Post by Louise-Marie Rakotoarison, PhD, MBA

Everyone talks about 𝗔𝗜 𝘅 𝗕𝗶𝗼𝘁𝗲𝗰𝗵. In 2025 alone, the space raised 𝟯.𝟴𝗕 and 2026 is already on another scale, with Isomorphic Labs closing a 𝟮.𝟭𝗕 𝗦𝗲𝗿𝗶𝗲𝘀 𝗕. But here's the problem: 𝗔𝗜 𝘅 𝗕𝗶𝗼𝘁𝗲𝗰𝗵 𝗶𝘀𝗻'𝘁 𝗮 𝗰𝗮𝘁𝗲𝗴𝗼𝗿𝘆. Some companies are building foundation models. Others are building closed-loop learning engines. Others are simply using AI to build better therapeutics. They may all use AI, but they don't create value the same way. 𝗦𝗼 𝘄𝗵𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝘄𝗲 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝘁𝗵𝗲𝗺 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 ? At Kurma Partners, we've spent a lot of time thinking about this question and digging into the space. As investors in Healthtech, we found that many companies grouped under the "AI Biotech" label actually belong to fundamentally different archetypes; each with its own assets, risks, moats, and valuation logic. 𝗜𝗻 𝘁𝗵𝗶𝘀 𝗮𝗿𝘁𝗶𝗰𝗹𝗲, 𝘄𝗲 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗲 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝘄𝗲 𝘂𝘀𝗲 𝘄𝗵𝗲𝗻 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗻𝗴 𝗧𝗲𝗰𝗵𝗕𝗶𝗼 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀, 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴: ✅ Why some companies should be valued like software platforms ✅ While others should be assessed like traditional biotech. ✅ The key due diligence questions for each model. ✅ And the one question we believe every investor should ask first: 𝗪𝗵𝗮𝘁 𝗿𝗶𝘀𝗸 𝗮𝗿𝗲 𝘆𝗼𝘂 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗶𝗻𝗴 ? 📖 Read the full article here: https://lnkd.in/eHbmM2HA Curious to hear how others think about this space. 👇 Samantha Ventura Zennou Benjamin Belot Laura Achach Philippe Peltier Alain HORVAIS Dr. Lukas GUENTHER Kurma Partners