Surge Therapeutics Inc

Dive Brief:Intuitive Surgicals venture capital arm has launched a second investment fund with $150 million in new capital.The Intuitive Ventures fund will support startups focused on improving healthcare access and coordination, developing precision diagnostics and interventions, and integrating digital technology, the firm said Monday.The new fund follows the launch of Intuitives first venture capital fund three years ago and brings the firms total assets under management to $250 million.Dive Insight:The robotic surgery leader is among a number of large medtech companies to establish a venture capital operation dedicated to supporting a portfolio of early-stage companies. GE HealthCare, Johnson & Johnson and Boston Scientific have also launched venture funds.The venture has since invested in more than 10 startups, supported by Intuitive Surgical's network and corporate oversight. Those companies include Capstan Medical, Endogenex, Flywheel, KelaHealth, MedCrypt, Neocis Optellum and Surge Therapeutics.Fund II deepens Intuitive's commitment to the broad ecosystem of innovators working to improve patient outcomes, Intuitive Surgical CEO Gary Guthart said in a statement.Intuitive Ventures Fund II will be led by Murielle Thinard McLane, who joined the firm earlier this year. Thinard McLane also takes over as managing partner and head of Intuitive Ventures from Oliver Keown, who has left the role to be CEO of a startup.She previously was CEO of molecular diagnostics company Ontera and a co-founder of Nooma Bio, a life science tools platform. Before that, Thinard McLane was an executive in residence at GE HealthCare Ventures, where she helped launch Verana Health, a clinical database. '

Bioluminescence is jumping out of stealth to shine a ray of light on biotech's frigid financing landscape. Bioluminescence is rocketing out of stealth, looking to warm a frigid funding environment with the embrace of fresh funding.  The new venture capital outfit is entering the fold with $477 million in assets under management across two funds, including investments in startups like genetic-medicines-focused ReCode Therapeutics and neuroscience biotech Nido Biosciences, according to Wednesday’s unveiling. The two funds are Bioluminescence Ventures Fund I and II, respectively.  “Innovation never stops, even when financing does,” Founding and Managing Partner Kouki Harasaki, Ph.D., said in a release.  The firm didn’t pin down a specific type of modality or therapeutic area that would draw the most investment, saying only that it wanted to back science that spurs “first-in-class or best-in-class therapies.” A separate flyer notes that the firm is interested in breakthrough biology and platform-based biotechs. Bioluminescence did also specify that it prefers to lead rounds rather than just participate in them.  In addition to ReCode and Nido, the firm has already invested in cell therapy developer Ensoma and immunotherapy-focused Surge Therapeutics. Bioluminescence contributed to Ensoma’s $50 million series B extension announced in May and led Surge’s $32 million series B in July. Harasaki sits on the board of all four biotechs. Before founding Bioluminescence, Harasaki led the life science investment wing at Microsoft Ventures and was a senior partner at Andreessen Horowitz (now a16z). In a past life—until 2016—Harasaki worked in business development roles in industry, including at Baxalta and Novartis.  Bioluminescence’s formal arrival follows a handful of other recent VC fund closures. International firm Abingworth, owned by the Carlyle Group, announced a new $356 million fund on Monday, and last week major healthcare player OrbiMed banked $4.3 billion across three funds for a fresh wave of investments. 

Pictured: Money growth/iStock, RomoloTavani The current environment for big and small biotechs has been harrowing over the last few months, with layoffs and pipeline cuts in a challenging business environment. However, that is not deterring some venture capital firms from investment such as Bioluminescence Ventures, which emerged from stealth on Wednesday with $477 million in assets across two funds. Bioluminescence, led by former Andreessen Horowitz senior partner Kouki Harasaki, plans to invest in “transformative” biotech companies with first-in-class or best-in-class therapeutics that are “addressing large patient populations” with currently unmet medical needs. The firm’s investments will focus on industry breakthroughs in biology, drug discovery, genetic medicines and computational biology platforms. Harasaki, founding and managing partner at Bioluminescence, has deep experience in biotech investment. He served as a partner at venture capital firm Andreessen Horowitz and, before starting Bioluminescence, was the managing director at M12/Microsoft Ventures, where he led its life science investment arm. “Innovation never stops, even when financing does. The recent COVID-19 global pandemic proved that biopharmaceutical innovation is rapidly accelerating. The 2007-2008 Global Financial Crisis and the subsequent years of the biopharma sector downturn proved that venture firms that continue to invest in breakthrough platforms—especially during financial downturns—can help make a meaningful impact on patients while generating strong financial returns,” Harasaki said in a statement. Bioluminescence is looking to build out its team soon and will be bringing on board academic advisors and those familiar with the M&A and IPO environments. The VC firm will also announce its advisory board and team “in the coming weeks,” according to Wednesday’s announcement. Harasaki and Bioluminescence have already invested in several biotechs, including Surge Therapeutics, which is developing a platform to improve the safety and efficacy of immunotherapy treatment. Bioluminescence led Surge's $32 million Series B financing in July 2023. The fund also led the Series B for Nido Biosciences, which is developing a treatment for the neuromuscular disease Spinal and Bulbar Muscular Atrophy. Bioluminescence has also invested in mRNA and gene correction biotech ReCode Therapeutics and Takeda-backed genomic medicine company Ensoma. “The best way to help Founders and CEOs right now is to partner with them to secure strong syndicates and close rounds. Post-investment, investors must be able to provide interdisciplinary support—more than ever—to help their companies advance programs through preclinical and clinical milestones in a capital-efficient manner,” Harasaki said. Tyler Patchen is a staff writer at BioSpace. You can reach him at tyler.patchen@biospace.com. Follow him on LinkedIn.