Most venture firms are struggling to raise money right now. The exceptions prove the rule. Dimension Capital, a four-year-old firm run by three former Lux Capital and Obvious Ventures partners, just closed an $800 million fund that is significantly larger than its previous one.
The firm has a simple investment thesis that is attracting limited partners: back companies where biology, materials science and computing overlap. The results so far support the thesis. One early bet, AI drug discovery startup Chai Discovery, recently raised $400 million. Another, anti-aging company New Limit co-founded by Coinbase’s Brian Armstrong, hit a $3.1 billion valuation.
Dimension’s portfolio extends beyond biotech. It holds shares in Anthropic after the AI company bought its portfolio company Coefficient Bio. It also backed Modal Labs, an AI inference infrastructure provider. The diversity reflects a conviction that the boundaries between science and software are dissolving.
The $800 million third fund brings Dimension’s total capital raised to nearly $1.3 billion in four years. The firm closed its $500 million second fund in late 2024. Each successive fund has grown substantially as institutional investors allocate more capital to firms with a focused deep-tech mandate.
