Breakout Ventures, a venture capital firm, has successfully closed a $114 million Fund III aimed at supporting early-stage startups in scientific fields like biology and chemistry, with a specific focus on leveraging artificial intelligence (AI).
The firm has already invested in three companies and intends to support a minimum of 20 startups through this fund. The investment amounts per company are expected to range between $500,000 to $5 million. Lindy Fishburne, managing director of Breakout Ventures, highlighted the firm’s interest in companies that utilize AI to address the complexity of scientific challenges.
Originally stemming from a grant program initiated by the Thiel Foundation, Breakout Ventures was established in 2016. Prior to this latest fund, the firm had raised two other funds: a $60 million Fund 1 in 2017 and a $112.5 million Fund II in 2021, both directed towards supporting startups in scientific domains.
Fishburne emphasized the firm’s dedication to harnessing technology to unlock the potential of biology and chemistry for addressing significant unmet needs and fostering new markets.
Securing investments for Fund III, which included contributions from key partners like The Kraft Group, Pinegrove Venture Partners, and Cubed Capital, took approximately eighteen months. Fishburne noted that Breakout Ventures looks for founders with a deep understanding of the science they are commercializing, whether through academic research or industry experience.
Source: TechCrunch