Breakout Ventures has Fund III of $114 million closed Supporting AI-focused early-stage startups working in scientific fields such as biology and chemistry.
The company has already written checks to three companies and plans to invest in at least 20 companies through this fund, with the average check size ranging from $500,000 to $5 million. Lindy Fishburn, managing director of Breakout Ventures, told TechCrunch that the company was looking for companies focused on “unleashing the complexity of science with AI.”
Breakout grew out of a grant program from the Thiel Foundation, and officially launched in 2016. It has previously raised two funds: a $60 million Fund I in 2017 and a $112.5 million Fund II in 2021, which also focuses on science startups.
“We have always been focused on the opportunity for technology to unlock the power of biology and chemistry to solve massive unmet needs and create new markets,” he told TechCrunch.
It took about a year and a half to raise Fund III from limited partners including The Craft Group, Pinegrove Venture Partners and Cubed Capital, he said.
“Breakout founders may be PhDs who have developed the science they are commercializing, or they may be emerging from industry where they deeply understand the need and opportunity,” he said. “Either way, we look for the fit – for the obvious reason that this is the best person to build a specific company.”
