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Proximal Ventures secures $27.5 million for debut AI healthcare fund
Founder Sahir Raoof is targeting early-stage businesses that use AI to improve pharmaceutical services, with seven startups already in the portfolio.
Proximal Ventures, founded by former SignalFire investor Sahir Raoof, has raised a first solo venture fund totaling $27.5 million. Its investment focus is artificial intelligence applied to the services, infrastructure and tools supporting drug development.
The firm intends to make investments ranging from $500,000 to $1.5 million at the pre-seed and seed stages. It has funded seven startups, among them ChronicleBio. That company, whose founders include former OpenAI executive Fidji Simo, analyzes medical and biological data with AI to study chronic diseases and possible treatments.
Raoof said pharmaceutical companies’ spending on outsourced work presents an opportunity for AI startups. He believes automation could reduce the time and cost of providing services such as compound synthesis, manufacturing-process development and clinical-trial data analysis.
Investors backing Proximal include Bertelsmann Healthcare Investments, Kleiner Perkins and SignalFire. Dimension Capital’s co-founders, Nan Li and Zavain Dar, have also invested, alongside Amy Abernethy, who co-founded Highlander Health and previously served as the FDA’s principal deputy commissioner.
Raoof spent two years at SignalFire as a principal after leading business development for Iterative Health, which works on clinical-trial recruitment. Earlier, he oversaw partnerships for oncology data business Flatiron Health. Abernethy worked with him there as chief medical officer and said his relationship-building skills and ability to identify industry bottlenecks stood out.