US-based Foresite Capital, an investment firm that provides catalytic capital to transformative healthcare companies at all stages, raised funding totalling US$ 969 million in commitments from LPs.
This is Foresite’s largest fund to date which was also oversubscribed relative to its original target. The fund makes up two separate investment vehicles – Foresite Capital Fund V and Foresite Capital Opportunity Fund V.
The funds will be utilized by Foresite to fuel its investments in companies ranging from early to late-stage, and everything in between. Foresite aims to help companies from the founding stage all the way to public market exit and even beyond.
“We can also come into a later situation that’s competitive with a number of hedge funds, and bring something unique to the table because we have all these value-added resources that we used to start companies. So we have a competitive advantage for later-stage deals, and we have a competitive advantage for early-stage deals, by virtue of being able to function at a high level in the capital markets,” said CEO and founder Dr. Jim Tananbaum.
Foresite focuses on the intersection of traditional tech business mechanics and biotech. Its focus stems from its belief that technology and tools, data science, machine learning, biotechnology, biology and genetics are going to come together. “Basically, you’re seeing people now really look at biotech in general in the same kind of way that you would look at a tech company. There are these tech metrics that now also apply in biotech, about adoption velocity and other things that may not exactly equate to immediate revenue but give you all the core material that usually works over time,” said Dr. Jim Tananbaum.
The fund also has an incubation platform called Foresite Labs. It was set up in October 2019. It is run by Dr. Vik Bajaj, former co-founder and chief science officer of Alphabet’s Verily health sciences enterprise.
Foresite’s investment portfolio focuses on companies in mainly three areas – therapeutics at the clinical stage, infrastructure focused on automation and data generation and individualized care.
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