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For Jobs\u2014an investor and, yes, Steve Jobs\u2019s son\u2014the aim\u2019s far more precise: To make cancer non-lethal. The rhetorical distinction is important.\u00a0<\/p>\n
\u201cI don\u2019t think you\u2019ll cure cancer because we\u2019re human,\u201d said Jobs. \u201cAny human cell could become cancerous, right? And we\u2019re not going to stop having human cells. So, the idea that none of them could ever become cancer is preposterous. That risk\u2019s never going away.\u201d<\/p>\n
And medicine, however advanced it may be, seldom makes diseases vanish. But there\u2019s a path to a world where cancer is much less intractable. Consider, Jobs says, the trajectory of AIDS as a guide to what might be possible for cancer treatment.\u00a0<\/p>\n
\u201cThere\u2019s no vaccine for [AIDS], unfortunately,\u201d he said. \u201cI\u2019d love for there to be, but in the absence of that, it\u2019s a far less scary disease now in the United States because it\u2019s non-lethal. With a cocktail of drugs, you can actually prevent mortality. In many ways, I think that\u2019s a massive victory and, in some ways, the most essential victory. Because it\u2019s victory over death, and that\u2019s what I want for cancer patients.\u201d<\/p>\n
For Jobs, this has been his life\u2019s work\u2014he started working in cancer labs as a teenager when his father got sick (Steve Jobs would pass away in 2011). Today, he\u2019s a VC, the founder of venture firm Yosemite, which he started after spinning out of Laurene Powell Jobs\u2019s Emerson Collective in 2023. Yosemite (and Jobs) are devoted to cancer-focused investing, both in startups and via scientific grants.\u00a0<\/p>\n
Yosemite has now closed its second fund at $350 million, a serious jump from January\u2019s first close at $200 million, Jobs exclusively told Fortune and the Term Sheet Podcast. Jobs\u2019s LPs include Amgen, AbbVie, MIT, Memorial Sloan Kettering, and VC legend John Doerr. Yosemite\u2019s model is unique: Jobs, in some ways, is operating in a traditional venture model, investing in startups early and taking sizable stakes en route to an exit (he\u2019s clear the goal is venture-scale returns). But Yosemite also offers philanthropic grants to scientists.\u00a0<\/p>\n
\u201cWith philanthropy, we can fail really cheaply,\u201d said Jobs. \u201cThat\u2019s the real wisdom behind this\u2026 One of the difficult and suboptimal things about my industry is how slow it is. And look, that\u2019s really important from a regulatory standpoint. But it also means you can waste a lot of money on things that aren\u2019t going to work, which is obviously really bad. What we\u2019ve learned is that we can test new ideas really quickly and cheaply in universities with grants. And before we waste a lot of time, money, and resources, we can kind of flip over that first card.\u201d<\/p>\n
Yosemite\u2019s first fund, closed in 2024 at $263 million, included AI drug discovery startup Chai Discovery, cervical cancer screening company Teal Health, epi-therapeutic medicine maker Tune Therapeutics, and care navigation startup Sage Care. This variety reflects how Jobs believes the healthcare system and science will ultimately have to evolve.\u00a0<\/p>\n
\u201cI don\u2019t think a company alone is going to make cancer non-lethal,\u201d said Jobs. \u201cI think it\u2019s going to be a consortium of things. It\u2019s going to be a really long push, probably cancer by cancer, more likely than not.\u201d\u00a0<\/p>\n
When Jobs started Yosemite in 2023, biotech was in a slump, one that\u2019s turned around substantially in recent years. The biggest changes are scientific advancements over the last three years, he said.\u00a0<\/p>\n
\u201cYou couldn\u2019t have told me four years ago that we\u2019d be sitting here today and we would have the advancements in GLP-1s, in immunotherapy, in vaccines now, and against pancreatic cancer that we\u2019ve achieved,\u201d said Jobs. \u201cThose things have happened and have been titanic for the industry.\u201d<\/p>\n
I asked Jobs what advice his father would have for him.<\/p>\n
\u201cI think he\u2019d say stay on the path, because something we have in common is we\u2019re really good long-term builders,\u201d said Jobs. \u201cYosemite is not going to, as you know, reach its zenith of success in the next year or two. This is a long-term play that\u2019s going to take my whole life.\u201d<\/p>\n
See you tomorrow,<\/p>\n
Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com<\/p>\n
Submit a deal for the Term Sheet newsletter here.<\/p>\n
Morgan Chittum curated the deals section of today\u2019s newsletter.<\/p>\n
VENTURE CAPITAL<\/p>\n
– Applied Compute, a San Francisco-based AI startup, raised another $350 million in funding at a $3.25 billion valuation. Elad Gil led the round, with participation from Blackstone, NVIDIA, Kleiner Perkins, Lux Capital, Hanabi Capital, Shopify Ventures and others.\u00a0<\/p>\n
– Guava, a developer platform for building voice agents, raised $12.5 million in seed financing. The round was led by Acrew Capital. Other investors include Flourish Ventures, WillowTree Ventures, Clocktower Ventures and Commerce Ventures.<\/p>\n
– Quint Computing, an Erlangen, Germany-based startup developing chip architecture for quantum computers, raised roughly $10.2 million in its first funding round. Vsquared Ventures led the round and was joined by Quantonation, Nucleus Capital, Faber, Vanagon Ventures, ZOHO.VC and angel investor Mikko M\u00f6tt\u00f6nen.<\/p>\n
– Syncere, a home robotics company, raised $11 million in pre-seed funding. a16z Speedrun led the round, with participation from Draper Associates, Physical World, Sequel, SeaX Ventures and other investors.<\/p>\n
EXITS<\/p>\n
– Advent agreed to acquire Charterhouse Capital Partners\u2019 stake in Vermeg, a provider of software for capital markets and life insurance. A wholly owned subsidiary of the Abu Dhabi Investment Authority will participate as a minority co-investor, while Vermeg founder Badreddine Ouali will remain a shareholder. Financial terms were not disclosed.<\/p>\n
– Energy Capital Partners acquired an 892 MW portfolio of three natural gas-fired cogeneration plants in Texas and Illinois from Fengate Asset Management. The facilities supply steam and electricity to two petrochemical complexes under long-term contracts. Financial terms were not disclosed.<\/p>\n
OTHERS<\/p>\n
– EIS, a cloud-native insurance software provider, was acquired by Amdocs for approximately $340 million in cash, plus performance-based consideration.\u00a0<\/p>\n
– Chord, the AI data platform for commerce, acquired Zenlytic, an AI-powered business intelligence platform. Financial terms were not disclosed.\u00a0<\/p>\n
– San Francisco-based Omen AI\u200b announced an acquisition of Aquatic Labs for $16 million in cash and stock\u200b. Omen AI has raised a total of $46 million from investors such as Sheryl Sandberg, Nava Ventures and CRV.<\/p>\n
PEOPLE<\/p>\n
– Jonathan Hua, former Head of IR at GrubMarket and Venture Partner at Scrum Ventures, joined Embla Health, a Copenhagen-based GLP-1 weight care company, as Chief of Staff.<\/p>\n
#Reed #Jobss #Yosemite #raises #million #fund #cancer #nonlethal<\/p>\n","protected":false},"excerpt":{"rendered":"
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