Bain Capital Ventures raises $1.6 billion for AI’s next layer

Bain Capital Ventures has closed its eleventh fund, a $1.6 billion vehicle for early-stage companies it expects to be shaped by AI’s next phase. It is targeting the infrastructure that runs AI, security tools, software services and “physical AI,” such as robotics. Its framing is “post-AGI”—a future in which AI can handle a broad range of intellectual work—but that is an investment thesis, not a claim that artificial general intelligence has arrived. The fund shows Bain Capital Ventures is betting that opportunity lies not just in powerful models, but in the businesses, safeguards and real-world systems that could make them useful at scale.