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ChaosBioVC

Approach

We invest where we have conviction in the science, the development path, the business, and the ROI potential.

01Evaluation framework

Four lenses, applied to every opportunity.

An opportunity has to hold up under each lens independently. Strength in one does not compensate for an unexamined weakness in another.

01

Science

Does it work, and how do we know?

  • Is the mechanism plausible and supported by data of adequate quality?
  • What evidence would change our view?
  • What is genuinely new, and what is defensible?

02

Development

What stands between here and a product?

  • What is the regulatory pathway, and what does it require?
  • How much time and capital reach the next value-inflecting milestone?
  • What are the clinical, manufacturing and quality hurdles?

03

Business

Who adopts it, and who pays?

  • Who is the user, who is the buyer, and are they the same?
  • How does reimbursement or budget ownership work?
  • What do customers use today, and why would they switch?

04

Investment

Is this a good investment at this price?

  • Is the entry valuation reasonable for the milestones this round funds?
  • What does the financing path — and dilution — look like?
  • Who could plausibly acquire or finance the company later?

02Principles

How we hold ourselves accountable.

Mechanism before narrative
If we cannot explain why a product should work, we do not invest — however compelling the story.
Risks written down
Every memo includes a structured risk analysis. Investors should see the reasons for caution alongside the reasons for conviction.
Price matters
A good company at the wrong price can be a poor investment. We evaluate entry valuation against what the round actually funds.
Deal by deal
Investors choose each investment individually. No blind pools, no pressure to participate.
No projected returns
We discuss outcome scenarios and comparable transactions. We do not publish return projections.

03Focus

What we invest in.

Therapeutics
Programs where the biology, modality and development path can be reasoned about explicitly — and where the next milestone is fundable.
Medical devices
Devices with a clear clinical workflow, a credible regulatory pathway and a buyer who can be identified by name.
Diagnostics
Tests where analytical performance, clinical utility and reimbursement can each be evidenced, not assumed.
Life-science tools
Instruments, reagents and platforms that change what researchers and developers can measure or make.
Healthcare technology
Software and services that fit how care is actually delivered, purchased and paid for.
Adjacent technologies
Technologies at the edge of biology — where scientific understanding is the main source of advantage.

04Process

From first meeting to closed SPV.

ChaosBio does not accept subscriptions or hold investor funds. Each SPV is administered by a third-party administrator.

  1. 01Source

    Opportunities come through founders, co-investors and angel networks. We look at many and pursue few.

  2. 02Diligence

    Scientific, development, commercial and team diligence, conducted directly with management and, where useful, domain experts.

  3. 03Memo

    A written investment memo sets out the thesis, the evidence and the risks — including the ones that argue against investing.

  4. 04Syndicate

    Eligible investors review the memo, the diligence materials and an investor webinar with the company before deciding.

  5. 05Close

    Each investment is made through a dedicated SPV. Subscriptions and funds are handled by a third-party SPV administrator.

  6. 06Report

    SPV investors receive company updates as they become available.

See how the framework is applied in practice.

View investments