Atlas Venture, the global early-stage venture capital firm, has led the Sfr30m (€20.5m) second round of investment in Axovan, a Swiss drug development company, demonstrating the resilience of the life sciences sector despite the technology downturn.

Axovan first raised private funding in June 2000, when it raised Sfr8m from Swiss investors New Medical Technologies, Venture Partners and Genevest. New investors in this financing round were Hiedelberg Innovation, the German life sciences venture capital firm, NeoMed, the Norwegian investment firm, and Banque Cantonale Vaudoise Private Equity, the Swiss .