ARCH Venture Partners has closed a $2.975 billion fund targeted for early-stage biotech companies. The firm’s 12th venture fund comes on the heels of a nearly $2 billion fund announced in January 2021 and launches amidst a biotech bear market. “Science doesn’t care what markets are doing, and science moves forward,” said ARCH cofounder and managing director Robert Nelsen in a statement announcing the fund Wednesday. ARCH has offices in Seattle and is a backer of Seattle-area giants Sana Biotechnology and Lyell Immunopharma.