Canaan Partners, a multi-billion dollar venture capital firm, today announced that it has raised $675 million in commitments for its Canaan X fund, about a third of which will be devoted to biotech and healthcare. Those funds will be earmarked for early-stage companies, says Wende Hutton, general partner, who has counted six “exits” in the last 12 months.

“We still see major advances (in medicine) going on right now,” says Hutton, who thinks that venture capitalists are well equipped to back the most promising efforts.