OS Fund | Investment Thesis & Preferences

OS Fund Research Document

Investment Thesis

OS Fund is a pioneering venture capital fund founded by tech entrepreneur Bryan Johnson in 2014 with a personal $100M endowment. The fund is dedicated to backing visionary entrepreneurs whose platform-level science innovations aim to "rewrite operating systems" across biology, materials, diagnostics, and artificial intelligence. OS Fund's core thesis is that biology is programmable—that biological systems can be engineered, designed, and optimized just like software systems—and that there are immense opportunities to create breakthrough technologies that solve global challenges through this lens.

The fund specifically focuses on early-stage deep tech founding teams developing:

Programmable biology and synthetic biology - engineering biological systems to produce materials, therapeutics, and diagnostics
Advanced materials - novel materials created through biological and computational methods
Computational diagnostics - AI-powered diagnostic platforms and tools
Computational therapeutics - AI-driven drug discovery and development platforms
Biotech infrastructure - enabling platforms and tools that support the broader synthetic biology ecosystem

OS Fund believes that the entrepreneurs building these platform-level technologies will create some of the most valuable companies of the next decade, by fundamentally changing how we produce materials, develop medicines, and diagnose disease.

Sector Focus and Investment Strategy

OS Fund maintains a narrow but deep focus on deep tech companies at the intersection of biology, computation, and materials science. Rather than pursuing a broad venture portfolio, the fund concentrates on companies that represent paradigm shifts in how biology can be engineered and utilized.

The portfolio includes companies across several key subsectors:

Synthetic biology platforms - companies like Ginkgo Bioworks that use cellular programming to manufacture complex molecules
Computational drug discovery - AI-powered drug discovery platforms (Atomwise) that accelerate pharmaceutical development
CRISPR and genetic engineering tools - enabling platforms (Synthego) that make genome editing accessible
Biotech tools and infrastructure - companies providing essential capabilities for the synthetic biology ecosystem
Food and agriculture biotech - JUST Egg (plant-based egg alternative) and Pivot Bio (microbial nitrogen products)
Advanced diagnostics - companies creating novel diagnostic platforms and tools
Longevity and cellular health - companies focused on extending human healthspan and improving cellular function

Stage Focus and Check Size

OS Fund primarily invests at the early to mid-stage:

Pre-seed and seed - $1M-$5M for exceptionally strong founding teams with compelling science
Series A - $2M-$10M for companies with validated science and early traction
Series B and beyond - selective follow-on rounds for proven portfolio companies

The fund's typical check size ranges from $1M to $10M, with an average investment in the $1-5M range at seed/early Series A stages. OS Fund maintains follow-on reserve capacity to support winners through subsequent rounds, demonstrating a long-term partnership mentality.

Lead Tendency

OS Fund operates as both a lead investor and co-investor, depending on the round stage and dynamics:

At seed stage, OS Fund often leads rounds (57 lead investments recorded)
At Series A and beyond, the fund frequently participates in rounds led by larger VCs like NEA, Sequoia, and specialty biotech investors
The fund is an active board participant and stays deeply involved post-investment beyond capital, offering IP strategy, scientific guidance, and community connections

Recent Activity and Fund Status

Fund Status: OS Fund II raised $250M (announced around 2018) and is currently in deployment phase with selective investing activity.

Recent Investment Activity:

March 2022: Series B investment in Arzeda (protein engineering company) - $23M round
December 2020: Series A investment in Kenota Health (Canada-based biotech) - $53M round
September 2019: Seed investment in A-Alpha Bio (synthetic biology tools) - $8M round
September 2018: Series C participation in uBiome (microbiome company) - $38M round
July 2018: Series B investment in Lygos (bio-based materials) - $78M round

The fund has maintained a disciplined deployment approach over the past 2-3 years with no new investments recorded in 2023-2025 YTD, suggesting careful evaluation of deal flow and focus on existing portfolio management. Most recent activity was in March 2022.

Portfolio Highlights

OS Fund's portfolio of 26-44 companies (depending on source, reflecting differences in classification) has achieved exceptional outcomes:

Public Companies (1):

Ginkgo Bioworks - IPO on NYSE (September 2021) - Leading synthetic biology platform enabling cellular programming for manufacturing

Unicorns (2):

Pivot Bio - $1B+ valuation - Develops microbial nitrogen products for sustainable agriculture
JUST Egg - $1B+ valuation - Plant-based egg substitute company backed by major CPG partnerships

Major Exits (7+ acquisitions):

Synthego (June 2025) - Acquired by Perceptive Advisors - CRISPR gene editing tools company
Vicarious (April 2022) - Acquired - AI-powered robotics company
Cleversafe, Planetary Resources, Health Data Link, and others

Notable Active Portfolio Companies:

Atomwise - AI platform for small molecule drug discovery (Series B, $219M+ funded)
Ginkgo Bioworks - Synthetic biology platform (public, $50M+ ARR estimated)
Verge Genomics - AI-driven drug discovery for neurodegenerative diseases ($32M+ Series A)
Truvian - Automated blood testing platform (Series C, $208M+ funded)
Arzeda - Protein engineering platform (Series B, $33M+ Series B round)
Elysium Health - Cellular health supplements and longevity platform (Series C, $71.2M funded)
Catalog Technologies - DNA-based data storage and computation
Lygos - Bio-based materials company using fermentation

Team

Leadership:

Bryan Johnson - Founder & General Partner - Tech entrepreneur and longevity advocate; previously founded Braintree (sold to PayPal for $800M) and Kernel (neuroimaging company). Bryan brought significant capital ($100M personal endowment) and operational expertise to OS Fund. His deep interests in longevity and biological engineering inform the fund's strategy.
Mark Ghobrial - Partner - Deep tech and biotech focus; experienced investor in the synthetic biology space
Hayley Ossip - Principal - Based in Toronto; covers Canadian portfolio companies and Canadian biotech deal flow

Team Characteristics:

Experienced in deep tech and biotech investment (combined 50+ years in relevant sectors)
Scientific advisory network and connections to leading biotech institutions
Active post-investment operational support including IP strategy, regulatory guidance, and scientific collaboration facilitation
Network across academic institutions, established pharma companies, and biotech ecosystem

Decision Process

OS Fund operates through a partnership model:

Decisions are made collaboratively between Bryan Johnson and Mark Ghobrial for primary investments
Scientific due diligence is conducted in partnership with external scientific advisors and domain experts
Investment decisions focus on paradigm-shifting science and exceptional founding teams

Decision Timeline: Typically 2-4 weeks for strong teams and compelling science, reflecting the fund's thoughtful but focused evaluation approach.

Key Evaluation Criteria:

Strength of the founding team (particularly technical founders with deep domain expertise)
Novelty and paradigm-shifting nature of the science
Clear path to platform-level impact
Experienced scientific and technical advisors

Geographic Focus

Primary: United States (California - Bay Area, Los Angeles; Massachusetts - Boston area)
Secondary: Canada (Toronto - Hayley Ossip covers Canadian opportunities)
Selective International: Limited activity outside North America

The fund's geographic focus aligns with concentration of synthetic biology and biotech talent, venture capital resources, and research institutions.

Co-Investors

OS Fund maintains strong relationships with leading biotech and deep tech investors:

Frequent Co-Investors:

AME Cloud Ventures - Co-invested in multiple companies
Khosla Ventures - Co-invested in several synthetic biology plays
Gates Foundation - Co-invested in diagnostics and global health applications
Bezos Expeditions - Co-invested in deep tech companies
NEA (New Enterprise Associates) - Large VC co-investor on Series A+ rounds
Y Combinator - Pre-OS Fund investor relationship for companies like Ginkgo Bioworks

Notable Angels & Strategic Investors:

Nassim Taleb, Naval Ravikant, and other prominent angels co-invested alongside OS Fund

Founder Preferences

OS Fund backs the following founder types:

Ideal Founder Profile:

Scientists with deep domain expertise - PhD researchers or experienced biotech scientists
Technical founders - Programmers and engineers with understanding of computational approaches
Mission-driven leaders - Founders passionate about solving global challenges through biology
Experienced operators - Founders with prior startup experience or pharma/biotech background
Exceptional advisory boards - Companies with world-class scientific advisors

Anti-Profile:

Consumer applications without technical depth
Non-technical founding teams
Companies pursuing incremental improvements rather than paradigm shifts
Teams without strong scientific or domain expertise

Notable Characteristics & Philosophy

Long-term partnership approach: OS Fund stays deeply involved post-investment, offering IP strategy, scientific support, and community connections—not just capital. The fund positions itself as an operator and advisor, not just a financial investor.

Scientific credibility: Bryan Johnson's personal credibility in longevity/health and the team's biotech expertise give the fund credibility with scientific advisory boards and academic institutions.

Contrarian thesis: OS Fund bet on programmable biology when the field was nascent (2014-2018), demonstrating a willingness to back paradigm-shifting ideas before they became mainstream.

Exit flexibility: The portfolio shows exits across multiple paths—IPOs (Ginkgo), acquisitions (Synthego), and private company growth (Pivot Bio, JUST Egg at unicorn status).

Summary

OS Fund represents a highly specialized, thesis-driven venture capital fund focused on one of the most transformative shifts in biology and materials science of our time. With $250M+ under management, a portfolio of 26-44 companies achieving exceptional outcomes (2 unicorns, 1 IPO, 7+ acquisitions), and a partnership-oriented investment approach, OS Fund is positioned as one of the premier investors in programmable biology and synthetic biology. The fund's narrow focus, strong scientific credibility, and ability to leverage both capital and operational expertise make it an ideal partner for exceptional founders building platform-level biological technologies.