Breakout Ventures has announced the close of its $114 million Fund III, which will support early-stage startups applying AI to scientific areas, including biology and chemistry.
The firm has already made investments in three companies and expects to back at least 20 startups through the new fund, with typical check sizes ranging from $500,000 to $5 million. Lindy Fishburne, managing director of Breakout Ventures, said the firm is seeking companies focused on “unlocking the complexity of science with AI.”
Breakout Ventures emerged from a grant program created by the Thiel Foundation and formally launched in 2016. Before this latest vehicle, the firm raised two earlier funds: a $60 million Fund I in 2017 and a $112.5 million Fund II in 2021, both centred on science-focused startups.
“We’ve 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,” she said.
Fishburne said raising Fund III took about a year and a half. The fund attracted limited partners, including The Kraft Group, Pinegrove Venture Partners, and S-Cubed Capital.
“Breakout founders may be PhDs who developed the science they are commercialising, or they may be emerging from industry where they deeply understand the need and opportunity,” she said. “Either way, we look for fit — the obvious reason why this is the best person to build a specific company.”
