Life Science Washington, the state’s industry trade association, today released its annual Economic Impact Report, revealing a 50% increase in job growth from 2013 to 2023. A top 10 life sciences cluster in the U.S., Washington state outpaced both national life sciences job growth and private sector job growth in the state.
The strong growth can be attributed to local companies expanding through organic growth and acquisitions that have increased commercial and manufacturing jobs throughout the state. According to the report, more than 118,900 jobs are supported by Washington’s life sciences industry, with more than 47,800 individuals employed directly in the life sciences. Women also make up 45% of Washington’s life sciences jobs, which is one of the highest concentrations of women in a STEM-based industry.
“Over the last decade, Washington has emerged as one of the top 10 life sciences cluster in the country, driven by a unique blend of technology expertise and cutting-edge science,” said Marc Cummings, President and CEO of Life Science Washington. “The state’s life sciences sector has also served as a buffer during each of the past three recessions, which shows the resilience of our companies and their diversity at all different stages of growth.”
This year’s report also finds that Washington state’s $41.2 billion life sciences industry contributed $23.1 billion to the state’s GDP and $1.6 billion in local and state tax revenue. The industry currently has over 1,180 life sciences companies across 139 cities in Washington state.
Biotech AI Deals Contribute to $2.65B in Investments
Life Science Washington also released its 2024 Washington State Investor Report, which revealed total investments of $2.65 billion in 2024, an increase from $854.3 million in total investments in 2023.
According to the Investor Report, 108 unique investors contributed to 37 deals. ProfoundBio, a Life Science Washington Institute Washington Innovation Network (WIN) program graduate, brought in this year’s largest investment with a $112 million fund raise, followed by a $1.8 billion acquisition by Genmab A/S.
Investors reinforced the region’s reputation as a national hub for companies working at the intersection of AI and life sciences. Several of the top deals last year were spinouts or companies affiliated with the University of Washington’s Institute for Protein Design (IPD), which develops protein design software that leverages AI. IPD-affiliated companies Arzeda raised $38 million, Vilya raised $71 million, Archon Biosciences raised $20 million, and Outpace raised $144 million. Dr. David Baker, Director of the Institute for Protein Design, was also recently awarded the Nobel Laureate in Chemistry for his work pioneering the use of artificial intelligence to design novel proteins, further solidifying Washington as the nation’s biotech AI leader.
Beyond IPD-affiliated companies, longstanding Washington organizations also drove momentum. Fred Hutchinson Cancer Center recently announced a $40 million AI alliance with Microsoft and NVIDIA to accelerate cancer research using large language models and generative AI. Meanwhile, Absci, a longtime AI-driven biologics developer, inked a $20 million partnership with Advanced Micro Devices (AMD) to accelerate discovery of breakthrough antibody therapeutics. These deals reflect the growing depth and diversity of Washington’s AI-powered biotech ecosystem.
Life Science Washington also announced a three-way tie for its 2024 Investor of the Year award, recognizing Madrona Ventures, RA Capital, and ARCH Venture Partners. The award is based on both the number and size of investments made in the Washington life sciences ecosystem.
Despite a challenging investment year, all three firms stood out by making significant investments in at least two Washington-headquartered companies and leading at least one of those rounds.
“Washington is quickly becoming one of the most exciting places in the world for life sciences innovation,” said Chris Picardo, Partner at Madrona Ventures. “The combination of world-class research institutions and talented builders at the intersection of AI and biotech is unlocking breakthroughs we couldn’t have imagined a decade ago. We’re proud to back companies like Vilya and Archon Biosciences—emerging from the University of Washington’s Institute for Protein Design—that are translating cutting-edge science into real-world progress.“
“We love Seattle’s vibrant biotech scene.” said Peter Kolchinsky, managing partner at RA Capital Management. “We’re proud to have funded Icosavax, Outpace, and Profound and look forward to backing many more of Seattle’s cutting-edge companies.”
View the full 2025 Economic Impact Report here and 2024 Washington State Investor Report here.