Breakout Ventures has closed a $114 million Fund III targeting early-stage AI startups in scientific fields like biology and chemistry. The firm, which spun out of a Thiel Foundation grant program and launched in 2016, plans to back at least 20 companies with check sizes between $500K and $5M. Limited partners include The Kraft Group, Pinegrove Venture Partners, and Cubed Capital. The fund took about 18 months to raise and follows a $60M Fund I (2017) and $112.5M Fund II (2021).
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