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, pledging to back companies working with AI and data-driven insights into biology. 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.