Andreessen Horowitz has since reversed course almost completely and is now deeply invested in healthcare.

Judge as of 1 January 2018. The claim is that Andreessen Horowitz had almost completely reversed an earlier stance of avoiding healthcare/bio and was by then heavily invested in that sector. TRUE: evidence shows (a) a16z earlier publicly stated or followed a policy of not investing in healthcare/life sciences, and (b) by the start of 2018 it had a dedicated healthcare/bio fund or practice (e.g., its 2015 Bio Fund, partners dedicated to the sector) and a substantial portfolio of healthcare/bio investments. MOSTLY TRUE: both hold, but a detail is overstated, e.g., the earlier avoidance was a strong reluctance rather than an absolute rule, or the healthcare commitment was smaller than 'deeply invested' suggests while still being a dedicated, significant practice. MIXED: only one of the two parts is supported (no clear prior avoidance, or only modest healthcare activity by 2018). MOSTLY FALSE: a16z had only a few incidental healthcare deals and no dedicated fund or team by January 2018. FALSE: a16z had invested substantially in healthcare all along (so there was no reversal), or had essentially no healthcare involvement by January 2018.

Set before the research began.

1. E1 This VC firm once pledged to never invest in health care. Now it's launching its third life sciences fund STAT · 4 February 2020

   “Marc Andreessen, famous for proclaiming that software was “eating the world,” said in 2009 that the one place his eponymous Silicon Valley venture capital firm would never invest was health care.”

2. E2 Biotechs Drool as VC Firm Andreessen Horowitz Doubles Down on the Life Sciences With New $450M Fund BioSpace · 15 December 2017

   “In 2015, the firm established a fund with $200 million for investments.”

3. E3 Biotechs Drool as VC Firm Andreessen Horowitz Doubles Down on the Life Sciences With New $450M Fund BioSpace · 15 December 2017

   “Since Andreesen Horowitz entered the life sciences funding field, the company has made 12 investments that span early detection of cancer, heart disease, and longevity.”

4. E4 This VC firm once pledged to never invest in health care. Now it's launching its third life sciences fund STAT · 4 February 2020

   “On Tuesday, Andreessen Horowitz launched its third fund dedicated exclusively to health and biology.”

E1 (STAT) reports that Marc Andreessen said in 2009 that health care was the one place his firm would never invest. That indicates an earlier publicly stated intention to avoid the sector [E1]. BioSpace, writing in December 2017, reports that the firm set up a $200 million fund in 2015 (E2) and had made 12 life sciences investments, in areas including early cancer detection, heart disease and longevity (E3). The same article's title says a16z was "doubling down" with a new $450M life sciences fund. Before January 2018, therefore, a16z had a dedicated bio fund and a growing portfolio in the sector, which meets both parts of the criteria for a near-complete reversal.