Top 5 Public Companies

1. Thermo Fisher Scientific  (Life Sciences Solutions segment)

Revenue: $10.374 billion in 2025

Thermo Fisher Scientific’s Life Sciences Solutions segment includes sales from products used in developing organoids, such as OncoPro Tumoroid Cell Lines to support tumoroid development, StemFlex Medium for robust expansion of pluripotent stem cells, and Geltrex Flex matrix for the growth of a variety of cells in 3D cell cultures. In December, Thermo Fisher and AIM Biotech announced a partnership to develop standardized, reliable microphysiological systems (MPSs), focused initially on creating vascularized tumoroid models that the companies said could revolutionize cancer research and immunotherapy development. AIM Biotech contributed its organiX MPS for organoids and biopsies, as well as its VasQ Kit, all-in-one vascularization solution, and technical expertise, while Thermo Fisher provided well-characterized patient-derived tumoroid models, fit-for-purpose OncoPro Tumoroid Culture Medium, and supporting reagents.

2. Merck KGaA, Darmstadt, Germany (Life Science business)

Revenue: €8.98 billion ($10.348 billion) in 2025

Merck KGaA, Darmstadt, Germany, aims to build a leading presence in organoids through foundational technology, a growing portfolio of patient-derived models, and scalable commercial capabilities. In January 2025, the company announced its acquisition of organoid development pioneer HUB Organoids Holding, based in Utrecht, The Netherlands. By integrating HUB’s patient-derived organoid technology with its existing cell culture expertise, Merck KGaA envisioned enhancing its value to researchers seeking to apply 3D cell culture and next-generation biology to understand drug response earlier in development. In October, Merck KGaA launched a partnership with Promega to develop assays capable of tracking cellular activity in real time using a reporter system within organoids, allowing for testing in models that are physiologically more relevant than traditional two-dimensional models.

3. Danaher (Life Sciences segment)

Revenue: $7.334 billion in2025

In a December 3 post on its blog, Danaher tallied eight companies within its family of operating companies as being involved in developing organoids: Abcam, Beckman Coulter (non-diagnostic business), Genedata, IDBS, Leica Microsystems, Molecular Devices, Phenomenex, and SCIEX. The eight offer a comprehensive suite of products and technologies designed to support every stage of organoid development, from sample preparation to advanced data analysis. In December, researchers at Cincinnati Children’s Hospital Medical Center’s Center for Stem Cell and Organoid Medicine (CuSTOM), Molecular Devices, and other partners published a study detailing a new human liver organoid microarray developed by the hospital and Roche—a study co-funded by Danaher, Roche, and the Farmer Family Foundation. CuSTOM and Danaher launched their organoid development partnership in 2024.

4. Charles River Laboratories (Discovery and Safety Assessment segment)

Revenue: $2.403 billion in 2025 ¹

“From models to living systems, next-generation organoids are on the rise,” Charles River Laboratories declared in a December 4 post on its Eureka blog. “As drug discovery and development accelerate the adoption of NAMs, organoids themselves are entering a transformative era,” added Tània Martiáñez Canales, PhD, senior scientist, and Ludovico Buti, PhD, senior research leader. Immune and vascular-competent tumor organoids now capture the full complexity of the tumor microenvironment, while recent liver organoid models now approach the quality of transplant-grade tissues by exhibiting complete metabolic zonation, recapitulating the three liver’s metabolic zones, and even organ-specific vasculature. In November, Charles River committed to “evaluating opportunities to enhance its scientific capabilities” in NAMs while refining its portfolio to maximize financial performance and divest underperforming or non-core assets.

5. Corning (Life Sciences segment)

Revenue: $972 million in 2025

Corning offerings for organoid development include a software extension enabling Corning Cell Counter^® operators to capture rapid data of 3D cell cultures based on the structure’s morphology, to the company’s Corning^® Matrigel^® Matrix, a solubilized basement membrane preparation used as a scaffold option to support cell expansion in organoid cultures, and Matrigel Matrix 3D plates. Matrigel and a Corning 96-well round-bottom ultra-low adhesion plate were among supplies from numerous companies used by researchers at Bernhard Nocht Institute for Tropical Medicine in Hamburg, Germany, in creating a West Nile virus encephalitis model using human cerebral organoids generated with male induced pluripotent stem cells—an effort detailed in a paper published March 7 in Nature Communications.

¹ 2025 revenue consists of the 12 months ending December 27, 2025

Top 5 Private Companies

1. Emulate

Total Capital Raised: $250 million

Emulate partnered with FujiFilm Cellular Dynamics in November to launch the Emulate Brain-Chip R1, a first-in-class isogenic model of the neurovascular unit designed to offer researchers a new platform for studying drug transport across the blood-brain barrier, as well as investigating mechanisms of neuroinflammation. Brain-Chip R1 integrates FujiFilm’s iCell® products co-cultured with Emulate’s induced Brain Microvascular Endothelial Cells. In June, Emulate commercially introduced the AVA Emulation System, a self-contained instrument designed to culture, incubate, and image up to 96 individual organ-chip samples or “Emulations” in a single run—as well as to deliver in vivo-level insights faster than animal models while cutting consumable costs fourfold and in-lab labor by half compared to current generation technologies.

2. Prellis Biologics

Total Capital Raised: “More than” $88 million

Prellis Biologics has combined its EXIS organoid and AntiGen AI platforms into a platform called Biological AI that is being applied by Eli Lilly to develop next-generation antibodies, under a collaboration of undisclosed value announced in September. Lilly agreed to pay Prellis an upfront payment, payments tied to achieving development and sales milestones, plus royalties for the licensed antibodies. “With industry-leading speed (about 3-4 weeks), the EXIS platform generates diverse, high-affinity antibodies, derived from fully human artificial lymph node organoids against a wide array of targets and target classes, including GPCRs. These hits are then matured by artificial intelligence into drug candidates,” stated Prellis CEO Mike Nohaile, PhD.

3. InSphero

Total Capital Raised: $63.5 million ¹

Swiss-based InSphero, in February, joined PharmaNest to launch a translational fibrosis partnership of undisclosed value, through which the companies will apply machine learning tools in combination with human preclinical models to decipher complex pathological phenotypes toward the identification of effective therapies. The collaboration combines InSphero’s advanced 3D spheroid models with PharmaNest’s high-resolution, single-fiber digital pathology, with the aim of enabling AI-assisted, precise phenotyping of fibrosis severity and remodeling for liver fibrosis in metabolic dysfunction-associated steatohepatitis (MASH) and other fibrotic 3D in-vitro models. Also in February, InSphero completed its acquisition for an undisclosed price of Doppl and its Sun Bioscience Gri3D® organoid culture platform. “For our customers, this acquisition means access to an even broader, more integrated portfolio of scalable 3D cell culture plates and organoid technologies designed to work seamlessly together,” InSphero CEO and co-founder Jan Lichtenberg, PhD, stated on LinkedIn.

4. CN Bio

Total Capital Raised: $60 million

CN Bio isn’t an organoid company per se, but it told GEN its organ-on-a-chip (OOC) technology is positioned to improve the human accuracy and predictivity of organoid workflows. CN Bio recommends supplementing organoids with OOC cultures designed to represent 3D tissues with more human-relevant spatial organization: “Supplementing organoid use with OOC provides the means to further advance workflows by unlocking the ability to detect deeper mechanistic insights, more complex and latent effects that may otherwise be missed,” Emily Richardson, PhD, a lead scientist on CN Bio’s R&D team, wrote on the company’s blog. In October, CN Bio launched PhysioMimix^® Core, an all-in-one OOC microphysiological system (MPS) designed to be the first OOC solution to deliver validated performance across single-organ, multi-organ, and higher-throughput configurations.

5. Inventia Life Science

Total Capital Raised: AU$65 million ($46.5 million)

Inventia Life Science’s RASTRUM platform is designed to help researchers generate reproducible organoids in minutes by enabling the automated, high-throughput 3D bioprinting of cell-laden hydrogels. Last year, Sydney-based Inventia launched its next-generation version of the platform, RASTRUM Allegro, whose specs include producing 3D cell models in six minutes for a 96-well plate and nine minutes for a 384-well plate, with a throughput of 35+ plates a day. Optimized for patient-derived samples and translational research, RASTRUM Allegro is intended to enable the creation of more models from limited cell numbers, up to 3.5x more cell models compared to previous generations—a milestone, says the company, toward democratizing 3D cell culture for all researchers.

¹ Figure published by PitchBook. At deadline, InSphero had not responded to GEN queries seeking to confirm the total capital raised figure.