Xaira’s $1 billion launch one of the biggest recent biotech funding rounds

The same week that BenevolentAI announced it was cutting 30% of its staff, AI-focused biotech Xaira Therapeutics debuted with a $1 billion funding round with little precedent in healthcare over the past year — or beyond that. A survey of the biggest fundraising rounds over the past year revealed that the absolute largest investments were attracted by sectors such as semiconductors (China-based Changxin New Bridge — $1.99B and GTA Semiconductor — $1.86B), data centers (Vantage Data Centers — $6.4B in equity investment), AI (Inflection AI — $1.3B) and automotive (Leapmotor — $1.6B). But in healthcare, Xaira’s $1 billion in fundraising is one of the largest in recent memory — with the $3B emergence of Altos Labs in early 2022 being one exception.

Support from high places

Arch Venture Partners and Foresite Capital co-led Xaira Therapeutics’s $1 billion funding round. The San Francisco-based company, with former Genentech chief scientific officer and…

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