Time BioVentures, an early-stage life sciences investment firm, closed on its first fund this month, Time BioVentures I LP.
The fund has $100 million in assets under management and is backed by an A-List roster of biotech and healthcare luminaries. It will finance “game-changing” innovations in medicine, according to a release from the Century City-based firm.
Its initial investments have included Neuralink, Elon Musk’s brain-computer interface start-up, which is based in Fremont, and Kling Biotherapeutics, a drug-development company based in the Netherlands, the release stated.
Time BioVentures Co-founder and general partner Tim Wright said that he and co-founder and business partner D.A. Wallach are not interested in incremental improvements in healthcare.
“Patients are waiting for innovations that will have great impact on their lives and we plan to be a catalyst to deliver these products,” Wright said in a statement.
Together, Wallach and Wright are seeking iconoclastic founders aiming to reinvent the broken healthcare system with radically better drugs, diagnostics, research tools, devices, and care-delivery models, the company’s release said.
“This is perhaps the largest addressable market in the global economy, and we believe that the Mark Zuckerbergs and Larry Pages of healthcare are out there and will build generationally important companies that will transform medicine for decades to come,” Wallach said in the statement.
The company’s general partners make for an unlikely duo. Wallach is a former rockstar turned investor, while Wright pioneered multiple drugs while at Pfizer Inc. in New York and Novartis AG in Basel, Switzerland and Cambridge, Massachusetts, where the company has its research headquarters.
Beyond the pharmaceutical industry, Wright has served on the boards of numerous public and private biotech companies and as an advisor to the Bill & Melinda Gates Foundation in Seattle.
