VC firms raised US$21b last quarter despite Covid19 chaos
The PitchBook and NCVA report also chronicled the changes in VC spending patterns for the quarter. So far this year, VC spent a near-record US$5.7 billion investing in pharmaceutical and biotech companies, aligning them with the public interest in the global effort to fight the novel coronavirus. The uptick appears to be the continuation of a trend, rather than a bonanza related to the virus itself.
"We can't look at everything through a Covid lens," said Jorge Conde, a general partner at Andreessen Horowitz who invests in life sciences companies. Still,"a lot of the problems we face as a society will be biologic in nature, and the innovations we need to combat those problems will come from this industry".
"We're seeing a lot more sophistication in terms of the therapy we can develop," Mr Conde said, largely due to major advances in science. For example, sequencing the genome of the coronavirus — a key step for developing ways to fight it — took just a few weeks, Mr Conde said. A decade ago, it would have taken months.
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