has quickly emerged as a key player in the remote work landscape, particularly in the Middle East and Africa. The company recently raised $5.5 million in a Series A funding round led by 212 VC, with participation from notable investors including Endeavor Catalyst, Khwarizmi Ventures, and Oraseya Capital. This brings their total funding to over $10 million, which will be used to expand market reach, scale operations, and introduce new product innovations. RemotePass's robust growth and strong customer satisfaction, evidenced by its high Net Promoter Score and recognition as one of G2's Top 100 Fastest Growing Software Products of 2024, highlight its pivotal role in the evolving global remote work ecosystem.
12. Cohere Health
Year Founded: 2019
HQ: Boston, Massachusetts, United States
Size: 200+
Founders: Siva Namasivayam
Cohere Health is revolutionizing the prior authorization process in healthcare through its AI-powered Cohere Unify™ platform. This comprehensive solution digitizes and automates prior authorization requests, significantly reducing administrative burdens and improving patient outcomes. By integrating advanced analytics and machine learning, Cohere Unify™ ensures real-time decision-making and accelerates clinical reviews, which helps health plans and providers streamline their operations and enhance care delivery. The platform supports various medical services and facilitates better collaboration between health plans and providers, leading to more effective value-based care arrangements.
In February 2024, the company recently secured $50 million in additional equity funding to expand its intelligent prior authorization platform. This funding round, led by Deerfield Management with participation from Define Ventures, Flare Capital Partners, Longitude Capital, and Polaris Partners, will enable Cohere Health to meet the increasing demand for its innovative solutions. Since its founding, Cohere Health has grown rapidly, now serving over 15 million health plan members and processing 5.5 million prior authorization requests annually. The company's technology not only reduces administrative costs but also significantly decreases denial rates and speeds up patient access to care.
13. Maven AGI
Year Founded: 2023
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Jonathan Corbin, Sami Shalabi, Eugene Mann
Maven AGI is a cutting-edge generative AI platform designed to revolutionize enterprise customer support. Founded by CEO Jonathan Corbin, CPO Eugene Mann, and CTO Sami Shalabi, Maven AGI leverages advanced AI capabilities to autonomously resolve over 93% of customer inquiries, significantly reducing support costs and increasing agent productivity. The platform offers pre-built solutions like the Smart Help Center and Customer AI Agent to transform customer interactions into seamless, intuitive experiences. Maven's technology integrates seamlessly with popular CRM and help desk tools, ensuring frictionless deployment and enhanced support capabilities for enterprises.
Maven AGI has raised $28 million in Series A funding led by M13, with participation from Lux Capital, E14 Fund, and notable executives from OpenAI, Google, HubSpot, and Stripe. This funding will be used to expand their engineering, go-to-market, and partnership teams, as well as to further develop their platform. Maven AGI's proprietary enterprise search engine sets it apart by providing highly accurate, personalized responses, making it a leader in the customer support industry. The company's focus on data privacy, rapid deployment, and expansion into diverse business functions positions Maven AGI as a transformative force in the realm of AI-powered customer support.
14. CodaMetrix
Year Founded: 2019
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Hamid Tabatabaie, Michael Mercurio
CodaMetrix is revolutionizing the healthcare billing and revenue cycle management landscape with its AI-powered autonomous coding platform. Founded in 2019, the company emerged from a collaboration with Massachusetts General Brigham to create a solution for the inefficiencies in medical coding. CodaMetrix’s platform autonomously translates clinical information into precise medical codes without human intervention, enhancing accuracy and significantly reducing the time and costs associated with manual coding. Currently in use by over 200 hospitals and 50,000 providers, the platform has been shown to reduce manual coding by 60-70%, accelerate turnaround times by five times, and lower coding costs by over 30%.
In March 2024, CodaMetrix raised $40 million in Series B funding, led by Transformation Capital, with participation from SignalFire and Frist Cressey Ventures. This funding will be used to further develop their AI-based solutions, expand their customer base, and enhance their platform's capabilities. The company's autonomous coding technology addresses the challenges of manual coding inefficiencies, improving coding quality and reducing the administrative burden on healthcare providers. By automating the most time-consuming and error-prone part of the revenue cycle, CodaMetrix aims to shift claims data from being notoriously unreliable to clinically valuable, ultimately setting a new standard for coding quality in the healthcare industry.
15. Floqsta
Year Founded: 2021
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Dasha Kuksenko, Michael Huynh
Floqsta is an innovative social-travel platform that connects like-minded travelers to embark on unique adventures together. Founded by Dasha Kuksenko and Michael Huynh in 2021, Floqsta uses AI technology to form groups of compatible travel companions, called "floqs," based on shared interests and preferences. The platform offers curated travel experiences and collaborative trip planning, enhancing the travel experience by fostering real connections and memorable journeys. With an emphasis on safety and trust, Floqsta ensures travelers can explore new destinations with confidence and ease.
Floqsta is disrupting the travel industry by making it easier for solo travelers to find companions and plan trips that align with their interests. The platform's AI-driven matching algorithms facilitate meaningful connections, enabling users to form travel groups that share similar passions. Floqsta has raised significant funding, including $712,000 in pre-seed funding in April 2022 and $185,000 in an angel round in October 2023, along with over $250,000 through a Regulation Crowdfunding campaign on Wefunder. With its innovative approach to social travel, Floqsta aims to improve lives by creating human connections through real-world experiences, making every trip enjoyable and engaging.
16. Valo Health
Year Founded: 2019
HQ: Lexington, Massachusetts, United States
Size: 51-200
Founders: David Berry
Valo Health, founded by Flagship Pioneering in 2020, is a biotechnology company revolutionizing drug discovery and development by harnessing high-quality patient data and AI-driven technology. Central to its mission is the Opal Computational Platform™, which integrates machine learning, tissue biology, and patient data to expedite the drug discovery process. This platform aims to reduce the time, cost, and failure rate associated with traditional drug development methods by continuously learning from every experiment, thus becoming more efficient and precise over time.
Valo Health's approach combines computational capabilities with real-world patient data, allowing for more accurate predictions about drug safety and efficacy before clinical trials. The company has raised significant funding, including a $190 million Series B round in January 2021, to scale its technology and advance its drug programs. Valo's pipeline focuses on therapeutic areas such as cardiovascular, oncology, and neurodegenerative diseases, aiming to deliver life-changing medicines faster and more cost-effectively.
17. DetoXyFi
Year Founded: 2021
HQ: Boston, Massachusetts, United States
Size: 1-50
Founders: Dhananjay Goel, Rishon Benjamin, Dr. Rohit Karnik
DetoXyFi is a groundbreaking company focused on providing clean, safe, and sustainable drinking water through nature-inspired filtration technology. Utilizing xylem tissue from plants, DetoXyFi's filters effectively remove disease-causing agents, delivering WHO-quality water. Their innovative product line includes the DetoX 1, a lightweight 10L bag for post-disaster use, and the DetoX 2, a 20L countertop unit for household applications. The company's tunable filters offer customizable solutions tailored to various needs, ensuring comprehensive protection against contaminants.
Founded by Dhananjay Goel, Rishon Benjamin, and Dr. Rohit Karnik, DetoXyFi is committed to leveraging sustainable materials and advanced scientific techniques to revolutionize water filtration. The company has received support through grants from Harvard Innovation Labs and non-equity assistance from MassChallenge. By prioritizing both environmental sustainability and human health, DetoXyFi aims to set a new standard in the water filtration industry, making clean water accessible in diverse settings and situations.
18. OneScreen.ai
Year Founded: 2020
HQ: Boston, Massachusetts, United States
Size: 51-200
Founders: Alex Ewing
OneScreen.ai is transforming the out-of-home (OOH) advertising landscape with its innovative, AI-powered platform. Based in Boston, the company offers a comprehensive database of OOH inventory across the United States, encompassing various formats and vendors. OneScreen.ai's technology leverages data from over 35 movement and behavior sources to target audiences effectively, enabling businesses to select, purchase, and measure OOH advertising with precision. The platform simplifies the traditionally complex process of managing OOH campaigns by automating media planning, buying, and performance measurement, thereby maximizing return on investment for marketers.
Founded with the vision to accelerate the growth of real-world advertising, OneScreen.ai has attracted significant attention and investment. The company has raised $4.7 million from investors including Asymmetric Capital Partners, Techstars, and Impellent Ventures. CEO Alex Ewing, who joined the company to drive its mission forward, highlights the renewed interest in OOH advertising among businesses of all sizes. By integrating anonymized location data and advanced analytics, OneScreen.ai helps brands like fintech Ramp and technical recruiter Karat achieve impactful advertising outcomes. The company’s approach allows businesses to strategically place ads near target company locations and measure campaign success through detailed performance metrics.
FAQs
1. How many startups are there in Boston?
As of 2024, the Boston area boasts a vibrant startup ecosystem with approximately 2,662 startups. This number represents about 5% of all startups in the United States.
2. What are the most prominent sectors in the Boston startup ecosystem?
The most prominent sectors in the Boston startup ecosystem include life sciences, AI and big data analytics, and fintech. The city is home to leading biopharma companies, the Boston Dynamics AI Institute, and a robust financial industry. These sectors benefit from substantial funding, innovative research, and strong support networks, making them key drivers of the local economy.
3. How much funding have Boston startups raised on average?
Boston-area startups have collectively raised substantial amounts of funding, with significant individual rounds such as Indigo's $1.4 billion and Longroad Energy's $1.1 billion. The ecosystem's total early-stage funding from H2 2021 to 2023 is $10.5 billion, indicating a healthy average funding amount per startup.
4. What are some of the most successful startups in Boston?
Some of the most successful startups in Boston include Indigo, a leading agtech company that has raised $1.4 billion, and Longroad Energy, a renewable energy developer with $1.1 billion in funding. Other notable startups include the AI startup Lightmatter, which raised $155 million, and various life sciences companies that contribute significantly to Boston's ranking as a top life sciences market.
