Proximal Ventures raises debut fund to back startups bringing AI to drug development

Proximal Ventures, a new venture capital firm founded by Sahir Raoof, has raised $27.5 million to invest in startups using AI in drug development. The firm plans to invest in pre-seed and seed-stage startups, with checks ranging from $500,000 to $1.5 million. Proximal Ventures has already backed seven startups, including ChronicleBio, which uses AI to analyze biological and medical data to better understand chronic diseases and identify potential treatments. Raoof believes AI can automate much of the work involved in drug development, creating an opportunity for startups to capture billions of dollars in pharmaceutical industry spending.