Air Street Capital has raised a third fund of $232 million to back AI-first companies from the earliest stages in Europe and North America.

The venture firm said it will lead early stage investment rounds with cheques of $500,000 to $15 million and make select growth investments up to $25 million.

Air Street said it is now the largest solo GP (general partner) venture firm in Europe.

The firm said its focus remains on AI-first software, developer tools and infrastructure, techbio and science, and defense and security.

Air Street Capital founder Nathan Benaich said:  “When I started investing in 2013, deep learning was largely confined to research labs. Yet I was convinced back then that the most important technology companies of our generation will be built AI-first.

“This is because AI is a force multiplier for technological progress, and everything around us is ultimately a product of intelligence.

“So in 2019, I founded Air Street to build a venture firm dedicated to this conviction.

“Today, AI-first companies are emerging across every industry.

“We’re seeing the birth of highly capable long-horizon coding agents, AI-first vertical software products that produce human-grade work, design novel biological systems that outperform nature, control a wide range of embodied physical systems, and reshape – and test – our national security.

“The AI frontier has become the center of gravity of the technology industry, and by extension, every industry.

“With Fund III, Air Street is now the largest solo GP (general partner) venture firm in Europe. This structure enables high-conviction investing with a single decision-maker and significant capital to support the most ambitious teams building AI-first companies.”