Modi Ventures – a newly launched venture partnership investing in fund managers and founders building companies shaping the future of humanity – recently announced the close of its inaugural $32 million fund, Tech+Bio Fund I. This new fund will target innovative companies transforming business in Tech Bio, life science, and healthcare AI.
Despite the challenging investment economy, this fund was raised in a short period and oversubscribed by $2 million. And Andrew Yang, former presidential candidate and founder of Venture for America, was named an advisor.
Modi Ventures was founded by Sahir Ali, a researcher, scientist, and technologist recognized as a thought leader in the precision medicine and AI space. Ali, a Ph.D. focused on the intersection of oncology and AI, has advised and led F500 companies in the healthcare, AI, and enterprise tech industries.
This fund aims to invest in opportunities such as Tech Bio, where companies are creating exponential technologies that are on the cusp of transforming health and technology. Tech Bio utilizes AI to analyze complex, heterogeneous information to disrupt and revolutionize the practice of medicine and the delivery of health. And this has immense potential to revolutionize clinical trial design, drug development, and precision medicine.
McKinsey estimates that Tech Bio has the potential to transform the global economy with $2 trillion to $4 trillion of direct annual impact, where Tech Bio innovations could produce 60% of the world’s physical goods inputs and ease 45% of the world’s disease burden.
Modi Ventures has created partnerships with successful funds such as Khosla Ventures, Section 32, Artis Ventures, Draper Associates, and Antler Group.
Initial Investments by the Tech+Bio Fund I include:
— Lapsi Health- A medical technology company that screens, diagnosing, treat,s and monitoring in medicine through sound and auscultation (acquired from stethoscopes)
— Starling Medicine – A predictive technology platform for the early detection of bladder health issues
— Cyberdontics – Automated dental surgery using advanced imaging, AI and robotics
KEY QUOTES:
“Investing in next-generation technologies has always been very lucrative. We are entering an era of software writing software (artificial intelligence), technology that can unravel our individual genetic makeup (gene sequencing), biotech that can reprogram our genes (gene editing), and a fundamental change in how medicine is practiced by leveraging all of the above (precision medicine). Tech Bio companies will revolutionize multiple trillion dollar industries, providing early investors with potential for great returns.”
— Sahir Ali, General Partner with Modi Ventures
“Modi Ventures’ goal is to find solutions for some of the world’s most vexing problems that keep people unhealthy or struggling with illnesses that we can address collectively. The leadership and results that Sahir and his team have already demonstrated are one reason I’m looking forward to being a part of this team as we bring life saving solutions to market and take advantage of AI and new tools to advance the human condition.”
— Andrew Yang, Founder of Forward Party and Venture for America, and Advisor to Modi Ventures
“Modi Ventures is investing in healthcare tech companies with immense potential to improve lives and I’m thrilled to be partnering with Sahir and Modi Ventures. Working together we will be able to discover unique and innovative investments to collaborate on.”
— Tim Draper, Founder, Draper Associates
