Hatteras Venture Partners is kicking off its latest fund with $94 million it plans to deploy to life sciences startups.
The cash committed so far is the first closing of a fund that Hatteras says could reach up to $200 million. It’s the sixth fund for Durham, NC-based Hatteras. The venture capital firm invests throughout the US but focuses on the Southeast, which has fewer venture capital firms compared to regions such as Silicon Valley, Boston, and New York.
Hatteras says it plans to use the dry powder to make seed and early-stage investments in companies developing new drugs, medical devices, health technologies, and diagnostics. The closing comes four years after Hatteras unveiled its fifth fund. Earlier investments from the fourth and fifth Hatteras funds include Durham companies G1 Therapeutics (NASDAQ: GTHX), StrideBio, and Neurotronik, as well as Austin, TX-based Elligo Health Research and GrayBug Vision of Redwood City, CA.