Arch Venture Partners, an investment company headquartered in Chicago, IL, announced on April 2, 2020 that it closed two new funds, ARCH Venture Fund X and ARCH Venture Fund X Overage, for a total of $1.46 billion combined to invest in early stage biotechnology companies.

According to a company press release, while both funds will be used to invest in early stage companies, Fund X Overage will be used in less deals for larger investments. Limited partners include endowments, family offices, sovereign wealth funds, and other institutional investors, the press release said.

“Our companies bring cutting-edge science, tools and talent to bear in developing medicines for a wide range of diseases and conditions faced by millions. With these two new funds, we are continuing that work with urgency and a deep sense of purpose,” said Kristina Burow, managing director, Arch, in the press release. “We invest at all levels, whether it’s fifty thousand dollars or hundreds of millions, so that each company and each technology has the best chance to advance and change the landscape.”

“[Arch] has always been driven to invest in great science to impact human health. There isn’t a better illustration of our principles than our all-in battle against COVID-19. The healthcare revolution will be accelerated by the changes that are happening now and we are excited to continue to invest aggressively in risk takers doing truly transformational science,” added co-founder and Managing Director Robert Nelsen in the press release.