In April, the top 10 biopharma fundraising rounds totaled more than $2B, yet more than half the haul was from just two companies - here's the backstory:

Xaira Therapeutics launched just a few weeks ago to deliver on the promise of AI for drug discovery, and is backed by an all-star team led by founding CEO Mar Tessier-Lavigne, who is not only the former CSO of Genentech, but also the most recent president of Stanford.

Xaira's investor base consists of traditional biopharma powerhouses, as well as some big names known more for their work in tech, including Sequoia, Lightspeed, and Menlo Ventures.

Meanwhile, the second biggest fundraiser, Metsera, emerged from stealth from another very dynamic space - weight loss.

The company's GLP-1 portfolio is led by an injectable currently in Phase 1 trials, but also includes oral candidates.

Interestingly, ARCH Venture Partners was involved in both the Xaira and Metsera deals, building on its successful record of investments in Alnylam and Illumina among others.

These funding rounds highlight a dynamic biopharma industry with broad-based strength, while also showing certain areas of high interest are getting more concentrated resources.