AI-fueled Isomorphic bags $2.1B, the second largest biotech round ever

(May 13, 2026) by Tristan Manalac

Isomorphic Labs, which hasn’t yet disclosed a molecule or reached the clinic, breaks the recent trend of investors putting their money behind more mature and de-risked assets.

Alphabet’s AI-forward biotech Isomorphic Labs has brought in $2.1 billion, clocking what analysts say is “the second largest biotech round of all time.”

“Over the past two years, AI-native drug developers have been pushed away from platform promises and toward clinical specificity,” Ben Zercher, senior biotech and pharma analyst at PitchBook, told BioSpace in an email on Tuesday. Indeed, funding over at least the last year has shifted to later-stage assets as investors grow more risk-averse.

But given Isomorphic’s Alphabet backing and Google “DeepMind halo,” the company appears to be operating entirely outside of this paradigm, Zercher said Tuesday. “Rounds like these give tech capital a place to go in biotech, while the rest of the industry stays focused on getting drugs to patients—and that’s probably a healthy split.”