Breakout Ventures has secured a $114 million Fund III to support AI-focused early-stage startups in scientific areas like biology and chemistry.
The firm has already invested in three companies and aims to support at least 20 more through this fund, with investments ranging from $500,000 to $5 million. Lindy Fishburne, managing director of Breakout Ventures, mentioned they seek companies that use AI to unravel scientific complexities.
Breakout emerged from a Thiel Foundation grant program and officially launched in 2016. It raised a $60 million Fund 1 in 2017 and a $112.5 million Fund II in 2021, both targeting science startups.
“We’ve consistently focused on leveraging technology to harness biology and chemistry to address significant unmet needs and forge new markets,” she told TechCrunch.
The fundraising for Fund III took about eighteen months, with contributions from limited partners like The Kraft Group, Pinegrove Venture Partners, and Cubed Capital.
“Breakout founders might be PhDs who created the science they’re commercializing, or they might come from industry with a deep understanding of the need and opportunity,” she explained. “Regardless, we seek a clear match—why this person is ideally suited to build their specific company.”