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<\/a>Shield AI, a San Diego-headquartered unicorn defense tech company, raised the largest venture capital round among local tech companies in 2025.<\/p>\nSAN DIEGO<\/strong> \u2014 11 San Diego-based companies secured venture funding rounds totaling more than $100 million-plus in 2025, according to data collected by Connect<\/a><\/strong>. <\/p>\n The largest round went to Shield AI<\/a><\/strong>, which raised $240M in a Series F round at a $5B valuation. Crystalys Therapeutics<\/a><\/strong> followed, emerging from stealth and announcing a $205M Series A round in September 2025.<\/p>\n Deal activity in San Diego declined slightly, with deal count down 6% year over year, from 161 to 152.<\/p>\n Despite a more selective investment environment, dozens of San Diego life science companies raised mega-rounds in venture capital. A total of three companies went public, including Aardvark Therapeutics<\/a>, Carlsmed<\/a><\/strong> <\/a>and Aptera Motors<\/a>. <\/strong><\/p>\n The local startup ecosystem ranked No. 7 in venture capital funding behind Seattle and Austin, according to Carta<\/a><\/strong>, which evaluated total seed through Series C rounds across major U.S. ecosystems in 2025.<\/p>\n Crystalys Therapeutics<\/a><\/strong>, a biotech focused on therapeutic products, raised $205M<\/a><\/strong>.<\/p>\n<\/li>\n Timberlyne<\/a>, <\/strong>a biotech focused on autoimmune disorders, raised $180M<\/a><\/strong>. <\/p>\n<\/li>\n Protego Biopharma<\/a>, <\/strong>a <\/strong>biotech focused on small molecule therapy, raised $130M<\/a><\/strong>. <\/p>\n<\/li>\n Aspen Neuroscience<\/a>, <\/strong>a biotech focused on unmet medical needs, raised $115M<\/a><\/strong>. <\/p>\n<\/li>\n RayThera<\/a><\/strong>, a biotech focused on developing immunology drugs, raised $110M<\/a><\/strong>. <\/p>\n<\/li>\n<\/ul>\n<\/a>Gary Steele (right) with Michael Yang (center), Chief Legal Officer, and Ryan Tseng, Chief Strategy Officer.<\/a>Thomas Miller, co-founder and CEO of Iambic Therapeutics. The company uses generative AI to design and discover differentiated drugs, accelerating the path from discovery to clinic.<\/p>\n\n