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Deep tech VC First Star plots a $40M third fund  

By Editor - Fri Sep 16, 4:42 pm

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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 where it’s focusing its energy lately

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Deep tech VC First Star plots a $40M third fund

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