Venture capital firm Canaan closed on $850 million for its Canaan XIII fund to target healthcare and technology companies in the seed and series A stages.
The closure of the fund brings Canaan's total assets under management to $6.8 billion. The firm's biotech and life sciences portfolio companies have gotten 14 FDA-approved drugs to hit the market, according to an April 6 Canaan news release.
"While financial markets regularly modulate up and down, the trajectory of scientific knowledge is always moving up and toward the right. We know more today about the fundamental drivers of health and disease than ever before, and the science being deployed to pursue new therapeutic approaches is staggering," Tim Shannon, MD, general partner at Canaan, said in the release. "It is a great time to be at the forefront of creating and investing in life science companies that will transform how patients are treated and dramatically improve the outcomes they experience."