Foresite Capital, a multi-stage healthcare and life sciences investment firm, today announced it has raised a $173 million fund to further invest in companies launched by Foresite Labs.
Foresite Labs companies will also continue to be supported from Foresite Capital Fund V and its associated opportunities fund. The fund comes on the heels of several major milestones for Foresite Capital including the announcement of its $969 million Fund V and investments in Foresite Labs incubated companies Interline Therapeutics, Alumis and TenSixteen Bio.
Foresite Labs was created in October 2019 to found, build and scale life sciences companies at the intersection of healthcare and data science. One of Foresite Capital’s core beliefs is that by combining machine learning, big data and genomics, life sciences companies can accelerate commercialization from decades to years. Foresite Labs was founded to provide expanded capabilities in company creation.
“Technological breakthroughs in genomics and data science are creating opportunities to drive significant transformation of the healthcare industry,” explained Dr. Vikram Bajaj, CEO of Foresite Labs. “We believe the companies we’re creating can help solve many of the problems the industry faces, and this additional capital will help us do that.”
The Foresite Labs team is led by Foresite Capital managing director, Dr. Vik Bajaj, who is the former chief scientific officer of GRAIL and was the co-founder and chief scientific officer of Verily (formerly Google Life Sciences). The firm utilizes its data science platform to launch and support next-generation therapeutics and healthcare services companies to ultimately improve patient outcomes. Foresite Labs has announced the launch of five companies, and is incubating several additional concepts.
“This fund represents strong affirmation of the potential of the companies being built within Foresite Labs,” explained Jim Tananbaum, founder and CEO of Foresite Capital. “Recently launched companies like Interline Therapeutics, Alumis, Sestina Bio and TenSixteen Bio have the potential to deliver life-saving healthcare solutions in just a few short years through the power of the Foresite Labs platform.”
The $173 million fund was oversubscribed from its initial $150 million target.
