At a Glance
Andreessen Horowitz Bio + Health represents a16z's dedicated investment arm in biotechnology and digital health, launched to capitalize on the convergence of computation, engineering, and biology. The fund was established under the leadership of partners including Vineeta Agarwala and Jorge Conde, who brought deep scientific and medical expertise to complement a16z's technology investment platform. The Bio + Health fund focuses on companies that leverage computational approaches to solve healthcare's most pressing challenges, from drug discovery and diagnostics to care delivery and patient engagement. Notable investments include Freenome's liquid biopsy platform for early cancer detection, Devoted Health's Medicare Advantage platform, and Sana Biotechnology's engineered cell therapies. What distinguishes this fund is its ability to combine a16z's operational support infrastructure with specialized life sciences expertise, helping portfolio companies navigate regulatory pathways, clinical development, and healthcare market dynamics. The team includes former founders, physicians, and scientists who understand both the technical complexity and market realities of healthcare innovation.
“Backs founders using engineering-driven approaches to transform biology and healthcare, from computational drug discovery to clinical AI.”
Vijay Pande founded the Bio + Health strategy and served as its founding general partner, arriving from Stanford University, where he was a professor of chemistry, structural biology and computer science. He stepped down from the partnership in June 2025. Jorge Conde is a general partner on the bio side.
Vineeta Agarwala, MD, PhD, leads biotech investing. She has worked as a physician, as a management consultant to biotech, pharmaceutical and medical device clients at McKinsey, as director of product management at Flatiron Health through its acquisition by Roche, and as an investor on GV's life sciences team. Julie Yoo covers healthcare services and infrastructure, drawing on her work as an early data scientist at Kyruus and as vice president of product at Generation Health. Pande, Conde, Agarwala and Yoo were the four general partners named on Bio Fund III.
Andreessen Horowitz launched its first dedicated bio fund in 2015 at $200 million, roughly a year after standing up the bio practice. Bio Fund II followed at $450 million, and Bio Fund III closed at $750 million in February 2020. The franchise peaked with Bio + Health Fund IV, a $1.5 billion vehicle that closed in 2022 and pushed cumulative capital raised across the four funds toward $3 billion.
The fifth fund marks a deliberate step down in size. A16z closed roughly $700 million for it in 2026, against an earlier $750 million target, reflecting a tighter biotech financing market and a narrower bar for new therapeutics bets. Separately, in January 2026 the firm announced it would manage a $500 million biotech ecosystem fund capitalized by Eli Lilly, an unusual structure pairing a venture platform with a large pharmaceutical balance sheet. Capital is deployed from seed through growth across therapeutics, diagnostics, care delivery and clinical software.
Andreessen Horowitz Bio + Health primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Andreessen Horowitz Bio + Health is headquartered in Menlo Park, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
Andreessen Horowitz Bio + Health focuses on investments in Biotech, Digital Health, AI. Their portfolio reflects deep expertise and networks within these sectors.
Andreessen Horowitz Bio + Health's typical investment check size ranges from $2M to $100M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Andreessen Horowitz Bio + Health manages approximately $3B in assets under management (AUM) across their funds.
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