Pathos valuation, funding and investors
Pathos works in precision oncology drug development, based in Chicago, United States. Founded in 2022, it has about 98 employees.
- Last round
- Series D · $365M · May 2025
- Valuation at last round
- $1.60B
- Headcount
- 98 · up
- Grade
- B
- Founded
- 2022
Pathos valuation today
VCMC values Pathos at $2.1B today, with a range of $1.3B to $2.5B and a grade of B. The valuation starts from its last funding round, a Series D round in May 2025.
Valuation by date (61 rows)
Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.
| Date | Valuation | Range | Predicted in 1 yr | Phase | Headcount | Trend | Grade | Winding-down probability |
|---|---|---|---|---|---|---|---|---|
| 1 Jan 2022 | $19.0M | $6.92M – $52.2M | $20.8M (+9%) | before first round | – | unknown | D | 0% |
| 1 Feb 2022 | $19.2M | $6.97M – $52.6M | $20.9M (+9%) | before first round | – | unknown | D | 0% |
| 1 Mar 2022 | $19.3M | $7.02M – $53.0M | $21.1M (+9%) | before first round | – | unknown | D | 0% |
| 1 Apr 2022 | $19.4M | $7.07M – $53.4M | $21.2M (+9%) | before first round | – | unknown | D | 0% |
| 1 May 2022 | $19.6M | $7.12M – $53.8M | $21.4M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jun 2022 | $19.7M | $7.18M – $54.2M | $21.5M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jul 2022 | $19.9M | $7.23M – $54.6M | $21.7M (+9%) | before first round | – | unknown | D | 0% |
| 1 Aug 2022 | $20.0M | $7.28M – $55.0M | $21.9M (+9%) | before first round | – | unknown | D | 0% |
| 1 Sep 2022 | $20.2M | $7.34M – $55.4M | $22.0M (+9%) | before first round | – | unknown | D | 0% |
| 1 Oct 2022 | $20.3M | $7.39M – $55.8M | $22.2M (+9%) | before first round | – | unknown | D | 0% |
| 1 Nov 2022 | $20.5M | $7.45M – $56.2M | $22.3M (+9%) | before first round | – | unknown | D | 0% |
| 1 Dec 2022 | $20.6M | $7.50M – $56.6M | $22.5M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jan 2023 | $20.8M | $7.56M – $57.0M | $22.7M (+9%) | before first round | – | unknown | D | 0% |
| 1 Feb 2023 | $20.9M | $7.62M – $57.5M | $22.8M (+9%) | before first round | – | unknown | D | 0% |
| 1 Mar 2023 | $21.1M | $7.67M – $57.9M | $23.0M (+9%) | before first round | – | unknown | D | 0% |
| 1 Apr 2023 | $21.2M | $7.73M – $58.3M | $23.2M (+9%) | before first round | – | unknown | D | 0% |
| 1 May 2023 | $19.5M | $7.09M – $53.5M | $21.3M (+9%) | before first round | 9 | unknown | D | 0% |
| 1 Jun 2023 | $19.6M | $7.15M – $53.9M | $21.4M (+9%) | before first round | 9 | unknown | D | 0% |
| 1 Jul 2023 | $19.8M | $7.20M – $54.3M | $21.6M (+9%) | before first round | 9 | unknown | D | 0% |
| 1 Aug 2023 | $19.9M | $7.25M – $54.7M | $21.6M (+8%) | before first round | 9 | unknown | D | 0% |
| 1 Sep 2023 | $20.1M | $7.31M – $55.1M | $21.6M (+8%) | before first round | 9 | unknown | D | 0% |
| 1 Oct 2023 | $38.1M | $16.3M – $75.6M | $40.7M (+7%) | before first round | 61 | growing | C | 0% |
| 1 Nov 2023 | $38.3M | $16.4M – $76.1M | $40.7M (+6%) | before first round | 61 | growing | C | 0% |
| 1 Dec 2023 | $38.6M | $16.5M – $76.7M | $40.7M (+5%) | before first round | 61 | growing | C | 0% |
| 1 Jan 2024 | $38.9M | $16.7M – $77.3M | $40.7M (+5%) | before first round | 61 | growing | C | 0% |
| 1 Feb 2024 | $39.4M | $16.9M – $78.3M | $40.9M (+4%) | before first round | 63 | growing | C | 0% |
| 1 Mar 2024 | $39.8M | $17.0M – $79.0M | $41.0M (+3%) | before first round | 64 | growing | C | 0% |
| 1 Apr 2024 | $40.1M | $17.2M – $79.6M | $41.0M (+2%) | before first round | 64 | growing | C | 0% |
| 1 May 2024 | $40.4M | $17.3M – $80.2M | $41.0M (+1%) | before first round | 64 | growing | C | 0% |
| 1 Jun 2024 | $40.7M | $17.4M – $80.8M | $41.0M (+1%) | before first round | 64 | growing | C | 0% |
| 1 Jul 2024 | $41.0M | $17.5M – $81.4M | $41.0M (0%) | before first round | 64 | growing | C | 0% |
| 1 Aug 2024 | $41.9M | $17.9M – $83.1M | $41.9M (0%) | before first round | 73 | growing | C | 0% |
| 1 Sep 2024 | $41.9M | $17.9M – $83.1M | $41.9M (0%) | before first round | 73 | growing | C | 0% |
| 1 Oct 2024 | $41.9M | $17.9M – $83.1M | $41.9M (0%) | before first round | 73 | growing | C | 0% |
| 30 Oct 2024 | $600M | $522M – $897M | $780M (+30%) | after a round | 73 | growing | A | 0% |
| 1 Nov 2024 | $601M | $522M – $897M | $780M (+30%) | after a round | 65 | growing | A | 0% |
| 1 Dec 2024 | $614M | $522M – $897M | $780M (+27%) | after a round | 65 | flat | A | 0% |
| 1 Jan 2025 | $628M | $522M – $897M | $780M (+24%) | after a round | 65 | flat | A | 0% |
| 1 Feb 2025 | $642M | $522M – $897M | $780M (+21%) | after a round | 65 | flat | A | 0% |
| 1 Mar 2025 | $655M | $522M – $897M | $780M (+19%) | after a round | 65 | flat | A | 0% |
| 1 Apr 2025 | $670M | $522M – $897M | $780M (+16%) | after a round | 65 | flat | A | 0% |
| 1 May 2025 | $685M | $522M – $897M | $780M (+14%) | after a round | 65 | flat | A | 0% |
| 16 May 2025 | $1.6B | $1.4B – $2.4B | $2.1B (+30%) | after a round | 65 | flat | A | 0% |
| 1 Jun 2025 | $1.6B | $1.4B – $2.4B | $2.1B (+28%) | after a round | 65 | flat | A | 0% |
| 1 Jul 2025 | $1.7B | $1.4B – $2.4B | $2.1B (+26%) | after a round | 65 | flat | A | 0% |
| 1 Aug 2025 | $1.7B | $1.4B – $2.4B | $2.1B (+23%) | after a round | 87 | growing | A | 0% |
| 1 Sep 2025 | $1.7B | $1.4B – $2.4B | $2.1B (+21%) | after a round | 91 | growing | A | 0% |
| 1 Oct 2025 | $1.8B | $1.4B – $2.4B | $2.1B (+17%) | after a round | 85 | up | A | 0% |
| 1 Nov 2025 | $1.8B | $1.4B – $2.4B | $2.1B (+15%) | after a round | 85 | up | A | 0% |
| 1 Dec 2025 | $1.9B | $1.4B – $2.4B | $2.1B (+13%) | after a round | 93 | up | A | 0% |
| 1 Jan 2026 | $1.9B | $1.4B – $2.4B | $2.1B (+11%) | after a round | 93 | up | A | 0% |
| 1 Feb 2026 | $2.0B | $1.4B – $2.4B | $2.1B (+8%) | after a round | 93 | up | A | 0% |
| 1 Mar 2026 | $2.0B | $1.4B – $2.4B | $2.1B (+6%) | after a round | 93 | growing | A | 0% |
| 1 Apr 2026 | $2.0B | $1.4B – $2.4B | $2.1B (+3%) | after a round | 93 | growing | A | 0% |
| 1 May 2026 | $2.1B | $1.4B – $2.5B | $2.1B (+1%) | after a round | 98 | growing | A | 0% |
| 1 Jun 2026 | $2.1B | $1.4B – $2.5B | $2.1B (0%) | after a round | 98 | up | A | 0% |
| 1 Jul 2026 | $2.1B | $1.4B – $2.5B | $2.1B (0%) | after a round | 98 | up | A | 0% |
| 1 Aug 2026 | $2.1B | $1.4B – $2.5B | $2.1B (0%) | after a round | 98 | up | A | 0% |
| 1 Sep 2026 | $2.1B | $1.3B – $2.5B | $2.1B (0%) | after a round | 98 | up | B | 0% |
| 1 Oct 2026 | $2.1B | $1.3B – $2.5B | $2.1B (0%) | after a round | 98 | up | B | 0% |
| 24 Oct 2026 | $2.1B | $1.3B – $2.5B | $2.1B (0%) | after a round | 98 | up | B | 0% |
Key facts about Pathos
- Founded
- 2022
- Headquarters
- Chicago, United States
- Employees
- about 98 +8% in a year
- Total raised
- $427M
- Funding rounds
- 2
- Last round
- Series D May 2025
Pathos was founded in 2022 by Eric Lefkofsky and Ryan Fukushima.
Pathos funding history
Pathos has 2 funding rounds on record, from Oct 2024 to May 2025, $427M in total. The latest disclosed valuation is $1.60B post-money (Series D, May 2025).
Series D 15 May 2025
Investors not disclosed.
Sources: globenewswire.com, pathos.com, fiercebiotech.com and 1 more
$365M
$1.60B post-money
Series C 29 Oct 2024
Led by New Enterprise Associates; with Revolution, lightbank, Builders VC.
Sources: pathos.com, globenewswire.com, ibio.org
$62M
$600M post-money
Pathos investors
4 investors have backed Pathos; New Enterprise Associates led at least one round.
- New Enterprise Associates lead
What Pathos does
Pathos works in biotechnology, with 13 recorded offerings and customers in healthcare, biotechnology and pharmaceuticals.
Pathos AI, Inc. is an American biotechnology company engaged in precision oncology. The company develops and applies artificial intelligence and biological modeling to accelerate drug development and clinical trial processes. Its platform integrates discovery, data, and clinical translation, and includes a lab-in-the-loop validation system to support clinical decision-making. Pathos also licenses or co-develops clinical-stage therapeutics and optimizes patient selection strategies to facilitate drug approval.
Description from Veridion's company data.
Products and services
- Precision Oncology Drug Development
- AI-Driven Therapeutic Asset Discovery
- Oncology Patient Data Integration
- Multimodal Oncology Data Analysis
- Biological Pathway Modeling and Analysis
- Clinical Trial Optimization and Acceleration
- Lab-in-the-Loop Validation System Operation
- Patient Selection Strategy Optimization
- Therapeutic Outcome Prediction and Simulation
- Clinical Translation Process Enhancement
- Scalable Oncology Platform Development
- Clinical-Stage Therapeutic Licensing and Co-Development
- Patient-Centered Therapeutic Solution Development
Markets
- Healthcare
- Biotechnology
- Pharmaceuticals
Technology
- AI-Driven Clinical Trial Management
- Biological Modeling
- Multimodal Oncology Data Integration
- Lab-In-The-Loop Validation System
Business model
- Business-to-Business
- Enterprise
- Licensing
Industry codes (NAICS)
- 541714 Research and Development in Biotechnology (except Nanobiotechnology) 100% match
Questions about Pathos
What is Pathos worth?
Valuation $2.1B (range $1.3B to $2.5B), as of 24 Oct 2026. The last disclosed valuation was $1.60B (Series D, May 2025).
Has Pathos raised money?
Pathos has 2 funding rounds on record, from Oct 2024 to May 2025, $427M in total. The latest disclosed valuation is $1.60B post-money (Series D, May 2025).
Who has invested in Pathos?
New Enterprise Associates, Builders VC, lightbank and Revolution. Lead investors include New Enterprise Associates.
How many people work at Pathos?
About 98, up 8% over the last year. Headcount grew from 9 in May 2023 to 98 in Sep 2026.
What does Pathos do?
Pathos works in biotechnology, with 13 recorded offerings and customers in healthcare, biotechnology and pharmaceuticals. Its main offerings are precision oncology drug development, AI-Driven therapeutic asset discovery and oncology patient data integration.
When was Pathos founded, and where is it based?
Pathos was founded in 2022 and is based in Chicago, United States. It has about 98 employees, up 8% over the last year.