2025 Impact Report highlights continued company growth and economic impact in a highly selective capital environment.
WILMINGTON, DE — The Innovation Space™ today released its 2025 Annual Impact Report, showing that companies supported across its ecosystem have raised more than $1.24 billion in cumulative funding since the nonprofit’s founding in 2017.
These results reflect sustained company growth and continued progress toward commercialization across life sciences, clean technology and advanced materials, even as capital markets have become increasingly selective.
“We reduce execution risk at the earliest stages so promising technologies remain viable until markets, partners and capital align,” said Bill Provine, President and CEO of The Innovation Space. “The results in this report reflect the strength of a model built on long-term investment in infrastructure, programs and partnerships.”
2025 by the numbers
In 2025, The Innovation Space supported 39 startups and added 15 new companies to its portfolio, including five new resident companies onsite. Companies within the ecosystem collectively raised more than $40 million in funding and created over 100 new direct jobs during the year.
In total, these companies contributed to 2,490 jobs nationwide and 1,250 jobs in Delaware, including direct, indirect and induced employment.
The portfolio continues to reflect a focus on high-impact science, with companies spanning life sciences (56%), clean technology (24%) and advanced materials (20%).
Marquee milestones
Several portfolio companies reached significant milestones in 2025:
- Akero Therapeutics was acquired by Novo Nordisk for up to $4.7 billion, one of the largest biotech exits in recent years.
- AirJoule Technologies secured a $15 million investment from GE Vernova and opened a 42,000-square-foot manufacturing facility in Newark, Delaware, creating 35 jobs.
- NAPIGEN received USDA clearance for its gene-edited rice, marking a regulatory milestone for organelle genome engineering.
- Synnovation Therapeutics dosed the first patient in a Phase I solid tumor trial and presented safety data at the European Society for Medical Oncology Congress. In addition, in early 2026, not counted yet in our impact numbers is the acquisition of their subsidiary, Pikavation Therapeutics and its portfolio of PI3Kα inhibitors and breast cancer technology for a deal valued up to $3B and anticipated to close later this year.
Deepening support for founders
The Innovation Space launched several initiatives in 2025 to strengthen support for early-stage founders.
IS:CleanTech is a sector-focused summit, brought together founders, investors, corporate partners and ecosystem stakeholders for direct conversation and connection.
The organization also restructured its Science Inc. accelerator into sector-specific cohorts, beginning with a Life Sciences cohort in Fall 2025 and expanding to Clean Tech and Advanced Materials in Spring 2026.
A strategic partnership with International Flavors & Fragrances (IFF) further embedded industry expertise within the ecosystem, providing founders with guidance on scale-up, product development, regulatory strategy and market readiness. IFF Chief Technology Officer Casper Vroemen joined The Innovation Space Board of Directors.
“Delaware’s strength as an innovation-driven economy depends on organizations like The Innovation Space that help turn promising ideas into real-world solutions,” said Matt Meyer, governor of Delaware. “As a critical anchor in our ecosystem, The Innovation Space supports entrepreneurs, accelerates commercialization and drives meaningful economic growth for our state and beyond.”
Looking ahead
In 2026, The Innovation Space will continue to support science-driven startups as capital continues to be selective. Priorities include expanding sector-focused programming, deepening strategic partnerships and improving coordination across the region’s innovation funding ecosystem.
The full 2025 Impact Report is available at innovationspace.org/impact.