IndieBio — Investment Thesis & Preferences

IndieBio Research

Investment Thesis

IndieBio is the world's first startup accelerator exclusively focused on synthetic biology and life sciences, operating as a program of SOSV, a global venture capital firm with $1.5 billion in assets under management. The fund was founded on the belief that the most impactful innovations will come from using biology as an engineering tool to solve humanity's greatest challenges in health, food, climate, and materials.

IndieBio pioneers deep tech biotech investments at the earliest stages, providing not just capital but also wet lab infrastructure, mentorship, and investor networks. The firm explicitly targets founders who are "too early" for traditional biotech investors—scientists and engineers with breakthrough ideas but minimal proof of concept.

Investment Philosophy and Approach

IndieBio operates with a founder-centric philosophy that goes beyond typical accelerator dynamics:

High-touch mentorship: Founders get personal 1:1 relationships with 5 partners simultaneously, with daily interaction possible (not quarterly check-ins)
Wet lab infrastructure: Companies co-locate in BSL-rated wet labs owned by the fund, providing bio-hazard facilities at no additional cost
Long-term capital partnership: 97% participation rate in follow-on rounds >$1M, continuing to invest through Series C
Diversity as core thesis: 42% female founder rate, first-time founders welcomed, 40+ nationalities represented
No curriculum mentality: Personalized support rather than cohort-based "box-checking"

Stage Focus and Check Sizes

IndieBio makes pre-seed and seed investments:

Initial Investment: Up to $525,000 per company (one of the largest pre-seed checks in the market)
Follow-on Pattern: 97% participation rate in seed/Series A+ rounds exceeding $1 million
Capital Deployment: 80% of SOSV's capital is deployed post-program, demonstrating long-term commitment
Fund Reserves: Approximately 75% of funds are reserved for follow-on investments through SOSV integration

Sector and Thesis Focus

IndieBio companies span the entire spectrum of synthetic biology and life sciences applications:

Primary Focus Areas:

Therapeutics & Biotech: Cell and gene therapies, drug discovery platforms, molecular medicines
Climate Tech: Sustainable materials, carbon-conserving microbes, alternative proteins
Agtech: Climate-resilient crops, soil health, alternative proteins, fermentation-based foods
Materials: Bio-based alternatives to leather, textiles, chemicals using engineered organisms
Food Innovation: Cultured meat, fermented proteins, alternative seafood, molecular flavoring
Diagnostics: Physical AI for disease detection, biomarker identification
Industrial Biotech: Sustainable manufacturing, enzyme engineering, circular economy solutions

Notable Portfolio Coverage:

270+ companies funded across 40+ countries
$12B+ in enterprise value created
Current portfolio includes 3 unicorns (NotCo, Prellis Biologics, MycoWorks)
7 portfolio exits to date

Recent Activity and Fund Status

IndieBio is actively deploying from SOSV Fund V ($306M, announced April 2025), the firm's largest fund yet:

Recent Investments (2025-2026):

December 2025: FluoSphera (Drug Discovery)
November 2025: Hoofprint Biome (portfolio alum secured $15M Series A)
October 2025: Helex Therapeutics (raised $3.5M seed for non-viral gene therapies)
Continuous seed-stage investments across climate, food, and therapeutics

Fund Status: ACTIVELY DEPLOYING from Fund V with target of 60 pre-seed and 150 follow-on investments annually

Portfolio Activity: Portfolio companies raised $1B+ in fresh capital in 2024-2025, including 80+ seed rounds and 40+ later-stage financings

Geographic Reach

IndieBio operates two primary locations:

San Francisco: Original location, SF Cohort 16 (2025) in progress
New York: Expanded presence, NY Cohort 9 (2024), $25,000 sq ft office/lab at 7 Penn Plaza (opened 2025)
Remote capability: Companies can operate anywhere globally with occasional in-person visits

Team and Leadership

IndieBio Leadership:

Po Bronson (Managing Director, SOSV & General Partner): Science journalist (9 national awards, 7 bestselling books), author of "Decoding the World," background in Economics and Arthur Andersen consulting
Pae Wu (General Partner, SOSV & CTO): Former Scientific Director at Telefónica's Alpha moonshot factory, Science Director at US Office of Naval Research-Global, DARPA technical consultant, PhD in Electrical Engineering (Duke), BSE (Princeton)
Mohan S. Iyer (General Partner, SOSV & IndieBio): Deep tech investor with biotech expertise
Deborah Zajac (General Partner, SOSV & IndieBio): Newest GP hire (2025), focused on NY operations
Parikshit Sharma (Partner): Core investment team member
Alex Kopelyan (Senior Director & Partner): Portfolio support and technical oversight
Westley Dang (CSO & Partner): Chief Scientific Officer guiding portfolio companies
Sean O'Sullivan (Managing General Partner, SOSV): Serial founder, entrepreneur, philanthropist, founder of SOSV

Parent Fund Context: SOSV

IndieBio is one program within SOSV, a broader deep tech vehicle:

Founding Year: 2001
Assets Under Management: $1.5 billion
Portfolio Scale: 800+ total companies across all SOSV programs
Programs: IndieBio (biotech), HAX (hardware), and other deep tech verticals
Investment Philosophy: "The First Check in Deep Tech®" for human and planetary health
Fund V: $306 million (largest fund to date), announced April 2025
Annual Investment Pace: 60 pre-seed investments (~$550K each), 150 follow-on investments

Decision Process and Investment Criteria

Application Process:

Submit online application (rolling basis, no fixed deadlines)
Team reviews for fit (science quality, founder potential, market timing)
Interview(s) if promising, potentially multiple rounds
Term sheet offered to selected founders

Timeline: Not publicly specified, but implied to be 4-8 weeks from application to decision

Investment Committee: Appears to be partnership-based decision making with multiple GPs involved

Warm Introductions: While not explicitly required, being introduced by current founders or investors likely accelerates process

Notable Exits and Success Stories

Acquisitions:

Upside Foods (cultured meat)
MycoWorks (bio-based leather, highly visible exits)
BuildKite (CI/CD, acquired by Atlassian)
NotCo (alternative proteins, highest-profile success)

Active High-Growth Portfolio:

Prellis Biologics (bioprinted lymph nodes for drug development)
The EVERY Company (precision fermentation for food ingredients)
Endless West (molecular spirits)
OneSkin (skin aging reversal)
Catalog Technologies (data storage via DNA)
Vertical Oceans (urban aquaculture)

Competitive Positioning

IndieBio remains unique in the biotech accelerator landscape:

Infrastructure Advantage: Proprietary wet labs with BSL-rated facilities
Capital Depth: $1.5B parent fund provides multi-stage follow-on capacity
Domain Expertise: Partnership includes scientific leaders from DARPA, ONR, Telefónica, publishing industry
Track Record: 270+ companies, $12B+ value created since 2014
Founder-Friendly: High funding ($525K), low equity dilution, long-term engagement
Diversity Focus: 42% female founders, intentional inclusive approach

Investment Range and Economics

Check Sizes and Economics:

Initial: Up to $525,000 for full-time cohort participation
Target ownership: ~10% at pre-seed (inferred from follow-on participation)
Follow-on commitment: 97% participation in >$1M rounds
Board representation: Partners remain active in portfolio oversight

Current Batch Status

SF Cohort 16 (2025): 8 companies in acceleration, actively funding
NY Cohort 9 (2024): 9 companies, New York focus with new 25,000 sq ft facility
Investor Showcase: Scheduled for March 11, 2026 (NY location) featuring Pre-Seed through Series A companies

Founder Profile and Preferences

Based on portfolio analysis and website messaging:

Sweet Spot: Undergraduates, graduate students, postdocs with breakthrough science
Welcome: First-time founders, international founders, career-switchers from academia/industry
Diversity: Actively seeks underrepresented founders (42% female representation exceeds VC average)
Stage Comfort: "Too early" is ideal (paper plans without data are acceptable)
Background: Scientists, engineers, and technical founders preferred, business experience less critical

Sector Mapping

Portfolio distribution across sectors:

Climate Tech: 70+ companies (largest bucket)
Human Health: 79 companies
Therapeutics: 42 companies
Female Founders: 81 companies (cross-sector theme)
Materials: 15 companies
Energy: 13 companies
Physical AI: 21 companies (emerging focus)

Anti-Thesis

Based on portfolio and messaging, IndieBio tends NOT to fund:

Non-technical founders without science background
Companies relying purely on software/algorithms without biological implementation
Traditional pharma/biotech models without innovation
Non-mission-driven ventures (profitability alone insufficient)

Market Position Summary

IndieBio has established itself as the definitive early-stage biotech accelerator globally, with:

Unmatched physical infrastructure (wet labs)
Strongest capital position for pre-seed synthetic biology
Most consistent track record (11+ years, 270+ companies)
Best founder economics (high initial check, long-term partnership)
Explicit diversity and inclusion focus

The firm is currently in growth mode with expanded New York presence, new facility (2025), and a record-sized parent fund (Fund V, $306M) supporting aggressive deployment in deep tech biotech.