VC firm Dimension scouting out $700 million for new fund

Allison DeAngelis is the East Coast biotech and venture capital reporter at STAT, reporting where scientific ideas and money meet. She is also co-host of the weekly biotech podcast, The Readout Loud. You can reach Allison on Signal at AllisonDeAngelis.01.

A buzzy venture capital firm has started raising its third fund, hoping to amass around $700 million to invest in companies that meld artificial intelligence and science, STAT has learned.

The firm, Dimension, was founded by a trio of young VCs who have previously worked at Lux Capital and Obvious Ventures. It launched in 2023 after raising its first fund, and compiled a second fund less than two years later. The founders are now working to raise the third fund, according to two sources, one of whom said Dimension is looking to raise around $700 million. (The sources spoke anonymously because they were not authorized to discuss the fundraising.)

Dimension’s founders declined to comment.