AI casts long shadow across Tuesday’s venture deals

After a host of venture fundings led up to the J.P. Morgan Healthcare Conference, at least four more biotechs announced private rounds totaling nearly $190 million on Tuesday, rounding out the event’s second day with a focus on AI-enabled protein discovery platforms.

New York City-based Proxima, formerly VantAI, drew an oversubscribed $80 million seed round. Using generative AI to model protein complexes at the proteome level, the company intends to develop therapeutics that modulate how proteins interact with each other, like molecular glues and proteolysis targeting chimeras (PROTACs), an emerging modality. DCVC led the round, joined by the NVentures investment arm of Nvidia Corp. (NASDAQ:NVDA), Braidwell, Roivant, AIX Ventures, Yosemite, Magnetic Ventures, Alexandria Venture Investments and Modi Ventures...