Boston and Geneva-based life sciences investor Omega Funds announced the final close of its eighth fund at $647 million, matching the size of its 2021 vehicle. Despite a biotech venture capital funding downturn, Omega secured strong interest from new and existing limited partners. The fund will focus on early venture rounds through later-stage financings, backing innovative companies addressing severe unmet medical needs in the U.S. and Europe. Omega cited recent portfolio successes including Scorpion Therapeutics and EyeBio. The raised capital positions Omega among the few active biotech VC firms amid a broader decline in biopharma funding.