Colossal Biosciences, the US biotechnology company attempting to revive extinct species such as the woolly mammoth and the dire wolf, is in talks to raise fresh capital at a valuation of at least $20 billion, according to a report by Axios. If the funding round goes through, it would nearly double the company’s $10.2 billion valuation from early 2025.
The funding round is expected to value the Dallas-based startup between $20 billion and $30 billion, although details of the lead investor have not been disclosed. Discussions have been underway for several months and are said to be nearing completion.
Founded in 2021 by entrepreneur Ben Lamm and Harvard geneticist George Church, Colossal is known for its ‘de-extinction,’ which involves using gene-editing techniques to recreate the characteristics of extinct species from thousands of years ago.
Unlike when it raised funds last time as a pre-revenue company, it is now earning revenue, showing a major change in its business model. People are considering its technology applicable not only to the conservation of wildlife but also to pharmaceutical, biodiversity conservation, climate adaptation, and longevity studies.
Recently, Colossal has claimed to hatch chicks from artificial eggs, which is expected to contribute to the resurrection of extinct giant moa birds. According to the company’s CEO, Ben Lamm, they plan to create an artificial womb for mammals within one year.
Beyond de-extinction, Colossal is working with governments and research institutions on preserving the genetic material of endangered species. It has also spun off two businesses focused on plastic degradation and DNA analytics, broadening its commercial portfolio.
The fundraising effort comes amid growing investor appetite for deep-tech startups, driven by advances in artificial intelligence, biotechnology and climate innovation.
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Even with billions poured into it, Colossal still gets watched pretty closely by scientists and conservation experts, like, constantly. Some critics say that bringing back extinct animals might make headlines and create buzz, but it probably doesn’t really do much for the dangers hitting species that are alive right now. Additionally, others worry about the ecological ripple effects: if genetically engineered animals are put back into current ecosystems, what happens when they disrupt food webs or compete with existing species?
Colossal, for its part, has insisted that the technologies built for its de-extinction work are meant not just to resurrect what’s gone, but also to bolster protection programs for species that continue to exist.