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Patrick Malone

Associate at Northpond Ventures

I am a physician-scientist turned VC. My passion lies at the intersection of healthcare, AI/ML, and technology. I completed my MD and PhD degrees at Georgetown University, where my research focused on computational cognitive neuroscience and AI/ML applications in radiology. In 2020, I joined the investment team at Northpond Ventures, where I focus on investing in early-stage health-tech and deep-tech companies. For more information on my background and work, see www.pmalone.me.

I completed my PhD in Neuroscience in January 2019 in the Laboratory for Computational Neuroscience at Georgetown University. My research spanned several topics including developing a sensory substitution device that allowed users to understand spoken speech through patterns of vibration on the skin, and developing machine learning models to predict individual differences in cognition using multimodal neuroimaging data (e.g., fMRI, EEG, DTI).

Before medical school, I spent a year as a Research Fellow at the National Institutes of Health in the Human Motor Control Section of the Medical Neurology Branch. My research projects included the characterization of resting state neural networks in movement disorders, and post-operative impedance of deep brain stimulation implants at the tissue-electrode interface.

I completed my undergraduate at Emory University with a degree in Neuroscience and Behavioral Biology, and completed an honors thesis in the area of electrophysiological changes in a rodent model of spinal cord injury.

Highlights

Sep 16 · twitter

excited to co-host the 2nd annual Future Neuro Founders Workshop for entrepreneurial scientists and engineers, a collaboration between @KdT_Ventures and @PsymedVentures.

this is a virtual workshop for scientists that want to build a neuroscience startup. we'll cover team building, development and fundraising strategies, navigating partnerships, and more. last year we had scientists from 100+ universities.

speakers (top neuro founders & investors) will be announced soon. application in the comments!

excited to co-host the 2nd annual Future Neuro Founders Workshop for entrepreneurial scientists and
Jan 7 · twitter

2024 was a huge year for biotech megarounds, with almost 100 startups raising $100M+ financings. shifting so heavily toward these massive deals—and away from smaller, disciplined rounds—is not a good thing for biotech.

there are important downsides and knock-on effects for an early-stage venture ecosystem that concentrates too much capital in too few ideas, management teams, and startups at the expense of more shots on goal with smaller, riskier opportunities.

when large amounts of capital flow into a select few companies, there’s less opportunity for truly unique, creative, or higher-risk science to get off the ground. this reduces overall innovation and impact in the ecosystem, and risks long-term pipeline stagnation, as fewer early-stage assets receive the support they need to mature.

megarounds also introduce unnecessary systemic vulnerability if over-funded companies fail. a single setback—such as a failed clinical trial—can have an outsized impact on investors and strategic partners, further curtailing risk-taking and exacerbating market volatility.

another concern is talent and hiring. chasing proven management teams with big checks means first-time founders and emerging management teams get fewer opportunities to prove themselves. over-capitalized startups can pay higher salaries, driving up compensation expectations and making it tougher (and costlier) for smaller ventures to compete.

stage-wise, milestone-based financing as a technology becomes iteratively derisked was one of the most important innovations of the venture capital ecosystem in 1970s. this approach not only mitigates risk by ensuring each round is tied to verifiable progress, but also preserves funds for other promising ventures that need early support. megarounds can distort this careful allocation: they often give companies more money than they can efficiently deploy, reduce the natural checkpoints that keep teams focused on the most promising avenues, and overshadow smaller, potentially transformative ideas that haven’t yet reached proof-of-concept.

the long-term health of the biotech ecosystem depends on striking the right balance: while megarounds have their place—particularly for programs ready to scale or true moonshots—smaller, milestone-driven financing is essential to nurture a diverse pipeline of fresh scientific ideas.

it is worth highlight organizations committed to making focused bets on early-stage science: @Curie_Bio, Fast Grants, @HomeworldBio, @indbio, @fiftyyears and their programs/grants for scientists, @ARIA_research, @Molecule_dao, @SciFounders, firms like ours at @KdT_Ventures and many of our peers, and many more.

credit @paras_biotech for the figure

2024 was a huge year for biotech megarounds, with almost 100 startups raising $100M+ financings. shi
Patrick Malone
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Experience

Associate at Northpond Ventures
MD/PhD Program at Georgetown University School of Medicine

Education

Doctor of Medicine (M.D.), Georgetown University School of Medicine
Doctor of Philosophy (Ph.D.), Neuroscience, Georgetown University
BS, Neuroscience and Behavioral Biology, Emory University

Location

United States