InCube Ventures

InCube Ventures is a life sciences venture capital firm founded in 2008 and based in San Jose, California, operating as the venture arm of InCube Labs, a research and development laboratory with facilities in Silicon Valley and San Antonio. The firm was founded by Mir Imran, one of the leading healthcare innovators who has founded more than 20 life sciences companies, 15 of which have achieved exits through acquisitions or IPOs. Managing Partners Andrew Farquharson and Wayne Roe lead the fund alongside Imran, with Farquharson holding a Kauffman Fellowship. The firm's earliest fund, DFJ InCube Ventures, was managed in partnership with Draper Fisher Jurvetson. InCube Ventures leads rounds and invests in extraordinary innovations that address unmet clinical needs for large patient populations, with typical deal sizes in the $10 to $50 million range across seed, Series A, and Series B. The portfolio of 18 companies spans pharma, biologics, and medical devices, covering clinical areas including atrial fibrillation, epilepsy, GI surgery, iron-deficiency anemia, hemorrhagic stroke, obesity, and metabolic disorders. Notable portfolio companies include Metagenomi Therapeutics, which completed its NASDAQ IPO in February 2024 at a $563 million market cap, and Rani Therapeutics, which listed on NASDAQ at a $528 million market cap. Channel Medsystems was acquired by Boston Scientific for $275 million in November 2017. The portfolio has produced 2 IPOs and 6 acquisitions in total. InCube Ventures draws a direct pipeline from InCube Labs, where some portfolio companies originate, while others are sourced externally. This structure gives the firm a differentiated ability to identify innovations at the earliest formation stage, well before they reach institutional markets. The team engages directly with clinical development processes and brings deep domain expertise spanning cardiology, oncology, neurology, and metabolic medicine to support founders through regulatory and commercial milestones.