Lilly Ventures Research
Investment Thesis
Lilly Ventures is the corporate venture arm of Eli Lilly and Company, headquartered in Indianapolis, Indiana. It sits inside Lilly Catalyze360, the company's external innovation platform, alongside Lilly Gateway Labs (lab space and incubation) and Lilly ExploR&D (access to Lilly's scientific tools, technology and talent). Lilly describes its philosophy as taking "smart risks on bold science." European head Laura Lane told In Vivo in March 2025 that the team is "very much a strategic investor" looking at "the tip of the sphere of emerging science": new modalities, targets and disease areas that may become tomorrow's products. The fund is therapeutically agnostic and invests inside and outside Lilly's core areas (immunology, oncology, cardiometabolic, neuroscience).
Website Note
The domain lillyventures.com does not host a standalone site. It redirects to Lilly's partnering page on lilly.com, which has no portfolio page, no team page and no disclosed investment list. Everything below comes from Lilly's partner pages, press interviews, press releases and third-party databases. The portfolio list is therefore partial.
Stage Focus
Lilly Ventures is typically a seed or Series A investor and also joins later rounds. Its LaunchBio Investor Connect listing names seed and Series A therapeutics companies, globally. Modalities of interest include biologics, cell and gene therapies, CRISPR, RNA therapeutics, protein therapeutics, regenerative medicine, small molecules and vaccines. It also backs some healthtech and AI companies (for example Basys.ai, a prior authorization startup).
Check Size and Lead Tendency
No check size is published. By its own account, Lilly Ventures makes about 10 to 15 new direct investments a year and invests predominantly in syndicated rounds. Lane said it typically does not lead, but works to build strong syndicates. Her team has led most of its European deals. Third-party databases list it as mostly a follower. The lead tendency is recorded as follows.
Fund Size and Structure
Lilly Ventures has committed more than $2 billion to early-stage biotech over two decades, directly through its therapeutics portfolio and indirectly as a limited partner in outside funds, according to Global Venturing's 2026 Powerlist profile of Brad Robling. Third-party databases cite roughly $200 million under management for the original fund. Related vehicles:
- Social Impact Venture Capital Portfolio: launched 2020, poised to grow to $300 million, focused on healthcare access and diversity in clinical trials. It includes a $100 million commitment to the AMR Action Fund.
- Biotech Ecosystem Venture Fund: up to $500 million, managed by a16z Bio + Health, with Lilly contributing all the capital (announced January 2025).
- A tech-focused fund started in 2023, per Global Venturing.
About 40 companies were backed directly over the four to five years before March 2025, plus indirect exposure to about 1,000 companies through fund investments.
Recent Activity
- November 2026: participated in SRTD Biotech's EUR 31.5 million seed (led by Merieux Equity Partners).
- April 2026: participated in Fathom Therapeutics' $47 million Series A (led by Sutter Hill Ventures).
- March 2025: participated in Maxion Therapeutics' $72 million Series A.
- January 2025: Lilly and a16z announced the $500 million Biotech Ecosystem Venture Fund.
- Other European investments named by Lane in 2025: Mano Therapeutics, Augustine Therapeutics, TRIMTech Therapeutics and Antios Therapeutics.
The fund is actively deploying.
Portfolio Highlights
Exits and public companies tied to Lilly Ventures include BioAge Labs (IPO 2024), Kymera Therapeutics, Protagonist Therapeutics, Acrivon Therapeutics and Sutro Biopharma. Third-party sources count 36 exits including 8 IPOs. Earlier investments include Nimbus, Symic Biomedical, Numerate, Intradigm, Cerulean Pharma and Esanex. Brad Robling sits on the boards of Therini Bio, Auron Therapeutics and Sitryx Therapeutics. Other named holdings are Insilico Medicine, NewLimit, Spyre Therapeutics, Evox Therapeutics and Basys.ai.
Team
- Brad Robling: Vice President and Global Head of Lilly Ventures since 2020; previously Lilly business development and investor relations; earlier Applied Materials, Ernst and Young and Deloitte.
- Laura Lane, PhD: Vice President and European Head, based in Europe.
- Austin Bruen: Executive Director since March 2025 (Senior Director from September 2022).
- Jim MacKrell, PhD: Global Head of Lilly Venture Science.
- Tim Luker, PhD: Vice President, Venture Science, West Coast hub.
- Gurkee Singh, PhD: Venture Science lead, Asia hub.
Lane describes about 20 investment professionals in San Francisco, Boston, Europe and Indianapolis.
Decision Process
Decisions run through a corporate investment team that works with Lilly's therapeutic area and business development groups. Diligence checks that each round has milestones that move the company forward. Founders are told to contact the person who matches their therapeutic area, and Lilly publishes an interest-area list updated about every six months.
Founder Preferences
Teams with strong mechanism-of-action understanding and high-quality assets or platforms, backed by a strong syndicate. Strategic value to Lilly (potential collaboration or later partnership) matters, but Lane stresses that the fund also needs financial returns and takes risk on new modalities.
Geographic Focus
Global. Hubs cover the US West Coast, Boston, Europe (UK, Germany, Denmark) and Asia. Recent deals sit in Germany, the UK, Denmark and the US.