Now that Oakland is considered a part of the greater silicon valley, many new startups are calling the growing city home, and many are now Biotech firms. Several new biotech startups now have some promising cures for cancer and testing treatments for crippling genetic diseases and venture capitalists are pouring more money into them than ever before.
The biotech boom in Oakland and throughout the bay area has led to enormous VC investments into the industry and a flurry of initial public offerings, more startups promising gene therapy breakthroughs or cures for deadly fungal infections getting off the ground, and more technology to diagnose and treat previously untreatable diseases popping up in hospitals.
Software may still be king in Silicon Valley, but biotech is a maturing prince. Biotech firms here raised $573.9 million from investors in the first quarter this year, the third-highest fundraising quarter for the sector in Silicon Valley history and a 103 percent jump from the same quarter a year ago.
Investors are also encouraged by the surge of biotech IPOs — there were 13 such deals raising $1.3 billion in Silicon Valley last year, compared to seven IPOs raising $588 million in 2013, according to market intelligence firm Ipreo — and acquisitions, which has convinced VCs that they’ll get a healthy return if they throw money into the pot.
The funding surge is especially promising for patients struggling with cancer, genetic diseases and other fatal conditions because the money will allow more companies to run larger trials with better results, and receive full FDA approval much more quickly and begin selling their drugs to hospitals.
Most biotech firms are also needing to hire thousands of new employees in almost every field. You can now browse all job openings around Oakland here.
What do you think about the new funding?
[one_third] [/one_third] [one_third] [/one_third] [one_third_last] [/one_third_last]