Money Moves is a recurring series where we chart the raises, grants, contracts, mergers and other funding news of tech companies across our regions. Have a tip? Email us at philly@technical.ly.

Life sciences companies are showing their strength in Philly, with two local startups recently securing funding opportunities. 

Medical device company Airalux received thousands from the National Institutes of Health after a lengthy application process. Plus, cell therapy company BlueWhale Bio raised $5 million.

Keep reading for all the details and more money moves. 

NIH awards Airalux a $300k SBIR grant 

Medical device startup Airalux Medical won $306,000 as a Phase One Small Business Innovation Research (SBIR) grant through the National Institutes of Health (NIH). 

The company, which is developing a device to monitor patients’ breathing after surgery, will use the funds to reduce the cost of materials and test its device in different environments, Josh Freedman, cofounder of Airalux, told Technical.ly. If it hits those goals, Airalux, a 2025 RealLIST Startups honoree, will be eligible to apply for a second round of funding, which will hopefully be a larger check and a longer grant period. 

This non-dilutive funding is “essential” for companies past the idea stage but not yet ready for venture capital, Freedman said. 

“Oftentimes, if you get this grant, it starts to show either institutional investors or angels and other types of investors that the NIH looked at this and thought that it was reasonable,” Freedman said. “It’s some level of vetting and validation that this is a legit company.” 

The application process for this funding is long and tedious, taking a full year from submitting its first application to getting notice of the award, according to Freedman. The process involved completing two local prep programs, two rounds of peer review and months of submitting company information to the NIH.  

The shift from the Biden Administration to the Trump Administration at the start of 2025 caused additional delays with their application, Freedman said. Attempts to freeze federal funding and change the criteria for awards caused uncertainty, but the process was ultimately worth it, Freedman said. 

BlueWhale Bio raises $5M

BlueWhale Bio raised $5 million, according to a recent SEC filing. The company declined to comment on the raise. 

BlueWhale Bio is a 2024 RealLIST Startups honoree and University of Pennsylvania spinout cofounded by well-known cell and gene therapy researcher Carl June. The company emerged from stealth in 2023 and raised an $18 million seed round. 

The startup is developing a way to manufacture cell therapies and get them to patients at a lower cost. It recently announced the start of a new clinical trial at the University of Pennsylvania. 

More money moves: 

  • Comcast opened a new Flagship LIFT Zone at workforce development org OIC Philadelphia this month. The telecommunications giant is investing $1 million into public Wi-Fi, new laptops and desktop computers, new audio-visual equipment and upgraded tech in the classrooms. 
  • Blue Bell, Pennsylvania-based biotech company ThirdLaw Molecular raised $5.5 million, according to an SEC filing. 
  • Temple University received a $55 million donation from University Trustee Christopher Barnett to support the College of Public Health, the largest donation in the school’s history. The university also won $3.3 million from the NIH to buy a scanning electron microscope, which can be used in research for battery technology, quantum computing and drug development. 
  • Oral BioLife, a Bethlehem-based biotech company, closed its seed funding round. The company declined to share the raise amount. 
This story is made possible thanks to support from Ben Franklin Technology Partners of Southeastern Pennsylvania, a nonprofit that leads the Philadelphia region’s equitable economic growth by nurturing and investing in innovative, early-stage companies, and through purposeful involvement in regional and national initiatives.