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Venture capital investment in Greater Boston’s life science industry rose to its highest level in more than a year, as local companies scored six of the 10 largest deals nationwide during the second quarter.

The $2 billion that flowed to Greater Boston companies represented 48 percent of the industry’s national fundraising during the period, CBRE reported.

The local funding levels were the highest since the fourth quarter of 2021 and point to a potential rebound in demand for local lab space. If the trend continues, Greater Boston is on pace for its second-highest annual funding total, surpassed only by the record 2021 levels when the COVID pandemic spurred a sharp spike in investment. A drop-off in venture investments in biotech firms in the last year had helped usher in uncertainty and a slowdown in the local life science development sector.

Notable recent deals include Waltham-based Elevate Bio’s $401 million series D round led by the AyurMaya Capital Management Fund, Cambridge-based ReNAgade Therapeutics’ $300 million series A round led by MPM BioImpact and F2 Ventures, and Cambridge-based Orbital Therapeutics’ $270 million series A round led by Arch Venture Partners.

The San Francisco Bay area ranked second, garnering 23 percent of second-quarter funding activity.

Early-stage deals, defined as series A and B rounds, are dominating the national funding climate in 2023, representing 77 percent of all activity and the highest proportion since 2015, CBRE reported.

Year-to-date, Boston metro area companies have received $3.6 billion, up nearly 10 percent over 2022.

VC Funding Rebound Favors Mass. Biotechs

by Steve Adams time to read: 1 min