Canaan lands $650M for latest VC fund aimed at tech and drug development
Venture capital firm Canaan is out with its 13th fund as the Menlo Park, CA-based group added $650 million to its coffers to bankroll more tech startups and create new drug developers.
Canaan also racked up $200 million to boost existing companies built out of previous funds. The new reserves will likely be tapped into in the second half of this year, with historically about one-third of each fund going toward biotech and the rest toward tech companies, general partner Tim Shannon told Endpoints News.
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