15 Boston Startups to Keep an Eye on in 2023

A historic major city on the East Coast, Boston has emerged as a thriving hub for startups and tech companies, famous for its innovation and entrepreneurial spirit. This vibrant city owes the success of its startup scene to a combination of factors that uniquely contribute to its prolific ecosystem and appeal to top talent and bold investments in tech and other industries.

Why are startups booming in Boston?

Boston's renowned academic institutions, such as Harvard University and MIT, serve as catalysts for groundbreaking research and cutting-edge ideas, backing dozens of grants and initiatives to promote innovation. The close collaboration between academia and industry creates a fertile startup ecosystem for entrepreneurs. Supported by a strong network of angel investors, over 400 VC firms, and many startup incubators, Boston actively nurtures and propels promising ventures, enabling them to flourish on a global scale. 

Startups in Boston, Massachusetts

We've compiled a list of some of the most promising and hottest startups in Boston.

• Fairmarkit
• Ensoma
• Hourwork
• Asimov
• Blues Wireless
• Aera Therapeutics
• Codametrix
• Abacus Insights
• Electra Vehicles
• SidelineSwap
• Zilla
• Tidelift
• Own up
• Groma
• BetterVet 

Fairmarkit

Location: Boston, Massachusetts
Latest funding round: Series C - $35,600,000
Total raised funds: $77,500,000~
Industries: Logistics, Enterprise Software



Fairmarkit is an automated sourcing platform that empowers procurement teams to enhance their efficiency in every purchase by providing supplier recommendations and automated procurement. With a mission to facilitate organizations in acquiring the necessary goods and services, Fairmarkit harnesses the power of data, AI, and automation. By leveraging these tools, they aim to curate seamless experiences for both buyers and suppliers. 

Ensoma

Location: Boston, Massachusetts
Latest funding round: Series B - $50,000,000
Total raised funds: $205,000,000~
Industries: Medical, Biotechnology

Ensoma, a prominent player in the vibrant Biotech industry of Boston, is pioneering one-time, in vivo treatments aimed at engineering diverse cells within the hematopoietic system. Ensoma's primary project is developing Engenious, a cutting-edge cell therapy platform. This preclinical pipeline of genomic medicines exhibits immense potential in immuno-oncology and the treatment of genetic diseases.

Hourwork

Location: Boston, Massachusetts
Latest funding round: Series A - $12,500,000
Total raised funds: $16,300,000~
Industries: Human Resources

Hourwork deals in recruitment and retention solutions, providing a comprehensive platform that seamlessly connects employers with hourly workers. By leveraging this platform, businesses can effectively retain their workforce by understanding the key factors that drive employee satisfaction. Through automated check-ins, Hourwork aims to aid employers in uncovering and addressing the crucial aspects that matter most to their employees, establishing a stronger and lengthier work relationship.

Asimov

Location: Boston, Massachusetts
Latest funding round: Series B - $175,000,000
Total raised funds: $205,000,000~
Industries: Biotechnology, Artificial Intelligence

Asimov leverages the power of artificial intelligence to drive innovation in the field of next-generation therapeutics, specifically focusing on the design and manufacture of cutting-edge, highly specialized tools. The company offers a comprehensive suite of integrated technologies, including proprietary cell lines, state-of-the-art software for genetic design, and an expanding catalog of engineered genetic systems tailored for various applications. 

Blues Wireless

‍Location: Boston, Massachusetts
Latest funding round: Series A - $54,000,000
Total raised funds: $65,000,000~
Industries: Hardware, Cloud Connectivity 

Blues Wireless is a provider of cellular-based solutions for the Internet of Things (IoT). By incorporating provisioning, security, and cloud device management as integral features, the company effectively minimizes the cost and complexity associated with constructing connected products. Through their embeddable wireless smart device infrastructure, they pave the way for seamless integration and enable the realization of IoT's full potential in various industries. 

Aera Therapeutics

Location: Boston, Massachusetts
Latest funding round: Series AB - $193,000,000
Total raised funds: $193,000,000~
Industries: Biotechnology, Pharmaceutical

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Aera Therapeutics utilizes its proprietary protein nanoparticle (PNP) delivery platform to optimize the efficacy of genetic medicines. By harnessing endogenous human proteins, Aera's innovative platform overcomes the limitations of existing delivery technologies. This breakthrough allows for the expansion of genetic medicines to different tissues and applications, benefiting a broader range of patients across various disease areas. 

Codametrix

Location: Boston, Massachusetts
Latest funding round: Series A - $55,000,000
Total raised funds: $55,000,000~
Industries: Enterprise Software, Medical

CodaMetrix is dedicated to addressing complex challenges in healthcare administration and clinical domains. The company has created an innovative AI-powered solution capable of autonomously managing medical coding for approximately half of a hospital's cases. This groundbreaking technology not only saves hospitals time and resources but also significantly reduces the occurrence of medical billing errors. By streamlining the medical coding process, CodaMetrix empowers healthcare institutions to enhance efficiency, optimize revenue, and improve overall patient care.

Abacus Insights

Location: Boston, Massachusetts
Latest funding round: Series C - $28,000,000
Total raised funds: $81,600,000~
Industries: Data Management, Medical

Abacus Insights is a software company that specializes in providing a comprehensive data management solution tailored to the needs of healthcare providers. Their platform aims to enhance both cost efficiency and member outcomes for customers. By breaking down data silos, Abacus Insights effectively manages healthcare data, making a tangible impact on their customers' operations.  

Electra Vehicles

‍Location: Boston, Massachusetts
Latest funding round: Series A - $21,000,000
Total raised funds: $25,400,000~
Industries: Automotive, Software 

Electra is a B2B startup that specializes in providing AI/ML solutions to the electric vehicle, fleet, and robotics markets. Their expertise lies in AI software for optimizing battery lifetime, range, and safety. Electra offers a range of solutions including active embedded battery pack controls, electric fleet analytics, and design simulation software.

SidelineSwap

Location: Boston, Massachusetts
Latest funding round: Direct Investment - Undisclosed
Total raised funds: $12,500,000~
Industries: Sports, E-Commerce

SidelineSwap serves as a platform that connects athletes and hobbyists, enabling them to engage in buying, selling, and discovering new and pre-owned sports gear. In addition to facilitating peer-to-peer transactions, the company collaborates with sports retailers and brands to enhance circular shopping experiences. This is achieved through the integration of trade-in programs and marketplace technology, empowering users to participate in sustainable practices while accessing a wide range of sports equipment options.

Zilla Security

Location: Boston, Massachusetts
Latest funding round: Series A - $13,500,000
Total raised funds: $18,600,000~
Industries: SaaS, Cybersecurity

Zilla Security offers a SaaS security management platform for companies. By leveraging Zilla's platform, organizations gain insights into who has access to specific resources, enabling them to effectively manage and monitor user permissions. The platform also offers tools for automating access reviews and remediation of any inappropriate access or security concerns. Zilla Security empowers organizations to enhance their access security measures and maintain compliance with ease and efficiency. 

Tidelift

Location: Boston, Massachusetts
Latest funding round: Series C - $6,500,000
Total raised funds: $73,500,000~
Industries: Information Technology, SaaS

Tidelift is a startup that aims to improve open-source software by serving as a single source for proactively managed open-source components and providing professional assurances in partnership with maintainers. Tidelift offers organizations the necessary tools, data, and strategies to assess and enhance the health, security, and resilience of open source used in their applications, facilitating risk assessment and improvement initiatives. 

Own Up

Location: Boston, Massachusetts
Latest funding round: Series C - $25,400,000
Total raised funds: $49,700,000~
Industries: Proptech, Fintech

Own Up strives to revolutionize the mortgage shopping and securing experience for consumers. Their platform unlocks the possibility to evaluate lenders, gain insights into their affordability, compare loan offers, and even generate on-demand updates for pre-approval letters, setting a new standard in the mortgage industry. 

Groma

Location: Boston, Massachusetts
Latest funding round: Series A - $20,000,000
Total raised funds: $49,300,000~
Industries: Proptech, Blockchain

Groma is a vertically integrated real estate company and tech startup. They developed and maintain the world's first blockchain-powered Real Estate Investment Trust, leveraging blockchain technology to ensure transparency and efficiency in publishing property data for tenants, as well as presenting ownership of shares within their Trust. 

BetterVet

Location: Boston, Massachusetts
Latest funding round: Series A - $40,000,000
Total raised funds: $40,000,000~
Industries: Veterinary

BetterVet is a veterinary startup that works to improve pet care by offering home visits and telehealth services. Through their app, pet owners can schedule virtual video consultations or arrange for a veterinarian and nurse team to visit their homes. BetterVet's proprietary web and app platform provides care teams with the flexibility to customize their schedules, offering competitive salaries and benefits. The technology also enables real-time scheduling with route optimization and maintains digital medical records for pet owners, enhancing the overall convenience and quality of veterinary care.

Should I start my startup in Boston?

Boston has undeniably become one of the main startup hubs in America, rivaled on the East Coast only by New York City. Its startup community is competitive but empowering, as evidenced by the rapid growth in the fields of Biotech and Fintech. Here are some pros and cons of running a startup in this city:

Pros:

• Boston has a thriving startup ecosystem with plentiful access to venture capital and angel investors.
• Boston is home to prestigious universities, providing a talented and highly specialized pool of potential employees.
• The city offers a supportive startup community with networking opportunities and resources for startups.

Cons:

• High cost of living and expensive rent prices in Boston.
• Competition is fierce in the startup space.
• Boston has a high tax rate for businesses compared to other cities in the US, though it's in the same range as other tech & startup hubs.
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