First Star, backer of deep tech startups like Plus One and Fyto, aims to raise as much as $40 million for its third venture fund, TechCrunch has learned.
Based in Cambridge, Massachusetts, First Star typically backs robotics, blockchain, AI and machine learning-focused startups at the early stage. The firm has not disclosed a first close for its planned third fund, per a filing with the Securities and Exchange Commission, but if it goes on to raise the projected amount, it would represent a serious leap from First Star’s earlier funds.
In 2014, the VC launched a debut $10 million fund under a different name (Procyon Ventures), and it followed that up with a $25 million second fund in 2019, according to PitchBook. Its founding partners, Millie Liu and Drew Volpe, share ties to both MIT (as researchers) and MassChallenge, the Boston startup incubator (as mentors).
First Star did not immediately respond to a request for additional info on its plans for the new fund, but the investor’s recent deals offer a hint on whe …
