Venture capital firms continue to capitalize on attractive valuations in biotechnology. Catalio Capital Management closed its fourth fund at over $400 million, deploying capital into innovative startups targeting immunology, inflammation, and oncology. Separately, AN Venture Partners raised a $200 million fund focused on sourcing novel biotech innovation largely from Japan’s emerging ecosystem. These investments enable the launch of new companies and provide growth capital to late-stage and AI drug discovery efforts amid a challenging but opportunistic market landscape.