Startup profile for Formation Bio: latest funding, latest known valuation, total disclosed funding, investors, status, sources, and why the company is interesting. Part of the Venture Capital Tracker startup directory.
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Formation Bio funding, valuation and investors

AI-native pharma company in-licensing and accelerating clinical-stage drug development.

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Funding, valuation & investors

Answer-first snapshot

Latest funding

Series D

$372M · 2024

Latest known valuation

Not publicly disclosed

Total disclosed equity funding

$372M

Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.

Current status

private

growth

Investors in latest funding

Lead: Andreessen Horowitz

Other: Sequoia Capital , Thrive Capital

Sources: latest funding Last verified: 2026-07-25

Overview

Formation Bio (formerly TrialSpark) is a tech-enabled pharmaceutical company that in-licenses clinical-stage drug candidates and accelerates development with AI-driven trial operations, regulatory workflows, and commercialization support.

Why Formation Bio is interesting

Formation Bio pairs tech-enabled trial ops with drug in-licensing; a16z led a $372M Series D with Sequoia and Thrive among returning investors.

Product & use cases

AI-native pharma company in-licensing and accelerating clinical-stage drug development (formerly TrialSpark).

  • In-licensing clinical-stage drug candidates
  • AI-accelerated clinical trial execution
  • Portfolio approach to drug development vs single-asset biotech

Key facts

  • Series D (2024): $372M led by a16z (/fund/andreessen-horowitz) with Sequoia (/fund/sequoia) and Thrive Capital (/fund/thrive-capital) participation (PR Newswire)
  • Sanofi also participated; company formerly known as TrialSpark (press)

Funding history (newest first)

Series D

2024 $372M

Source: https://www.formation.bio/blog/series-d

Investors in our directory

Funds linked from Formation Bio's profile — open a fund page for stage focus and related deal articles.

Andreessen Horowitz Sequoia Capital Thrive Capital

Competitive landscape

Edge: Tech-enabled pharma model combining in-licensing with AI trial acceleration — $372M Series D with a16z, Sequoia, and Thrive.

Formation Bio (formerly TrialSpark) reimagines pharma as a tech-enabled portfolio company. $372M Series D (2024) with Sanofi participation validates the model, but clinical outcomes remain the ultimate test.

  • Roivant Sciences direct

    Similar portfolio pharma model.

  • Traditional biotech incumbent

    Single-asset focus; Formation Bio runs multiple programs.

  • CROs (IQVIA) adjacent

    Trial services; Formation Bio owns assets.

Notable stories

  • Formation Bio rebranded from TrialSpark as it expanded from trial tech into full drug development (company press).
  • Sanofi participated in the $372M Series D alongside a16z, Sequoia, and Thrive (2024).

Industries

Healthtech Biotech & Life Sciences

FAQs about Formation Bio

Practical answers founders, operators, and investors typically search for.

Formation Bio in-licenses clinical-stage drug programs and runs development with tech-enabled trial operations — combining pharma pipeline access with software-driven clinical and regulatory workflows.
Formation Bio's $372M Series D (2024) was led by Andreessen Horowitz (/fund/andreessen-horowitz). Sequoia (/fund/sequoia) and Thrive Capital (/fund/thrive-capital) also participated, along with Sanofi.
Formation Bio is at Series D based on its September 2024 $372M round.
Rather than building drugs from scratch, Formation Bio acquires or in-licenses mid-stage assets and uses operational software to compress timelines — a model that pairs pharma economics with venture-scale growth capital.
No. Formation Bio remains a private company.
TrialSpark before rebrand.
Both use portfolio pharma models; Formation Bio emphasizes AI-accelerated trials.
$372M Series D (2024) among prior rounds.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.