Reed Jobs’ Cancer VC Yosemite Raises $200 Million After Steve Jobs’ Death

Driven by a personal commitment to overcoming cancer, Reed Jobs, son of the late Steve Jobs, is significantly expanding his venture capital firm, Yosemite, with a new February 1, 2026 announcement of over $200 million in new funding for its second fund. This brings Yosemite’s total assets under management to over $1 billion, according to reports.

Yosemite distinguishes itself from traditional venture capital firms by employing a dual-pronged approach: investing in early-stage companies developing innovative cancer treatments and diagnostics, and simultaneously providing philanthropic grants to academic researchers. This unique model aims to bridge the gap between foundational scientific discovery and practical application, addressing what Jobs describes as the “Valley of Death” in cancer research – the period where promising research struggles to secure funding for commercial development.

The impetus behind Yosemite’s creation stems from the personal loss Jobs experienced with his father’s battle with pancreatic cancer. Diagnosed at age 56, Steve Jobs succumbed to the disease eight years later in 2011. This experience fueled Jobs’ desire to accelerate breakthroughs in cancer treatment, with a vision that cancer will eventually be managed as a chronic, rather than fatal, illness.

“We believe that cancer will transform from a ‘death sentence’ into a chronic disease that can be lived with and controlled over the long term,” Jobs stated in a January 29, 2026 interview with Forbes. “I’m confident that within my lifetime, most cancers will achieve this transformation.”

The firm’s inaugural fund, launched in August 2023, raised $263 million. Yosemite has since invested in approximately 20 companies, including Tune Therapeutics, a gene therapy company, and Chai Discovery, an AI-driven drug development startup. The new fund is targeting a total of $350 million, with significant investment already secured from prominent institutions such as Amgen, Memorial Sloan Kettering Cancer Center, MIT, and venture capitalist John Doerr.

Yosemite originated as a spinout from Emerson Collective, the impact investment and philanthropy organization founded by Jobs’ mother, Laurene Powell Jobs. Jobs himself was an investor at Emerson since 2015, focusing on healthcare investments before establishing Yosemite. The firm’s approach reflects a broader trend of combining financial investment with philanthropic support to address complex challenges in healthcare.

The firm’s investment strategy encompasses a wide range of cancers, from those with relatively high survival rates when detected early, such as colon cancer, to more aggressive and challenging forms like pancreatic cancer. Jobs emphasizes the importance of early detection, targeted therapies, and continuous monitoring in improving cancer outcomes.

“It’s a very diverse landscape, and for some cancers that have low mutation rates but are aggressive, it’s going to be a big problem for at least another 10 years,” Jobs explained. “But for the majority, we think what’s needed is earlier detection, more targeted therapies, and continuous monitoring, all of which will help reduce mortality rates.”

Yosemite’s model of providing both grants and investments is particularly noteworthy in the context of potential cuts to federal funding for scientific research. By directly supporting academic researchers, the firm aims to sustain innovation and accelerate the translation of discoveries into clinical applications.

“We need to step up and do something for our researchers, and for the state of science in America right now, which is certainly fragile, and people like us have more responsibility than ever,” Jobs stated. “We feel a greater sense of urgency.”

Among the early recipients of Yosemite’s grant funding is Azalea Therapeutics, a company spun out from the laboratory of Nobel laureate Jennifer Doudna at UC Berkeley. Azalea is developing a novel gene therapy approach that modifies genes directly within the patient’s body, offering a potentially more efficient and less invasive treatment option.

Another company reflecting Yosemite’s investment philosophy is Chai Discovery, founded in 2024, which utilizes artificial intelligence to design proteins for the development of new drugs. Chai Discovery recently raised $130 million in funding, valuing the company at $1.3 billion, and has entered into a collaboration with Eli Lilly to develop novel therapeutics.

These investments reflect the significant advancements in cancer treatment over the past decade, including the development of immunotherapies like Merck’s Keytruda and CAR-T cell therapy. Jobs believes that these advancements, combined with emerging technologies like gene therapy and AI, are creating a unique opportunity to transform cancer care.

Rachna Khosla, Senior Vice President of Business Development at Amgen, stated that Amgen’s investment in Yosemite’s new fund is a “natural fit” given the shared commitment to fighting cancer. “Their hybrid model…supports science at its earliest and most vulnerable stages,” she added.

Looking ahead, Jobs anticipates that the new fund will invest in approximately 25 companies, with a particular focus on radiopharmaceuticals, AI-driven drug discovery, and advancements in gene therapy. He also highlighted the potential of cancer vaccines, both for prevention and for stimulating the immune system to fight existing tumors.