Global multi-stage venture capital firm B Capital has successfully closed its third early-stage fund, raising $500 million to support emerging companies developing artificial intelligence (AI) and other frontier technologies.
Established in 2015 by Eduardo Saverin, Ravi Ganguly, and Howard Morgan, B Capital oversees more than $12 billion in assets. The firm invests in startups from the early to late stages across the technology, healthcare, and climate sectors, supported by its strategic partnership with Boston Consulting Group.
B Capital entered the Indian market in 2016 with investments in Icertis and BlackBuck. Since then, it has backed businesses working in applied AI, robotics, deep technology, precision manufacturing, and consumer-focused ventures in India.
The company announced on Monday that its latest fund, Ascent Fund III, closed at $500 million, making it nearly double the size of its previous fund, which raised $254 million in July 2022.
Ascent Fund III will mainly finance seed, Series A, and Series B funding rounds for companies in the technology, healthcare, energy, and frontier technology sectors across North America and Asia. According to B Capital, the fund will focus on businesses building next-generation technologies, with AI serving as a core foundation across industries.
So far, Ascent Fund III has invested in more than 20 companies operating in AI infrastructure, robotics, healthcare, and frontier technologies. Among its early investments are Apptronik, Havoc AI, and Star Catcher, all of which have gone on to secure additional follow-on funding.
The fund’s closure comes as venture capital firms worldwide continue to invest heavily in AI-focused companies despite rising valuations in parts of the market. The latest fund further strengthens B Capital’s stage-based investment strategy at a time when many global investors are re-evaluating late-stage technology investments while maintaining interest in early-stage AI, software, and deep technology companies.
