Breakout Ventures has secured $114 million for its third fund to back early-stage startups applying artificial intelligence to scientific challenges in biology and chemistry. The San Francisco-based firm, which spun out of the Thiel Foundation's grant program in 2016, has already deployed capital to three companies and plans to invest in at least 20 startups through this fund.

Managing director Lindy Fishburne told TechCrunch the firm seeks companies focused on "unlocking the complexity of science with AI." The fund's limited partners include The Kraft Group, Pinegrove Venture Partners, and Cubed Capital. Average investment sizes will range from $500,000 to $5 million, targeting founders who may be PhDs commercializing their research or industry veterans with deep domain expertise.

This latest raise follows Breakout's previous funds: $60 million in 2017 and $112.5 million in 2021. The firm has taken approximately 18 months to close Fund III, reflecting continued investor appetite for AI-driven scientific innovation. Fishburne emphasized the firm's focus on founders who demonstrate the right fit to build companies addressing massive unmet needs in scientific fields.