Sofinnova Partners closed a €650 million flagship fund (Capital XI) to back early‑stage biotech and medtech companies, with about 20%–30% earmarked for devices. The firm said it has already invested portions of the fund into five companies including Actithera and Elevara Medicines and is targeting startups approaching clinical proof‑of‑concept. Investors cited Sofinnova’s track record and a renewed appetite for life‑science venture investing after a sluggish start to the year. The raise arrives amid broader fund formation in the sector and signals fresh venture capital availability for companies preparing IND‑enabling programs or early clinical trials.