Sahir Raoof, a former investor at SignalFire, has successfully raised $27.5 million for his inaugural venture capital fund, Proximal Ventures. The fund aims to support early-stage startups that leverage artificial intelligence in the pharmaceutical sector, a field traditionally reliant on service providers for drug development processes.
Proximal Ventures plans to invest between $500,000 and $1.5 million in pre-seed and seed-stage companies. The firm has already made investments in seven startups, including ChronicleBio, which utilizes AI to enhance the understanding of chronic diseases and treatment identification.