DCVC closes fifth deep tech fund on $725m

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Californian venture firm Data Collective has raised $725m for the final close of its fifth deep tech fund, as the firm looks to ‘correct some of the excesses of capitalism’ through venture capital.

Fund V has raised more than double $212m raised for its fourth fund in the series back in 2016.

Data Collective was in the market for its $125m Fund III in the spring of 2014. The firm pulled in about $70m for its second institutional vehicle in 2012, having aimed to raise no more than $100m.

The venture firm will seek to invest in deep technology companies operating in sectors such as industrial transformation, computational bio & health, geospatial intelligence, computational risk reduction, resiliency and foundational technology.

“Business as usual is broken,” said managing partners Zachary Bogue and Matthew Ocko in a blog post. “We believe venture capital can actively help correct some of the excesses of capitalism while delivering strong returns.

“Venture capital can address many urgent global problems and turn them into profitable opportunities–while empowering more people, more equitably, than “stay the course.”

Alongside the fund close, the firm has promoted principal Kelly Chen to partner, as well as hired Alan Cohen and Matt Michelsen as partners.

The firm’s portfolio includes startups such as Pivot Bio, Zymergen, Rocket Lab and Recursion Pharmaceuticals.

Data Collective is also currently raising a dedicated biotech fund targeting $250m.

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