Breakout Ventures raises $114M fund to back AI science startups

Breakout Ventures has successfully raised $114 million for its third fund, dedicated to supporting early-stage startups that are integrating artificial intelligence into scientific domains such as biology and chemistry. The investment firm has already begun its mission by funding three companies and aims to expand its portfolio to at least 20 startups, with individual investments typically ranging from $500,000 to $5 million. Lindy Fishburne, managing director of Breakout Ventures, shared insights with TechCrunch about the firm’s mission to empower companies that are focused on simplifying complex scientific challenges through AI. Breakout, which emerged from a grant initiative by the Thiel Foundation, was officially established in 2016 and has previously raised two funds: $60 million in its first round in 2017 and $112.5 million in 2021, both aimed at fostering scientific innovation. “We’ve consistently aimed to leverage technology to harness the potential of biology and chemistry, addressing significant unmet needs while creating new market opportunities,” Fishburne noted. The journey to raise Fund III took approximately a year and a half, drawing in contributions from notable limited partners like The Kraft Group, Pinegrove Venture Partners, and Cubed Capital. Fishburne emphasized that the founders of the companies they back often have a deep scientific background, such as PhDs who have developed the technologies they’re commercializing, or they come from industry sectors where they possess a thorough understanding of the market needs and opportunities. “In every case, we look for a strong fit—ensuring the right individuals are at the helm of building these specific companies,” she added.