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Palo Alto, California-based Data Collective (DCVC) is looking to raise a new fund.
The eight-year-old technology-focused venture capital (VC) firm filed documents with the SEC to raise $575 million. The company has yet to raise money for the fund, which, if successful, would be more than twice the size of its last fund, Data Collective IV, L.P., which closed out at $212 million in early January 2017.
The $575 million figure is a target and may be subject to change. According to KPMG Enterprise's Venture Pulse report, overall VC investment dropped from record highs of $71 billion in Q4 2018 to $53 billion in Q1 2019, due to a decline in Chinese investment, among other factors. TechCrunch also found that, year on year, the first quarter has suffered a drop in angel funding and a slight decrease in mega-rounds, or rounds larger than $100 million.
DCVC participates in everything from seed to growth rounds. Over the past six months, it has participated in a $400 million funding round for molecular manufacturer Zymergen, a $50 million round for data technology company Alation and a $140 million fundraising for New Zealand space startup Rocket Lab.
Its portfolio covers nine categories, including artificial intelligence, cybersecurity, transportation, manufacturing, agriculture and computational biology, the use of algorithms, and mathematical models to understand biological systems. Its staff combines veteran venture capitalists, former technology executives, academics and other experts.
The firm has recently shown a particular interest in life sciences. Last year, the firm launched DCVC Bio, which focuses on ventures whose platforms use computational science to develop projects for the healthcare, food and agriculture business.
James Peter Rubin is a veteran journalist who has written and edited for CapitalWatch, ThirtyK, TheStreet.com, Forbes and the Economist Group, among other media outlets.