Luma, a Life-Sciences Investor, Debuts a $410 Million Fund — WSJ

By Brian Gormley

Good day: Investments in biomedical startups can take more than a decade to pay off. The structure of the new $410 million venture fund from life-sciences investor Luma Group reflects that and a bit more.

Most venture-capital funds are 10-year limited partnerships, so investors expect their money back, plus profits, in that time frame, though extensions can be granted.

New York-based Luma instead structured its fund, LumaBio I LP, as a 15-year vehicle so it can hold investments longer and, potentially, reap greater paydays by exiting its positions when portfolio companies are more mature and more highly valued. Managing Member Josh Fink and General Partner Themasap Khan founded Luma Group.

Fink said the team put a great deal of thought into the fund structure and decided it should align with the long timelines companies often need to advance new treatments.

Read the full story here.

Top News

Psychedelics. Antonio Gracias and Steve Jurvetson made a fortune from their bets on SpaceX when it was still a risky space startup. That isn't the only long-shot wager the billionaires have placed.

Gracias and Jurvetson, who are directors at SpaceX and allies of Chief Executive Elon Musk, have spent millions of dollars on philanthropic efforts to mainstream psychedelic drugs, including MDMA, the drug commonly known as ecstasy and molly.

Last year, Gracias cut a $25 million check from his family foundation to help recapitalize the pharmaceutical company Lykos Therapeutics, after federal regulators rejected its application for MDMA in conjunction with therapy to treat post-traumatic stress disorder, sending the company into a financial tailspin. Lykos had drawn criticism for missing serious side effects in some study subjects, including suicidal thoughts.

New Healthcare Investor Agora Makes First Deal Agora, a recently founded healthcare investment firm, has closed its first deal, investing $47 million in data and analytics company Vheda Health. The investment marks the first institutional money Vheda has received since its founding in 2013. The Columbia, Md.-based company's systems allow health plans to identify high-risk patients and intervene to improve health outcomes and save money.

Agora's strategy is to invest in healthcare information-technology and life-sciences technology companies that are either founder-owned or backed by venture capital, and operating in end markets that are growing at about three times the rate of the U.S. GDP.

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Industry News

People

Flare Capital Partners said Sara Hoffman joined the firm as a senior associate. Prior to joining Flare, she led AI strategy initiatives at Harvard Medical School.

Biopharmaceutical investment firm Sofinnova Investments added Merdad Parsey to the investment team as an executive partner. He previously served as executive vice president and chief medical officer of Gilead Sciences.

Precision oncology startup Alterome Therapeutics appointed Johanna Mylet as chief financial officer. She was previously CFO at Poseida Therapeutics.

Cytospire Therapeutics, a startup developing immune cell engager antibodies, appointed Sumeet Ambarkhane as chief medical officer. He most recently served as CMO of Pathios Therapeutics.

New Money

Encoded Therapeutics, a South San Francisco, Calif.-based developer of precision genetic medicines for severe neurological disorders, closed a $275 million Series F round from investors including GV and Venrock.

Solstice Oncology, a Boston-based immuno-oncology startup whose lead candidate is undergoing clinical trials as a possible treatment for colon cancer, launched with $225 million in Series A funding. RA Capital Management led the investment, which included contributions from Canaan Partners, Forbion and others.

Forus, a New York-headquartered prescription drug automation platform, landed $150 million in Series C funding at a $3 billion valuation. Bain Capital Ventures led the investment, which included participation from Thrive Capital, General Catalyst, Accel, Redpoint Ventures, BoxGroup, Pear and others.

Inspiren, a New York-based provider of AI-powered senior living technology, snagged $70 million in Series C funding at a valuation exceeding $500 million. NewView Capital led the investment, which included additional support from Insight Partners, Primary Venture Partners, Scale Venture Partners and others.

Moonwalk Biosciences, a South San Francisco, Calif.-based startup developing RNA interference medicines for obesity and cardiometabolic diseases, closed a $70 million Series B round. Alpha Wave Global and YK Bioventures co-led the investment, which included additional support from Eli Lilly and Company, Gaorong Ventures, ARCH Venture Partners, Khosla Ventures and Future Ventures.

TwoStep Therapeutics, a San Carlos, Calif.-based startup developing targeted therapies for solid tumors, nabbed $62.5 million in Series A financing from investors including Insight Partners, Medical Excellence Capital, M Ventures and Pfizer Ventures.

Superluminal Medicines, a Boston-based biotechnology startup whose lead program seeks to treat rare genetic forms of obesity and hypothalamic obesity, completed a $60 million Series B round. BVF Partners led the funding, which saw participation from Deep Track Capital, Insight Partners and others.

Cloverleaf Bio, a New Haven, Conn.-headquartered startup developing engineered tRNA-based therapeutics for cancer, was seeded with a $33 million investment led by 4BIO Capital.

System, a San Francisco-based peptide platform connecting patients with licensed clinicians, picked up $20 million in funding from investors including Patron Fund and Will Ventures.

GenHealth.ai, a Boston-headquartered startup building AI agents for medical back office tasks, collected $16.5 million in Series A funding led by Flare Capital Partners.

Ridge Biotechnologies, a Palo Alto, Calif.-based precision medicine startup, added $13 million in new seed funding, bringing the total raised by the company to about $38 million. Investors included Dimension and Sutter Hill Ventures.

Navion Neurosciences, a Charlottesville, Va.-based startup developing precision medicines for neurological diseases, secured $10.8 million in seed financing led by the Angelini Lumira Biosciences Fund.

More Health News

Patients Are Flying to China for the Latest Cancer Treatment

The Cancer Vaccine Gold Rush Has Begun. So Has the Race for Picks and Shovels.

Why More Hospitals and Doctors Are Asking Patients to Pay First

Anti-Choking Devices Are Entering America's Schools. Do They Work?

Around the Web

A new immuno-oncology play raises $225 million for a next-generation drug (BioPharma Dive)

Can AI fix health care? In the chaos of emergency rooms, the technology comes up short (STAT)

A doctor sued 700 patients for debts; 81 were arrested. Now he's a senator. (New York Times)

The market forces quietly adding thousands to patient bills (KFF Health News)

The WSJ Pro VC Team

This newsletter was compiled by Matthew Strozier, Zachary Cole and Brian Gormley.

Share your tips, comments and questions: vcnews@wsj.com

The team: Matthew Strozier, Yuliya Chernova, Brian Gormley and Sarah Klearman.

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(END) Dow Jones Newswires

September 10, 2026 08:16 ET (12:16 GMT)