venture capital

When the transfer portal opened last December, Mendoza wanted to stay at Berkeley, not least because he already had a venture capital internship lined up.

Biotech venture capital generally has retreated this year as initial public offerings in the sector have slumped.

U.S. and European biotechs raised $11.2 billion in venture capital in the first half, according to Silicon Valley Bank.

He has ploughed some of those riches into a European venture capital firm, which has backed firms such as Germany's Helsing, which develops weapons systems powered by artificial intelligence.

Southern California defense startups are receiving millions in funding as Silicon Valley venture capital firms and legacy tech giants do an about-turn on the sector.