A few years ago, the idea of reviving extinct animals sat closer to speculative science fiction than anything investors would normally put money behind. Yet it has steadily been pulled into boardrooms, laboratories, and funding rounds at a scale that now feels difficult to ignore. At the centre of it is Colossal Biosciences, a company built around the notion that genetic engineering might one day recreate versions of lost species, beginning with the woolly mammoth. Its chief executive, Ben Lamm, has become one of the more unusual figures in biotech, part tech entrepreneur, part promoter of long-horizon biology. The company has no commercial product tied to its core ambition, no living mammoth, and no revenue from de-extinction work. Still, it has attracted billions in valuation and hundreds of millions in funding, driven by the belief that its science could eventually reach far beyond the Arctic animals it is known for.
Colossal Biosciences: From mammoth genome research to a $10 billion startup
The origin of Colossal Biosciences traces back to an encounter between Ben Lamm and Harvard geneticist George Church. Church had already spent years working on ancient DNA, including attempts to reconstruct the woolly mammoth genome from remains preserved in Arctic ice. His work had existed mostly within academic research circles, with limited expectation that it would move into commercial territory.Lamm came from a very different world, having built and sold several technology companies. As reported by Forbes, one of his previous ventures, Hypergiant, an AI-focused software firm, was later acquired by Thrive Capital in 2023 for an undisclosed sum. The meeting between the two eventually led to the creation of Colossal in 2021, backed initially with around $15 million in seed funding.Church’s involvement in mammoth genetics dated back more than a decade before the company existed. Lamm, by contrast, saw the possibility of turning that research into a platform company built around genetic engineering tools rather than a single scientific goal.
Funding, valuation and a business built on future outcomes
The company expanded quickly through successive funding rounds, drawing support from venture capital firms and investors associated with large private investment groups. As reported by Forbes, the company raised around $200 million in 2025, led by TWG Global, placed Colossal at a valuation of roughly $10.2 billion. That valuation has made Lamm a billionaire on paper, with estimates placing his net worth at about $3.7 billion.In total, the company has raised approximately $435 million. Despite this, it does not yet generate revenue from its de-extinction programme. Instead, parts of its scientific work have been separated into spinouts, including Form Bio, launched in 2022 as a computational biology platform, and Breaking, a biological recycling venture formed in 2024.The company’s structure reflects a long development cycle, where commercial returns are expected to come from tools, licensing and adjacent technologies rather than the immediate creation of extinct animals.
What the woolly mammoth project actually involves
The goal of Colossal’s best-known project is not a precise recreation of the woolly mammoth. Instead, researchers are working with Asian elephant DNA and introducing genetic traits identified in mammoth genomes recovered from frozen remains. These changes focus on characteristics linked to cold adaptation, including hair growth, fat distribution and other physiological features.Early progress has involved multiplex gene editing across more than 20 genomic sites. The intention is to produce an elephant-based animal that can survive in colder environments resembling those once inhabited by mammoths, rather than resurrecting an identical prehistoric species.Artificial womb research forms another strand of the work. Elephants present practical challenges due to their long gestation periods and reproductive biology, prompting exploration of lab-based embryo development systems that could shorten timelines for experimentation.
Ecological role of woolly mammoths and Colossal Biosciences’ conservation and de-extinction vision
Supporters of the project often point to the ecological role mammoths once played in shaping northern landscapes. Their movement and grazing patterns are believed to have influenced grassland preservation and soil conditions, with some researchers suggesting that similar animals today could affect permafrost stability and carbon release.Reportedly, Colossal has said it is in discussions with two governments about potential biodiversity-related contracts, including one island nation. One proposed project involving an endangered species could cost around $350 million over decades, with uncertain outcomes if pursued through conventional conservation methods. The company has suggested that genetic engineering could shorten that timeline, though this raises scientific and ethical debate.
Criticism and questions over environmental release
Outside the company, scepticism is strong. Some geoscientists and conservation experts question whether engineered animals can meaningfully restore ecosystems that have changed significantly since extinction events occurred. Others argue that releasing genetically modified organisms into open environments introduces risks that are not yet fully understood.Karl Flessa, a professor of geosciences at the University of Arizona, has described the idea of bringing back mammoth-like animals as misguided, pointing to concerns about ecological mismatch and uncertain climate benefits. He has also questioned whether such animals would survive in environments already under pressure from warming temperatures.Within Colossal, chief science officer Beth Shapiro has acknowledged the uncertainty while arguing that traditional conservation approaches alone may not be sufficient given the speed of environmental change. Roughly 46,300 species are currently considered threatened with extinction according to the International Union for Conservation of Nature.
