Fund of the week: Nvidia's NVentures

Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or investment advice. The author is not a lawyer or financial adviser. All information is derived from publicly available sources and may not be complete or current. Details regarding transactions, royalty structures, and financial arrangements may change. Readers should conduct their own due diligence and consult with appropriate legal and financial professionals before making any decisions.

Overview of NVentures

Nvidia's NVentures is the corporate venture capital arm of NVIDIA Corporation, formally launched in early 2023. Backed entirely by Nvidia's balance sheet—the firm is valued around $4.5 trillion as of late 2025—NVentures has quickly become one of the world's most active corporate VC investors.

Nvidia created NVentures to invest in "technology visionaries solving complex problems" and to expand the AI ecosystem by backing startups it sees as "game changers and market makers" in their industries. Unlike a traditional venture fund, NVentures does not raise capital from outside limited partners. It invests directly from Nvidia's coffers, allowing for flexibility in check size and holding period.

NVentures typically writes checks ranging from a few million dollars up to the tens of millions per deal, focusing on early-stage and growth-stage rounds where Nvidia's technology or expertise can accelerate a company's trajectory.

Over the past two years, NVentures and Nvidia have ramped up startup investing at an unprecedented pace. In 2024, the company participated in 48 venture deals, and it has already exceeded that in 2025 with around 50 deals so far this year (excluding NVentures-specific deals).

NVentures itself has directly engaged in 21 deals in 2025, a massive jump from just one deal in 2022. This surge reflects Nvidia's broader strategy to deploy its soaring cash reserves—fueled by the AI boom—into promising startups.

The common thread is a focus on "hard tech" ventures solving difficult, high-impact problems with advanced tech and deep expert teams. In other words, NVentures isn't funding simple app companies or incremental ideas. It targets bold, computationally intensive plays in fields like artificial intelligence, advanced computing, and beyond.

Investment Focus and Strategy

NVentures' portfolio spans a broad array of sectors, but always with a technological edge that aligns with Nvidia's core strengths. The fund's mission statement emphasizes companies "solving complex problems" with transformative tech.

In practice, this has led NVentures to back startups in areas such as:

• AI software and infrastructure
• Robotics and autonomous systems
• Semiconductor and hardware innovation
• Energy and fusion technology
• Healthcare and life sciences

What ties these together is a heavy use of AI, data, and high-performance computing—domains where Nvidia's GPU hardware and software ecosystems can add value. Indeed, NVentures "is not limited by sector" because Nvidia expects AI to touch every industry, so it hunts for opportunities in any vertical where advanced computation can be a game-changer.

From a strategy standpoint, NVentures typically invests as a non-lead or co-investor in rounds rather than the sole or lead investor. In 2025, roughly 1 in 8 deals backed by Nvidia involved it taking a lead role—only five lead positions out of approximately 42 disclosed rounds.

More often, NVentures partners with traditional venture capital firms, joining syndicates led by top investors. This collaborative approach is exemplified by deals like OpenAI's 2024 funding (where Nvidia contributed $100 million in a $6.6 billion round) and Databricks' late-stage raise, both led by other major VCs.

NVentures is comfortable investing alongside blue-chip firms such as Andreessen Horowitz, DCVC, NEA, Khosla Ventures, and others. In fact, many of its deals include these names as co-investors. This gives NVentures a broad network in the venture ecosystem and access to marquee deals, while allowing specialist lead investors to set terms.

When NVentures does lead, it's usually for strategically critical bets in Nvidia's wheelhouse. For example, NVentures led a $600 million round into Quantinuum (quantum computing) in 2025 and co-led a $300 million Series D for AI21 Labs (Israeli AI) as well as a $135 million Series B for Skild AI (robotics software). These larger lead deals are selective, but signal that NVentures can step up with significant capital when it sees a high-impact opportunity strongly aligned with its strategic vision.

It's worth noting that NVentures operates in tandem with Nvidia's corporate development team, which pursues even larger strategic investments and acquisitions. Nvidia's corporate development group, led by Vishal Bhagwati, has spearheaded nine-figure investments like a stake in humanoid robot startup Figure and a big check into France's Mistral AI.

Those big deals are done for strategic platform-building—often prelude to deeper partnerships or acquisitions—whereas NVentures is chartered to be more returns-focused while still strategic.

"We do have a strategic component... but we have a returns focus as well, which [the corp dev team] doesn't," explains Mohamed "Sid" Siddeek, NVentures' head.

In practical terms, this means NVentures seeks out startups that can benefit from using Nvidia's technology (ensuring strategic alignment), but it invests with the goal of financial upside and long-term partnership rather than immediate integration into Nvidia.

This dual mandate sets NVentures apart from many corporate VCs: it behaves much like an independent VC in aiming for outsized returns, yet it offers the backing of a tech giant with vast resources. NVentures typically provides not just capital but also technical and go-to-market support to its portfolio companies, leveraging Nvidia's deep expertise in AI and its global industry connections.

Healthcare and Biotech Investments

One of the most notable aspects of NVentures' strategy is its strong emphasis on healthcare, particularly biotech and pharmaceutical technology. At first glance, a graphics chipmaker might seem an unlikely life sciences investor.

However, NVentures views the convergence of AI and life sciences—often dubbed "TechBio"—as a natural fit for Nvidia's AI computing platform. Sid Siddeek points out that drug discovery and development are ripe for AI disruption: taking a single drug to market can cost on the order of $1 billion and years of work with a high failure rate, so any efficiency gained through computational methods is hugely valuable.

By leveraging GPU-accelerated simulations, generative AI models, and machine learning on biomedical data, startups can identify targets and design molecules in silico, improving the odds of success before entering costly lab and clinical work. NVentures has made this "AI + biotech" intersection a key focus, helping turn Nvidia into a significant player in the booming TechBio investment arena.

NVentures' healthcare portfolio is broad, covering drug discovery, computational biology, medical devices, and health AI. Below are some of the notable investments NVentures has made in biotech and pharma as of October 2025, along with their focus and funding details:

Relation Therapeutics (London, UK)

An AI-enabled biotech using a "lab-in-the-loop" platform (single-cell genomics + ML) to map disease biology and find new drug targets. NVentures co-led Relation's $35 million seed extension in March 2024 alongside DCVC, bringing Relation's total seed funding to $60 million.

This capital is helping advance their lead program in osteoporosis and fuel discovery in other disease areas. Notably, Relation later entered a strategic collaboration with GSK, highlighting how NVentures' backing can precede major industry partnerships.

Terray Therapeutics (Los Angeles, USA)

A biotechnology company combining ultra-high-throughput chemistry with AI (via its tNova platform) to accelerate small-molecule drug discovery. NVentures was an early supporter and in October 2024 co-led Terray's $120 million Series B (with Bedford Ridge Capital), double the size of Terray's prior round.

The funding is being used to push Terray's AI-designed drug candidates into the clinic and scale up its data generation efforts. Terray's platform has measured billions of compound-target interactions to train its models, and the company has inked partnerships with Bristol Myers Squibb and Alphabet's Calico to apply its tech in immunology and aging.

Genesis Therapeutics (San Francisco, USA)

A pioneer in deep learning for drug design, spun out of Stanford. Genesis raised a $200 million Series B in 2023 (led by a16z and a life-sciences fund), with NVentures participating as an investor.

By 2024, Nvidia's venture arm was impressed enough to increase its stake—NVentures provided additional financing (undisclosed amount) to Genesis in December 2024 to accelerate its molecular AI platform.

Genesis's platform (GEMS) uses advanced graph neural networks and physics-based AI to optimize molecules for tough targets (in oncology, immunology, etc.), and the strategic collaboration with Nvidia gives Genesis privileged access to GPU expertise to speed up its computations. This is a prime example of NVentures investing not just money but technical know-how to boost a portfolio company's progress.

Charm Therapeutics (London, UK)

A TechBio startup co-founded by famed protein scientist David Baker, using AI (e.g. its DragonFold algorithm) to design new cancer drugs. NVentures was an early backer of Charm—the company's $50 million Series A in 2022 included Nvidia as an investor—and that relationship continued through 2025.

In September 2025, Charm raised an $80 million Series B to move its lead AI-designed leukemia drug into the clinic, with new investors NEA and SR One joining. Nvidia (NVentures) was noted as an existing investor participating in the round.

Charm's case illustrates how NVentures often co-invests alongside top biotech VCs (NEA, OrbiMed, F-Prime, Khosla, etc. are all involved) to support AI-driven drug programs. Charm also benefited from Nvidia's support in building out its computing infrastructure.

Lila BioSciences (Flagship Pioneering, USA)

An ambitious "AI scientific research" startup launched in 2025 to automate lab experimentation with AI and robotics. NVentures joined Lila's massive Series A financing.

The company debuted with $200 million in March 2025, then extended the round with $115 million more in October 2025—NVentures participated in this extension alongside Analog Devices, In-Q-Tel, Catalio, and others. Lila's total raise hit $350 million, an extraordinary haul for a young company, reflecting investor enthusiasm for its vision of AI-run "self-driving" labs.

Backing Lila gives Nvidia a stake in cutting-edge lab automation technology that bridges life science and computing, and Flagship Pioneering (Lila's incubator) welcomed Nvidia as a strategic collaborator to provide AI hardware and expertise.

Additional Healthcare Portfolio Companies

Beyond these, NVentures' portfolio includes several other healthcare standouts. For example, Generate Biomedicines—a Flagship-founded generative biology company that uses machine learning to create protein therapeutics on demand—is listed in Nvidia's portfolio, as is Inceptive (a startup programming biological molecules like software) and Evozyne (Chicago-based protein design with AI).

NVentures also invested in Vilya Therapeutics, another AI-driven drug discovery company (co-founded by David Baker, focused on novel molecule modalities).

On the healthtech/medtech side, NVentures has backed Moon Surgical (a French-American startup building Maestro, a robotic surgical assistant for minimally invasive surgery) and Neocis (Miami-based maker of Yomi, a robotic system for dental implant surgery). Both companies integrate AI and robotics to augment surgeons, aligning with Nvidia's interest in AI-powered devices.

NVentures' health investments even extend to areas like clinical AI software. For instance, it has funded Abridge, which uses AI to automatically transcribe and structure doctor-patient conversations into medical notes, and Flywheel, a platform for managing and analyzing medical imaging data at scale.

Global Healthcare Investment Approach

Geographically, NVentures takes a global view in healthcare investing. Many of its biotech bets are in the U.S. (especially the West Coast and Boston), but as noted above, it has repeatedly invested in U.K. biotech startups (London's growing "TechBio" scene) and has portfolio companies in continental Europe and Israel as well.

This includes co-investing in Europe's largest AI funding rounds. For example, Nvidia joined Mistral AI's mega-rounds in France (most recently a €1.7 billion round in September 2025 valuing Mistral at €11.7 billion), and participated in Oxford-based Genomics ventures and others (often via its Inception startup incubator program).

In short, NVentures is not limiting itself to Silicon Valley. It chases innovation hubs wherever they are, from London to Tel Aviv to Singapore. This global reach gives Nvidia an early look at cutting-edge technology companies around the world, including in healthcare, which is increasingly a borderless, international endeavor.

Strategic Advantages Analysis

From an evaluative perspective, NVentures offers significant advantages to both its portfolio companies and to Nvidia's stakeholders:

Deep Strategic Synergy

Startups backed by NVentures gain a unique technical edge by tapping into Nvidia's world-class expertise in AI, GPUs, and high-performance computing. NVentures explicitly focuses on "enhancing the platforms of companies [it] invest[s] in" through Nvidia's technical and go-to-market resources.

In practice, this can mean direct engineering support, access to NVIDIA's software libraries and AI models, and early exposure to new hardware.

A vivid example comes from Charm Therapeutics: "The NVIDIA team helped Charm set up our on-premises NVIDIA cluster of 128 A100 GPUs, which has been transformative in helping us train next-generation protein–ligand models," says Charm's CEO.

This kind of hands-on support is beyond what most financial VCs can provide. Similarly, Genesis Therapeutics' collaboration with Nvidia is allowing the startup to optimize its AI algorithms using Nvidia's low-level software expertise, speeding up drug simulations.

NVentures-backed companies often get early access to cutting-edge GPU cloud services (e.g. DGX Cloud for training massive models) and priority in Nvidia's product pipelines—a critical advantage in compute-intensive fields.

Network and Credibility

NVentures brings the credibility of Nvidia's brand and a broad industry network. Being backed by Nvidia can serve as a stamp of approval for an early-stage company, validating its technology in the eyes of other investors, enterprise customers, and partners.

NVentures often leverages Nvidia's relationships to help startups forge key partnerships. For example, NVentures' diligence and support were cited as instrumental by Moon Surgical's CEO in attracting attention to their surgical robot in a crowded MedTech space.

The fund's team, led by seasoned investors like Siddeek (who previously invested at SoftBank's Vision Fund and Mubadala), also provides a "critical eye in the boardroom" and connections across the tech industry.

One portfolio CEO noted that NVentures has a network "not just within NVIDIA, but throughout the industry... ensuring we have access to the best technology and people." This broad network can open doors for portfolio companies—from introductions to Fortune 500 customers, to matchmaking with other investors for future rounds.

Massive Financial Firepower with Patience

Backed by a multi-trillion-dollar parent, NVentures can deploy capital very flexibly. Nvidia's war chest means NVentures is not constrained by a typical fund size. If a portfolio company needs follow-on funding and the strategic rationale is strong, Nvidia can double down aggressively.

We've seen this in Nvidia's commitment to invest up to $2 billion in Elon Musk's xAI venture (structured largely to finance xAI's purchase of Nvidia hardware), and even an announcement that Nvidia could invest as much as $100 billion in OpenAI over time as part of a strategic cloud partnership.

Those figures are extraordinary and specific to unique cases, but they underscore that Nvidia has essentially unlimited capital for the right opportunity.

For NVentures' more typical investments, this translates to an ability to participate in successive rounds (no need to reserve funds across many portfolio companies like a traditional VC fund must). It also means NVentures can be a long-term partner—there's no 10-year fund lifecycle forcing an exit.

If a company needs 8–12 years to achieve a biotech breakthrough or to build a new industry infrastructure, NVentures can stay invested as long as it makes strategic sense, without pressure from LPs to return capital.

Portfolio Privileges and Ecosystem Access

Companies in the NVentures portfolio often get preferential access to Nvidia's developer ecosystem and programs. Nvidia's Inception program (an incubator/accelerator for AI startups) is often a first step—providing free credits for cloud GPU computing, marketing support, and technical guidance.

Startups that NVentures invests in graduate into an inner circle, gaining opportunities like co-marketing at Nvidia's high-profile events (GTC conferences), or early beta-testing of Nvidia's new technology. They also become part of an informal club with other Nvidia-backed startups, fostering knowledge sharing.

Moreover, alignment with Nvidia can yield commercial advantages. For instance, Nvidia might refer enterprise clients to an NVentures-backed software vendor to complement hardware sales, or bundle a startup's solution with Nvidia offerings. This "better together" story can accelerate a startup's go-to-market traction in ways pure capital cannot.

Ties to Industry Mega-Deals

NVentures gives Nvidia a seat at the table of many of the biggest AI deals globally, which can benefit the company strategically. From an institutional perspective, Nvidia has parlayed its venture investing into minority stakes in a who's-who of AI unicorns and decacorns.

By late 2025, Nvidia (via NVentures or direct) has stakes in:

• OpenAI (valued approximately $157 billion)
• Databricks (last valued $43 billion+)
• Cohere (enterprise AI, valued $6.8 billion)
• Scale AI (data platform, $14 billion valuation)
• Figure AI (robotics, $39 billion valuation)
• And many more

This breadth means Nvidia stands to gain financially from the broader AI boom it helped ignite, and it also provides strategic insight. Nvidia gets information rights and board observation in key companies steering the future of AI in healthcare, automotive, cloud, and other sectors.

For institutional observers, Nvidia's venture arm essentially extends the company's R&D and strategic vision outside its four walls, giving it optionality on emerging trends (from quantum computing to generative biology). That is a major differentiator from most standalone VC funds.

In summary, NVentures offers a combination of resources that few can match: ample funding with patience, unparalleled technical support, and strategic connections—all anchored by Nvidia's leadership in AI.

For a startup in fields like biotech or advanced computing, having NVentures on board can provide advantages that few others can match, whether it's receiving the latest GPUs to speed experiments, or being showcased alongside Nvidia in front of global customers.

This value proposition has made NVentures a sought-after investor despite it often contributing a smaller portion of capital in a round. Top founders and VC firms often invite NVentures because of these differentiators.

Risk Factors and Considerations

From a critical analytical perspective, there are also challenges and potential considerations associated with NVentures—both for startups taking Nvidia's money and for the broader venture market:

Strategic Versus Financial Tensions

As a corporate VC, NVentures does have strategic goals tied to its parent company. There is a potential for conflicts of interest. For example, Nvidia's primary motive is to expand its ecosystem and sell more hardware/cloud—in some cases, Nvidia's investment might be contingent on a startup committing to use Nvidia technology.

Indeed, some large deals were explicitly structured to finance Nvidia hardware purchases. Startups might consider the implications of being closely aligned with Nvidia's platform, which could affect their ability to work with other tech providers.

Conversely, if a startup's technology direction changes away from Nvidia's focus (say, exploring AI on non-Nvidia chips), the strategic alignment could shift. Additionally, when it comes to exits, Nvidia might have preferences that benefit its interests rather than simply the highest bidder.

These factors can create considerations regarding alignment with other investors or founders purely seeking optimal financial outcomes. While Siddeek emphasizes NVentures' returns focus, the strategic component is always present, and stakeholders will monitor how this balance plays out over time.

Reliance on Corporate Priorities

NVentures' sustainability is tied to Nvidia's corporate fortunes and priorities. Currently, Nvidia is flush with cash and highly motivated to invest in AI startups—but the tech market is cyclical.

If Nvidia's core business were to slow or if the AI investment landscape shifts, corporate leadership could adjust NVentures' activity. Corporate VCs historically have shown variable commitment levels: they often ramp up in boom times and may pull back in downturns.

Stakeholders might view this dynamic with consideration. For example, during previous technology market contractions, many corporate funds reduced activity. While Nvidia's current dominance in AI makes a sudden pullback unlikely in the near term, it remains a factor to monitor.

NVentures is effectively a discretionary arm of a corporation, without the independent mandate that a traditional VC fund (with committed LP capital) has.

Limited Track Record and Valuation Considerations

NVentures is relatively new—formally less than three years old. It has yet to see significant exits or proven returns because most portfolio companies are still private and many are in deep tech fields that require long development cycles.

As of October 2025, none of NVentures' major investments have gone public or been acquired for substantial sums (though some have had follow-on rounds at higher valuations). While the portfolio includes numerous unicorns on paper, actual realized gains remain to be seen.

The elevated valuations in AI sectors could present risks. For instance, Nvidia invested in Inflection AI at a $1.3 billion round in mid-2023, but within a year that startup experienced significant changes (its founders were hired away and it sold a technology license to Microsoft), which raised questions about its trajectory.

Likewise, new AI companies like Reflection AI and Thinking Machines Lab attracted multi-billion-dollar valuations in mere months with Nvidia as an investor, raising considerations about valuation sustainability.

Market adjustments in AI valuations could affect some of NVentures' paper gains. For those assessing NVentures, the lack of an established ROI track record means some uncertainty remains regarding how these venture investments will ultimately perform financially.

Non-Leading Investment Approach

NVentures' practice of mostly not leading rounds can be a consideration for startups, especially in early stages. While having Nvidia on the cap table provides advantages, a startup typically still needs a lead investor to price the round, take board leadership, and provide guidance.

NVentures seldom fills that role (only approximately 12% of their 2025 deals were led by Nvidia). Thus, companies cannot rely on NVentures alone to finance a round or set terms.

In some cases, a startup might prefer a larger check from Nvidia to simplify fundraising, but NVentures may intentionally limit the size of its stake (preferring to be a minority backer). This means entrepreneurs must assemble a syndicate and find a lead investor—NVentures typically won't anchor most deals by itself.

Additionally, because NVentures invests with strategic considerations, it might have different due diligence criteria—for instance, prioritizing technical fit with Nvidia's platform—which don't necessarily validate all aspects of the business model. Other VCs might still need to conduct comprehensive market and team diligence.

In short, NVentures serves as a valuable co-investor, but not typically a sole solution for capital or comprehensive guidance.

Competitive Dynamics Considerations

Taking investment from a company as prominent as Nvidia could introduce some competitive dynamics that founders and co-investors may consider. If Nvidia has a stake, competitors (like other chip makers or cloud providers) might evaluate their engagement with the startup differently.

For example, would a cloud platform that competes with Nvidia partner as readily with a company that's known to be "Nvidia-backed"? This hasn't been a prominent issue yet, but it's conceivable in areas like cloud AI services or autonomous vehicles where Nvidia's competitors might have their own strategic preferences.

There's also signaling to consider: if NVentures declines to follow-on in a future round, outside parties might interpret that as Nvidia reassessing the startup's technical progress. Since NVentures has insider insight (via technical integration) into its companies, investment decisions could be watched closely by other investors.

Startups need to be mindful of maintaining technical progress to keep strategic backers engaged.

Platform Ecosystem Focus

NVentures seeks companies that "benefit from using Nvidia's technology." While this ensures synergy, it also naturally focuses the field of startups NVentures will consider.

For the venture market broadly, this means some companies that, say, build on alternative hardware platforms or pursue novel computing paradigms might not receive Nvidia's support.

An industry analyst might note that NVentures' deal flow naturally aligns with reinforcing Nvidia's platform position. This benefits Nvidia and aligned startups, but one could observe it might affect the adoption pace of alternative approaches.

For example, startups working on AI accelerators that compete with GPUs likely won't receive NVentures funding, which could have broader market implications. NVentures is part of Nvidia's strategy to strengthen its ecosystem—beneficial for Nvidia and its aligned startups, with effects on industry dynamics worth noting.

In summary, this analytical perspective acknowledges NVentures as a formidable and well-resourced investor, while highlighting the corporate dynamics and market factors that come with corporate venture capital.

NVentures must balance Nvidia's strategic objectives with financial returns—a dual mandate that presents both opportunities and complexities. The fund's rapid growth in activity also coincides with elevated valuations and significant enthusiasm in AI and biotech sectors, which could face various market dynamics.

For industry participants, the approach is to recognize NVentures' considerable strengths (technical value-add, substantial resources) while remaining aware of the unique characteristics of corporate venture capital: strategic alignment can evolve with corporate priorities, and having such a significant player in one's cap table can influence perceptions and relationships in various ways.

Financial Footprint and 2025 Deal Highlights

To understand NVentures' impact in financial terms, consider some key metrics and deals through October 2025:

Volume of Investments

NVentures and Nvidia have been involved in dozens of financings in the past two years. Year-to-date 2025, Nvidia (including NVentures) has participated in about 50 private financing rounds, already exceeding the pace of 2024.

NVentures alone accounted for 21 of those deals in 2025—substantial growth from virtually zero two years prior. This establishes Nvidia's status as one of the most active corporate venture investors in technology.

Capital Deployed

The size of rounds Nvidia joins is often substantial, especially in AI. In 2023–2025, Nvidia has participated in at least 10 mega-rounds above $500 million each, including OpenAI, xAI, Inflection, Scale AI, Cohere, Figure, and others.

For example, Nvidia's participation in OpenAI's $6.6 billion round and the recent xAI deal underscores its willingness to commit hundreds of millions to individual investments.

On the smaller end, NVentures has also written many checks in the $5–$20 million range for seed and Series A companies (e.g. it invested an estimated approximately $5 million into Relation Therapeutics' seed, and similar amounts into various seed-stage AI startups).

This range of capabilities—seeding early ventures while also joining pre-IPO unicorn rounds—is noteworthy among venture investors.

Valuation Landscape

Many NVentures portfolio companies have reached substantial valuations, giving Nvidia considerable unrealized gains on paper. To highlight a few:

• OpenAI (valued $150B+ in 2024)
• Mistral AI (valued approximately $13.5B post-money in 2025 after Nvidia's third investment)
• Thinking Machines Lab (a new AI startup that raised at a $12B valuation with Nvidia in the syndicate)
• Reflection AI (U.S. LLM startup valued $8B in 2025 with Nvidia as a key investor)
• Figure (humanoid robots) valued $39B in latest round with Nvidia participating
• Scale AI ($14B) and Cohere ($6.8B) as noted above

In healthcare, valuations are generally more moderate but still significant: Generate Biomedicines was valued over $1B in its 2023 round (prior to Nvidia's involvement), Terray is a growing mid-stage company likely valued several hundred million after its Series B, and Lila Science's post-money valuation has not been disclosed but is presumably substantial given $350M raised within months of launch.

The aggregate value of NVentures' portfolio is difficult to calculate precisely, but easily extends into the tens of billions of dollars (if not more), considering the multiple unicorns within it.

This financial position means that Nvidia's venture investments, if even a portion of them achieve successful exits at current valuations, could generate significant returns. It also means Nvidia has substantial exposure to the next generation of AI and biotech companies.

Notable 2025 Transactions

In 2025 specifically, NVentures continued its active investing pace. A few transaction highlights:

• It joined Fidelity's $500M Series D in Cohere (Toronto NLP startup) in August
• It was part of Commonwealth Fusion Systems' $863M round in July, alongside investors like Google and Breakthrough Energy, to fund fusion reactors (valuing CFS at $3B)
• It co-invested in Lila Science's $350M mega-Series A as noted
• It supported multiple U.K. techbio companies through new financings, contributing to a strong year for UK biotech funding

Nvidia also made headlines by investing in Wayve's $1B+ autonomous driving round in 2024 and following with a commitment of $500M more in 2025, showing its continued interest in AI beyond just cloud and biotech.

In quantum computing, Nvidia's NVentures has stakes in three of the leading startups (QuEra, Quantinuum, PsiQuantum) after early 2025 investments, reinforcing its broad approach in areas where AI and advanced computing intersect.

Geographically, 2025 saw NVentures invest in companies from Singapore (e.g., Firmus Technologies' $215M data center round) to Japan (Sakana AI's generative AI funding), as well as deepening its presence in Europe's AI landscape (Mistral, Mindverse, etc.). This geographic spread is notable for observers tracking NVentures as a global investor.

In financial summary, NVentures is deploying capital at a scale and scope that rivals the largest venture firms, underlining Nvidia's conviction that investing in the startup ecosystem will support its own growth trajectory.

By October 2025, Nvidia's venture portfolio touches virtually every significant domain in technology—and importantly for this analysis, it has firmly established itself in biotech and pharma innovation via AI.

The thesis Nvidia is advancing is that the next generation of breakthrough therapies and healthcare solutions will emerge from massive computing power and advanced algorithms—and by funding those efforts early, Nvidia both participates in potential financial upside and ensures that those breakthroughs utilize Nvidia's technology platforms.

Conclusion

Nvidia's NVentures has, in a short timeframe, become a significant force in venture capital, embodying the convergence of major technology companies and high finance in propelling innovation.

For institutional participants and industry observers, NVentures presents an interesting case study: a corporate venture arm with substantial resources that operates with the activity level of a top-tier VC firm. Its presence in healthcare—particularly the biotech and pharma realm—is contributing to the growth of AI-driven drug discovery and personalized medicine startups.

These companies gain not only capital, but also technical advantages through Nvidia's involvement, which may accelerate scientific progress.

What distinguishes NVentures is the alignment of interests between the startups it funds and Nvidia's own platform development. By giving entrepreneurs access to hardware, expertise, and its extensive network, Nvidia helps ensure that many future cutting-edge solutions are built on its technology.

In return, NVentures' portfolio could yield Nvidia both financial returns and a strategic presence across emerging industries. It's a model that few others can replicate at comparable scale.

Of course, NVentures must navigate the inherent complexities of corporate investing—maintaining alignment with co-investors, balancing strategic and financial objectives, and demonstrating long-term commitment through various market cycles.

Yet, as of October 2025, the trajectory appears positive: NVentures is widely regarded as a value-adding partner in transactions, not just a capital provider. Its approach of combining pragmatic assessment of risks with optimism about technology's potential to reshape industries seems to be resonating with the startup ecosystem.

For the biotech and pharma sectors, Nvidia's venture arm is now a notable presence driving the TechBio movement. NVentures-funded companies are addressing billion-dollar challenges in drug development, and they're doing so with tools and infrastructure that barely existed a decade ago.

The specialized access these startups enjoy—whether it's a custom GPU supercluster for protein modeling or early integration with Nvidia's AI frameworks—could provide them with advantages in one of the most competitive domains. Industry observers might note that Nvidia is strategically positioning itself within future pharmaceutical pipelines and healthcare systems via these investments.

In conclusion, Nvidia's NVentures represents an evolved form of venture investor: substantially capitalized, technically sophisticated, globally oriented, and focused on challenging problems.

Its involvement in a startup often signals that company's potential to transform its field (and to utilize significant AI compute in the process). As we look ahead, NVentures will be an investor to monitor—not only as notable in the current landscape, but as an indicator of where AI, healthcare, and finance converge.

Whether you're a market participant assessing the venture landscape or an industry observer tracking innovation, NVentures offers insight into how a technology leader intends to shape the future by investing in it today.

Disclaimer

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