Sands Capital has raised more than half a billion dollars for a new life science fund, readying a slew of new bets toward therapeutic, diagnostic and device companies.
The Arlington, Virginia-based venture investor said Tuesday that the new $555 million raise bumps its total amount of committed capital to $1.3 billion across the three life science-specific funds raised to date. Sands in its entirety manages more than $54 billion across private and public investments including more than $5 billion in life science and healthcare bets.
The firm was mum on precise therapeutic modalities of interest, saying only that it will emphasize “private therapeutics” alongside other life science companies. So far this year, Sands has participated in at least two therapeutic rounds north of $50 million, including BioAge Labs’ $170 million series D announced in February. The biotech has successfully pivoted from being a broad longevity biotech to one focused on a mid-stage obesity candidate.
Another of Sands’ 2024 investments was Avenzo Therapeutics, participating in the company’s $150 million series A-1 round. Avenzo is led by Athena Countouriotis M.D., ex-CEO of Turning Point Therapeutics who helped steer a $4.1 billion buyout from Bristol Myers Squibb.
Sands has also taken the lead on a number of medtech fundraisings so far this year, including Alamar Biosciences’ $128 million series C in March. Sands Executive Managing Partner Ian Ratcliffe said in a statement at the time that proteomics is a field with “significant opportunity for disruption.” In November 2023, Sands also contributed to the $84 million round of Cytovale, a sepsis diagnostic company working on a test for the infection that spits out a result within 10 minutes.
Sands’ new raise follows a handful of other tech and health-focused firms that have fetched fresh funds, including ORI Capital, Canaan and Europe-based Earlybird. And others have launched for the first time, including Regeneron’s new venture arm, which unveiled with a five-year, $500 million commitment.