One of the more important variables of creating a successful business is finding sufficient funding to keep production flowing. In Washington State the Biotech sector is not doing to well this year in relation to venture capital funding.
In the first quarter of 2015, a half a million dollars was invested in Washington’s biotech sector and all of that was issued to one individual company, Seattle biotech KinDex Pharmaceuticals, which develops medicine for chronic diseases. Understood locally, biotech is behind by a large gap compared to other industries that have raised capital in 2015, the next lowest amount is $2.5 million that was made by the electronics industry, followed by $3 million in financing.
The half a million that was invested is the only VC biotech funding in the entire Pacific Northwest so far this year. A decrease in VC funding within the sector in past years is something experts in Washington State understand as an issue holding biotech in the Puget Sound back from becoming a more national hub. The biotech sector in Washington State has a different look from the national venture landscape for life sciences.
It is said to be Nationwide, in reference to a report, biotech VC funding has reached about $1.7 billion so far this year. It is one of just four sectors to exceed the billion dollar mark. Over a dozen others fell short of that mark.