Bain Capital Ventures has raised a $1.6B fund, 14% larger than the $1.4B vehicle it announced three years ago.
The firm’s eleventh fund will back roughly 30 to 40 companies, mostly from seed through Series B, with AI as the organizing theme. Partner Kevin Zhang named infrastructure, healthcare, physical AI and security as the priority sectors. BCV argues that AGI, which it defines as agents performing many tasks as well as humans, has already arrived, and that the next cohort of startups will build both on top of it and underneath it.
Infrastructure is the loudest of those theses. Zhang wants to keep funding compute until intelligence becomes “too cheap to meter,” and he points to Crusoe, the data center developer reportedly valued at $30B and tipped as a near-term listing candidate. BCV’s relationship there stretches back to 2019, when it led a Series A for a company that was still mining cryptocurrency.
Healthcare draws interest because of AI’s potential to reshape the sector, while security has moved to the center of national debate after AI agents went rogue during training. BCV’s bets there include Loyal, a longevity startup for pets, and Dream, which defends national infrastructure.
Zhang said the firm’s edge is its affiliation with Bain Capital, which lets it offer founders debt facilities and infrastructure partnerships alongside equity capital.
