Modi Ventures Secures $88 Million for New Fund
Modi Ventures, a Houston-based venture capital firm established in 2022, is making headlines with its recent announcement of a successful funding close for its second fund, raising a total of $88 million. This new capital commitment reflects the firm’s commitment to investing in innovative companies at the convergence of technology, biology, and medicine, known as tech-bio convergence.
Significant Growth in a Short Time
The quick success of the second fund, which was oversubscribed within approximately three months, underscores Modi Ventures’ strategic vision and the growing investor confidence in the sectors it targets. The firm was launched during the market downturn of 2022, where it also successfully raised over $30 million for its inaugural fund in 2023. With this new funding, Modi Ventures has now accumulated over $134 million in committed capital.
Sahir Ali, the solo general partner at Modi Ventures, emphasized the firm's unique approach, which employs advanced financial engineering rooted in modern portfolio theory. He stated, "The second fund will continue to help build companies at the intersection of AI, biology, and medicine, focusing on pioneering advancements in digital biology, multi-omics, AI-driven drug discovery, and next-generation diagnostics and therapeutics."
A Collaborative Ecosystem
The firm’s headquarters is situated in Houston, within the expansive, 37-acre TMC Helix Park campus of the Texas Medical Center, noted as the world's largest medical ecosystem. This strategic location provides a conducive environment for innovation and collaboration in life sciences, particularly at a time when the demand for advanced biomedical solutions is surging.
William McKeon, President and CEO of the Texas Medical Center, expressed his enthusiasm for the growth and collaboration witnessed with Modi Ventures in recent years. He commented, "We're proud to have witnessed the growth of Modi Ventures over the past few years at Helix Park, which is a cornerstone of Texas Medical Center's vision to create a globally recognized hub for translational research and innovation."
Initial Investments and Future Focus
Modi Ventures’ initial investments from the new fund include promising entities such as Lila Sciences, RTW Royalty Fund, Ignota Labs, Latus Bio, and Flagship Pioneering. The selection of these firms highlights Modi Ventures' strategic direction in supporting companies that are on the frontier of technological and biomedical advancements.
With the second fund poised to tackle the complexities of healthcare solutions through tech-bio innovations, Modi Ventures aims to play a pivotal role in shaping the future of human health and enhancing life quality through scientific advancements.
About Modi Ventures
Modi Ventures Capital Management is dedicated to investing in innovators and companies that are influencing the future of humanity, primarily focusing on emerging and disruptive AI and biomedical technologies. Apart from its own funds, the firm has made investments in several successful venture companies, such as Khosla Ventures, Section 32, Artis Ventures, and Draper Associates. Current holdings also include Groq, Generate Biomedicines, Unnatural Products, among others.
For more information about Modi Ventures and its initiatives, interested parties can visit
www.modivc.com or connect with the firm on LinkedIn.