AN Venture Partners (ANV) is a global biotech venture capital firm headquartered in San Francisco and Tokyo. Founded in 2022, the firm invests in breakthrough life science innovations with the potential to drive significant clinical impact. With a dual focus on Japan and the global biotech ecosystem, ANV plays an active role in company creation and ecosystem development, working closely with academia, pharmaceutical companies, and government stakeholders.
ANV focuses exclusively on biotechnology and biotech-adjacent sectors, investing across all modalities and disease areas.
The firm sources opportunities from academia, pharma spin-outs, and hybrid models.
While its core investment thesis centers around Japanese science and innovation, the fund has a global mandate and the capacity to invest internationally in high-potential biotech companies.
AN Venture Partners closed its debut fund, AN Venture Partners I, in July 2025 at $200 million (JPY 29 billion).
The fund attracted capital from over 20 limited partners, including Japan Investment Corporation, Shionogi & Co., Otsuka Pharmaceutical, MUFG Bank, and Sumitomo Mitsui Banking Corporation. ANV plans to invest across the full lifecycle of biotech companies with a flexible check size strategy.
A distinctive feature of this fund is its dual focus: not only investing in startups but also fostering the development of Japan’s biotech sector.
The firm has received certification from AMED as an accredited venture capital firm and is aligned with the Japanese government’s 2030 biotechnology leadership goals.
Leadership
The firm is led by Managing Partner Ken Horne, a seasoned executive with experience across biotech company building and venture investment. Under his leadership, ANV operates with a multidisciplinary team that collaborates closely with universities, the Japanese Cabinet Office, and other public institutions to commercialize scientific research and establish Japan as a major global player in biotechnology.
Investment Strategy
ANV takes an active and hands-on approach, particularly when investing in science originating from Japan. The firm frequently co-creates companies by partnering with researchers and entrepreneurs from the earliest stages, including licensing and spin-out formation.
It aims to bridge academia with global biotech markets, supporting companies from concept through clinical development.
The fund is modality-agnostic and invests across disease areas where transformative therapies are possible.
Notable Investments
ANV has made seven investments to date, including:
These companies span a range of therapeutic areas and development stages, reflecting the fund’s flexible and science-driven investment approach.
Other
In addition to direct investments, ANV actively supports biotech ecosystem development in Japan. In 2024, the firm launched the Science-to-Startup (S2S) event in Japan, connecting nearly 200 scientists, entrepreneurs, and investors in its inaugural edition. This initiative aims to commercialize academic research and foster collaboration between innovators and global capital sources. ANV’s alignment with national innovation policy and its strategic alliance with ARCH Venture Partners position it as a key player in advancing Japan’s life sciences industry on the world stage.
