Proximal Ventures, led by Sahir Raoof, just raised $27.5 million to fund startups using AI to shake up drug development.
They're focusing on early-stage companies and writing checks between $500,000 and $1.5 million each.
One of their first picks is ChronicleBio, a medical data startup co-founded by Fidji Simo.
Proximal backed by SignalFire, Kleiner Perkins
Even though it's tough out there for new funds, Proximal scored support from heavyweights like SignalFire and Kleiner Perkins, thanks in part to Raoof's background in venture capital and healthcare.
The goal? Use AI to automate old-school pharma processes, making drug development faster and cheaper for the next wave of life sciences startups.