Modi Ventures Raises $88 Million for Second Fund to Invest in Tech Bio Convergence
Oversubscribed close brings total committed capital to over $134 million to invest in companies and funds at the intersection of tech, bio, and medicine
Modi Ventures, a venture capital firm founded in 2022 that backs companies at the intersection of artificial intelligence, biology and medical technology, today announced the close of $88 million of capital commitments with its second fund in an oversubscribed funding raise.
Modi Ventures is headquartered in the heart of Houston with offices at the 37-acre TMC Helix Park campus within the Texas Medical Center (TMC), the world's largest medical ecosystem. Launched during a unique window of opportunity amid the market downturn of 2022, Modi Ventures swiftly raised over $30 million for its first fund in 2023. The firm has now closed its oversubscribed second fund in approximately three months, securing $88 million. Using proprietary and innovative financial engineering, the fund is designed to select resilient portfolios, consisting of funds and companies, to navigate volatility, as demonstrated during its launch period.
"Modi Ventures invests strategically at the convergence of technology and biology, employing a sophisticated and proprietary financial engineering framework rooted in modern portfolio theory and the efficient frontier principles," said Sahir Ali, Modi Ventures' solo general partner. "The second fund will continue to help build companies at the intersection of AI, biology, and medicine, focusing on pioneering advancements in digital biology and multi-omics, cellular reprogramming, AI-driven drug discovery, next-generation diagnostics, and therapeutics."
"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," said William McKeon, President and CEO of Texas Medical Center. "We look forward to continuing our partnership as we work together to build a world-class life sciences ecosystem right here in Houston."
Initial investments include Lila Sciences, RTW Royalty Fund, Ignota Labs, Latus Bio and Flagship Pioneering.