Canaan raises $850 million to support medical, tech companies
06 Apr 2023
IPO
Early-stage venture firm Canaan announced Thursday that it closed $850 million in capital commitments across two new funds to help it continue supporting companies in the healthcare and technology sectors. The oversubscribed Canaan XIII will provide seed and Series A funding, with reserves to support companies through exits such as mergers, acquisitions and initial public offerings (IPOs).
Meanwhile, another $200 million of commitments will be available to speed up growth of existing portfolio companies. The new funds take Canaan's total assets under management to $6.8 billion. "We believe Canaan XIII reflects the high caliber of our team, the trust we've built with our limited partners, and the successful track record we've established through multiple up-and-down market cycles over our more than 35-year history in venture," remarked John Pacifico, chief financial officer at Canaan.
Canaan said it has seen 10 IPOs, four public listings and eight M&A exits in the past five years, generating nearly $1.7 billion of realisations. It noted that the healthcare effort for Canaan XIII will be dedicated to company creation and early investments in priority areas such as oncology, immunology, and neurology, along with larger therapeutic indications such as cardiology and respiratory, "where promising clinical-stage assets are often overlooked or neglected within the industry."
In addition, Canaan said its healthcare team will focus on new modalities as well, including genetically-defined precision approaches. The team's latest company creation and investment highlights include Vivace Therapeutics, Synthekine, RADD Pharmaceuticals, and the recently unveiled Halda Therapeutics, among others.
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