Insider Brief
- Bain Capital Ventures raised $1.6 billion for Fund XI to back early-stage companies across AI infrastructure, applications, physical AI, security, science and services.
- Bain Capital partners, employees and related entities are among the fund’s largest investors, while BCV said its previous fund put more than 82% of invested capital into pre-seed through Series B rounds.
- BCV’s portfolio includes Crusoe, Poolside, Cognition, Atoms, Sunday Robotics and other startups, with the firm also using Bain Capital’s broader platform to provide access to financing, infrastructure partnerships and operating resources.
Bain Capital Ventures has raised $1.6 billion for its 11th fund to invest in early-stage companies across AI infrastructure, applications, physical AI, security, science and services.
Bain Capital partners, employees and related entities are among the largest investors in Fund XI, which exceeded its target, alongside pensions, endowments and foundations, according to the firm. BCV said the new fund will continue its focus on investing at the earliest stages of company formation. In its previous fund, raised in 2023, more than 82% of invested capital went into pre-seed, seed, Series A or Series B rounds, according to the firm.
BCV’s portfolio includes companies across several areas:
- AI infrastructure: Crusoe, Poolside
- Applied AI: Cognition, Decagon, Legora
- Physical AI: Atoms, Sunday Robotics
- Cybersecurity: Adaptive Security, Dream
- AI services: Crosby Legal, Norm
- Healthcare: Loyal, Forus
BCV said Fund XI will follow the same early-stage strategy while using the larger Bain Capital organization to support portfolio companies. Bain Capital manages about $225 billion across businesses including private equity, credit, real assets and growth equity and has more than 2,000 internal experts.
The venture firm said that structure allows it to provide companies with resources beyond equity investment, including access to debt financing, infrastructure partnerships and relationships with businesses across Bain Capital’s portfolio.
“AI will transform our world in ways we’ve only begun to experience and we’ve been investing against that idea for the past decade, starting with early investments in Crusoe and Moveworks,” said co-managing partner Enrique Salem. “We continue to focus our entire team on finding and actively supporting the most ambitious founders with our deep connectivity to the real economy, scaled approach to capital and a differentiated platform services offering.”
