Dive Brief:

潜水简介：

Dimension, a young biotech venture firm run by former Lux Capital and Obvious Ventures investors, has raised its second fund in two years.

Dimension是一家年轻的生物技术风险投资公司，由前勒克斯资本（Lux Capital）和明显的风险投资公司（Ventures investors）运营，已在两年内募集了第二只基金。

Called Dimension II, the $500 million fund announced Monday surpasses the $350 million the firm debuted with in January 2023. Like the earlier fund, Dimension II will support companies working at the “interfaces of life science and technology,” its three co-founders and managing partners wrote in a blog post.

周一宣布的名为Dimension II的5亿美元基金超过了该公司在2023年1月推出的3.5亿美元。与之前的基金一样，Dimension II将支持从事“生命科学与技术接口”工作的公司，其三位联合创始人和管理合伙人在博客中写道。

It’s investing in tech-powered therapeutics companies as well as developers of tools and manufacturing techniques that aid in drugmaking and discovery..

它正在投资技术支持的治疗公司以及有助于药物制造和发现的工具和制造技术的开发人员。。

In an interview, the co-founders — Adam Goulburn, Zavain Dar and Nan Li — said Dimension aims to make about two dozen investments with its latest fund. Investments will range from the single digit millions to upwards of $40 million, and support new startups, growing companies and publicly traded biotechs, they said..

在一次采访中，联合创始人亚当·古尔伯恩（AdamGoulburn）、扎文达尔（ZavainDar）和南丽（NanLi）表示，Dimension计划用其最新基金进行大约20多笔投资。他们表示，投资将从个位数的数百万美元到4000万美元以上，并支持新成立的初创公司、成长型公司和上市生物技术。。

Dive Insight:

潜水洞察：

Dimension views itself as a “contrarian” compared to its investment peers, according to Goulburn.

Goulburn表示，与投资同行相比，Dimension将自己视为“反向投资者”。

The firm is staffed by experts in both life sciences and computing to reflect “how biotechs are built these days,” Li said. Its portfolio includes drug discovery specialists like Chai Discovery and Kimia Therapeutics, but also companies like Automata and Kaleidoscope Bio that specialize in software and other tools that can help drugmakers “upgrade their own processes,” he said..

该公司配备了生命科学和计算机方面的专家，以反映“当今生物技术是如何建立的”，李说。他的投资组合包括药物发现专家，如Chai discovery和Kimia Therapeutics，还有Automata和Kaleidoscope Bio等公司，这些公司专门从事软件和其他工具，可以帮助制药商“升级自己的流程”，他说。。

Having that “all within one firm is pretty unique,” Li added. “It’s starting to resonate with founders [and] industry folks.”

李补充道，“一家公司内的所有业务都非常独特。”。“这开始引起创始人[和]业界人士的共鸣。”

Dimension also aims to be selective, concentrating on a smaller number of larger investments, rather than spreading itself thin, Li said. Though the firm surpassed its original $400 million fundraising target, it hit its hard cap and turned away opportunities to raise more. The goal is to give entrepreneurs more attention and support at any time — not just around board meetings — and, with greater financial firepower, write bigger checks and accumulate larger ownership stakes..

李表示，Dimension的目标还在于具有选择性，专注于少量规模较大的投资，而不是分散投资。虽然该公司超过了最初的4亿美元筹资目标，但它达到了上限，拒绝了更多筹资机会。我们的目标是在任何时候都给予企业家更多的关注和支持，而不仅仅是在董事会会议期间，而且凭借更大的财务实力，开出更大的支票，积累更多的所有权股份。。

“Many of our brethren end up on 20, 30 or 40 boards each. It's impossible to actually know or pay attention to the top concerns and the top priorities of many of your management teams and entrepreneurs,” Dar said, adding that the firm aims to have about 20 positions per fund.

Dar说：“我们的许多兄弟最终分别在20、30或40个董事会任职。不可能真正了解或关注许多管理团队和企业家的首要关注点和首要任务。”他补充说，该公司的目标是每个基金拥有约20个职位。

Atlas Venture, a prominent startup creator, cited a similar desire for “discipline” in raising what partner Bruce Booth described in a blog post last week as a “modest” $450 million fund.

Atlas Venture是一家著名的初创公司创办人，在筹集合伙人布鲁斯·布斯（BruceBooth）上周在博客中描述的4.5亿美元“适度”基金时，他也表示了类似的“自律”愿望。

While Dimension is run by experienced investors, it’s still something of an unproven commodity compared to its more established counterparts. It hasn’t yet recorded any investment “exits,” such as an initial public offering or acquisition, that generate returns. Many of Dimension’s startups are early, maturing companies.

虽然Dimension由经验丰富的投资者运营，但与更成熟的同行相比，它仍然是一种未经证实的商品。它还没有记录任何产生回报的投资“退出”，例如首次公开募股或收购。Dimension的许多初创公司都是早期成熟的公司。

At least so far, the firm has held onto all of its stakes..

至少到目前为止，该公司已持有其所有股份。。

Dimension is also bucking a rising trend in biotech, as investors are flocking to invest in more proven companies. That’s led to fewer, but larger funding rounds overall in 2024 and a spike in investments to biotechs that already have drugs in clinical testing.

Dimension在生物技术领域也逆势上涨，因为投资者正蜂拥投资于更成熟的公司。这导致2024年总的融资回合减少，但规模更大，对已经有药物用于临床测试的生物技术的投资激增。

Dimension’s partners say they are able to maintain a longer view, even despite what Dar acknowledged is a “bear market” for biotech. The firm has a ten-year window for each fund, enabling Dimension to make bolder investments and stick with companies that might take awhile to flourish.

Dimension的合作伙伴表示，他们能够保持更长的视野，即使Dar承认生物技术的“熊市”。该公司对每只基金都有一个十年的窗口期，使Dimension能够进行更大胆的投资，并坚持与可能需要一段时间才能蓬勃发展的公司合作。

“Big, highly transformative ideas are what we're seeking,” Goulburn said. “That, in itself, is ‘risk-on,’ not ‘risk-off.’”

古尔伯恩说：“我们正在寻求大而极具变革性的想法。”。“这本身就是‘冒险’，而不是‘避险’。”