The VC’s most recent investment strategy, in the form of a fund focused on digital medicine, was launched in 2023. Image credit: Marian Weyo via Shutterstock.

Sofinnova Partners has raised €1.2bn ($1.26bn) within the last year, bringing the European life sciences venture capital (VC) company’s total assets under management to over €4bn.

With €1bn of the fresh capital secured within the last financial quarter, Sofinnova stated its latest fund had attracted “significant commitments” from institutional investors, sovereign wealth funds, corporates, and family offices. According to the company, this serves as a testament to the “strong investor confidence” in its ability to identify and nurture high-potential opportunities.

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The VC’s most recent investment strategy, in the form of a fund focused on digital medicine, was launched in 2023. Sofinnova said at the time that it intended to use the fund to back startups developing innovations to address systemic challenges in healthcare. In 2021, early-stage healthcare venture capital fund Sofinnova Capital X was launched following the completion of an oversubscribed €472m funding round.

According to Sofinnova chairman and managing partner Antoine Papiernik, each of its seven investment strategies – spanning growth stages from incubation to late-stage – are sufficiently capitalised to back the next generation of life sciences companies.

“With the new funds, we anticipate supporting 50 to 60 new companies, empowering a new wave of entrepreneurs tackling some of the world’s most pressing health and sustainability challenges,” said Papiernik.

Sofinnova has invested in more than 100 life sciences companies to date, including the cardiovascular medtech company Shockwave Medical and implantable neurostimulation system developer Mainstay Medical.

The VC company is growing its investment strategy platform using AI to support investment decision-making. In 2023, the VC launched Sofinnova AI. Combining data analytics and machine learning, the company states that the platform will strengthen its ability to identify innovations and accelerate the development of life sciences companies.

According to a report by GlobalData, the global revenue for AI platforms across healthcare is forecast to reach $18.8bn by 2027.