Polaris Ventures, founded in 1996, manages over $3 billion and is currently working with a $1 billion fund. The firm's portfolio includes more than 90 companies. Life science funding is just one facet of Polaris' business. The firm also invests in IT, healthcare, digital media, ecommerce, consumer products and services and business services. In its life science business, the firm is most heavily invested in pharma, but also has a hand in devices and healthcare services.Partner Alan Crane sees Polaris' diversity as one of the firm's greatest strengths; not only is the firm diversified among industries, it's also spread across different stages of development. Though the company makes its investments on a case-by-case basis, Polaris does like platform technologies that can give rise to a variety of drug programs. Platforms are "actually not that risky," observes Crane. Another way Polaris reduces its risk is looking for serial entrepreneurs and academics who have worked with the firm before, and have excellent reputations. "First and foremost, it's about people," Crane says of the venture business. This list of people Polaris has worked with include Robert Langer, David Edwards Ram Sasisekharan, Tillman Gerngross, Charles Hutchinson, Omid Farokhzad, Paul Schimmel and Phil Sharp. "We know what kind of entrepreneurs and academics know how to conceptualize ideas and then translate into commercial value," he explains. Despite the trouble some biotech companies have faced raising cash, Crane says Polaris has continued to be active investors during the economic crisis. "We believe the best returns on investments can come in difficult markets. You have fewer people chasing the most interesting deals." Challenging markets force a level of discipline in a company, he says. "Lots of cash creates waste. Learning to carefully manage your company's funds is a healthy thing."