Breakout Ventures

Breakout Ventures Research Executive Summary Breakout Ventures is a science-focused venture capital firm investing in founders who are leveraging the intersection of biology, chemistry, computation, and AI to create transformational breakthroughs. With three funds totaling approximately $230M+ in AUM ($60M Fund I in 2017, $112.5M Fund II in 2021, and Fund III), Breakout has established itself as a leading early-stage investor in deep tech and biotech. The firm is actively deploying from Fund III with a focus on pre-seed through Series A investments in science-driven companies. Investment Thesis Core Philosophy: "The era of transformational science is here." Breakout Ventures believes that life sciences and industrial markets are being reshaped by a new class of founders who move fast and build at the intersection of biology, chemistry, computation, and AI. Rather than pursuing incremental progress, the fund backs companies creating step-changes in how science becomes solutions. The firm's thesis centers on the idea that what once took decades and billions now happens in years with lean teams, better data, and ruthless execution. The fund is explicitly contrarian, seeking founders who: Go beyond solving technical problems to redefine entire markets Are "obsessed" and perfectly fit for the opportunity they're tackling Attract world-class teams and move with velocity Have deep technical expertise, often PhD-level understanding of their domain Can translate scientific insights into commercial products Breakout's co-founder and Managing Partner Lindy Morris Fishburne articulates the thesis: "Fifteen years ago, consensus said technology was worthy of investment, science less so. I didn't agree... I built Breakout for the entrepreneurs who believe that a future powered by science isn't just possible—it's inevitable." Sector Focus Breakout Ventures invests across multiple science-driven sectors: Biotechnology & Life Sciences (Primary) Immunotherapies and cell/gene therapies (Immusoft, Incendia Therapeutics) Diagnostics and clinical tools (Cytovale, ShiraTronics) Drug discovery platforms (Noetik, A-Alpha Bio, Passkey Therapeutics) Rare disease therapeutics (TFC Therapeutics, Vitra Labs) Synthetic Biology & Advanced Materials Bio-based polymers and textiles (Ecovative Design, Modern Meadow, Checkerspot) Enzyme engineering (EnPlusOne Bio) Sustainable chemistry (ZymoChem, Copernic Catalysts) Computational Biology & AI for Science Machine learning for drug discovery (Noetik's collaboration with GSK on self-supervised learning) Protein interaction platforms (A-Alpha Bio's AlphaSeq) Physics-based computation for chemistry (Copernic Catalysts) Hardware & Robotics Neurotech and neuromodulation (Phantom Neuro, ShiraTronics) Sensory interfaces (Canaery's scent technology) In Vitro & Advanced Models Human-first drug discovery models (Parallel Bio, CellChorus) Fertility tech (Vitra Labs' hormone-free IVF) Stage Focus & Check Size Primary Stage: Seed and early Series A Pre-Seed: $250K-$500K for prototype development Seed: $1M-$5M for teams with compelling science and initial validation Series A: $5M-$15M for companies demonstrating product-market fit Typical Check Size Range: $1M-$5M (median seed) Recent activity shows Breakout leads or co-leads most investments (Phantom Neuro Series A lead 2025, ZymoChem Series A lead $21M 2024). Team Investment Partners: Lindy Morris Fishburne (Managing Partner & Co-Founder): Former CEO & Co-Founder of A-Alpha Bio with 15+ years focused on science venture. Expertise in founder psychology and pattern recognition. Julia Moore (Managing Partner & Co-Founder): Former VP at Stanford innovation center. Excel in executive operations and founder coaching. Active boardroom presence across portfolio (Immusoft, Vitra Labs, Noetik, etc.). Dana Watt, PhD (Partner): Diagnostics founder with expertise in ruthless translation to real-world applications. Nima Ronaghi, PhD (Partner): Organic chemist specializing in scientist-to-founder transition and syndicate building. Operations & Platform: James Chan (CFO), Ziv Yoash (Counsel), Renée Shenton (Chief of Staff), Susanna Harris, PhD (Director of Platform) - strong operational support team. Recent Activity & Fund Status Fund Status: Actively deploying from Fund III 2024-2025 Notable Investments: Phantom Neuro: Series A lead (March 2025) NOETIK: $50M GSK partnership on AI-driven cancer therapeutics (2025) A-Alpha Bio: Strategic partnership with Novo Nordisk (2025) ZymoChem: Series A lead $21M (January 2024), DOE partnership (2025) Immusoft: FDA Orphan Drug Designation (2025) Shiratronics: Breakthrough migraine neuromodulation trials Notable Exit: Surf Bio: $400M Halozyme acquisition (2025) Geographic Focus Primary: San Francisco Bay Area, US Secondary: Broader US Selective International: Europe Decision Process Investment Committee: Partnership model with Lindy, Julia, Dana, and Nima Timeline: 2-8 weeks from initial meeting to term sheet Warm Intro Required: Yes - strong preference for founder referrals and network introductions Post-Investment: High involvement - Julia takes board seats, active operational support across team Founder Preferences Breakout backs "superhumans" - founders who: Have obsessive conviction and see what others don't Are technical depth-first (PhD-level or equivalent scale experience) Move with velocity Attract world-class teams Translate science to commercial products Portfolio Highlights Active Companies (25+): Phantom Neuro, Epana Bio, Copernic Catalysts, Noetik, EnPlusOne Bio, Cytovale, Immusoft, Vitra Labs, ZymoChem, A-Alpha Bio, Passkey Therapeutics, Canaery, Twelve, Parallel Bio, Checkerspot, Incendia Therapeutics, Shiratronics, CellChorus, TFC Therapeutics, Ecovative Design, Modern Meadow, STRM.Bio, and stealth companies. Key Exit: Surf Bio acquired by Halozyme for $400M in 2025. Market Position Breakout is a specialist in science-driven early-stage venture. Key differentiators: Thesis clarity - explicit focus on founders redefining markets Team composition - founder experience + PhDs + operational excellence Intentionally engineered network effects Founder loyalty - high repeat rate, active board support Exit success - Surf Bio validates early thesis Key Investment Philosophy Contrarian approach: Invests in science founders who lack traditional polish, companies in unsexy sectors that create economic moats, and long development timelines requiring patient capital. Tests hypothesis that science can create transformative products faster than ever before.