ARCH Venture Partners is the latest venture capital firm to raise a multi-billion-dollar fund. The cash will be used to support new startups working with AI.
ARCH Venture Partners has topped up its coffers with a whopping $3 billion fund, which will be used to fuel the next generation of AI-focused biotechs.
The venture capital firm announced the closing of the ARCH Venture Fund XIII on Thursday, pledging to back companies working with AI and data-driven insights into biology.
“After more than 38 years, the ARCH investment philosophy has been consistent: we bet on great science and great teams to build breakthrough companies,” said Robert Nelsen, ARCH co-founder and managing director, in a statement. “We believe AI and new data-driven insights into biology will help to enable a more preventive, curative and equitable healthcare system.”
ARCH has backed some of the most buzzy biotechs that have emerged this year, including AI-focused Xaira Therapeutics, which broke cover in April with a huge $1 billion in financing that came from the Fund XIII The company was jointly incubated by Arch and Foresite Labs. Another shiny biotech on ARCH’s list is Metsera, which just this week announced competitive weight loss results in a field dominated by major pharmaceutical companies. Other companies that have benefitted from Fund XIII already include ArsenalBio and Mirador Therapeutics.
ARCH last raised $2.98 billion for the Fund XII in June 2022.
This is the latest multi-billion-dollar VC fund this month. Bain Capital Life Sciences similarly collected $3 billion to use toward building new companies in early September. Flagship Pioneering, which dubs itself a venture creation firm, also raised $3.6 billion in July, to support an anticipated 25 companies. Other raises this year include Foresite Capital’s $900 million in June; Sands Capital’s $555 million in May and Scion Life Sciences’s $310 million in February.
