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Bain Capital Ventures Raises $1.6B Fund to Back Post-AGI AI Startups

Bain Capital Ventures raised a $1.6B fund to back AI startups in infrastructure, healthcare, physical AI and security, TechCrunch reported.

AI News Feed · 2026-09-17 23:44

BCV plans to put the capital into 30 to 40 companies, primarily at the seed through Series B stages, according to TechCrunch. Partners often team up in pairs or trios to back a specific investment, rather than relying on a single partner to champion a deal. "We need to have enough mind space and time to really be thoughtful partners to every team we work with," partner Kevin Zhang told TechCrunch.

The firm's investment thesis focuses on what it calls the post-AGI era. BCV defines artificial general intelligence as agents performing many tasks as well as humans can, and it believes that capability has already arrived. The next wave of startups will use it and build the infrastructure needed to make it run efficiently, the firm says. Zhang said the main themes will be infrastructure, healthcare, physical AI and security.

In infrastructure, BCV wants to fund compute until intelligence becomes "too cheap to meter," meaning the cost of running AI drops to nearly zero, Zhang said. The firm points to portfolio company Crusoe, a data center developer reportedly valued at $30 billion and viewed as a near-term IPO candidate. BCV originally led Crusoe's Series A round in 2019, when the company focused on crypto mining.

BCV is targeting healthcare because it believes AI may transform the sector, and it sees potential in security after AI agents went rogue during training, a development that has become a matter of national debate, according to TechCrunch. Its investments in those areas include Loyal, a longevity startup aimed at pets, and Dream, an AI-powered defender of national infrastructure.

Zhang said BCV's affiliation with Bain Capital sets it apart from other venture firms. Bain Capital provides expertise and financial products across credit, real estate, insurance and private equity, he said. "BCV can support founders not just with equity capital, but with debt facilities, infrastructure partnerships, and real-economy relationships," Zhang said.