Venture capital firms close new funds for AI and industrial technology

Two venture capital firms have announced the closing of significant new funds targeting specialized technology sectors.

Dubai-based BY Venture Partners has closed its third vehicle, Fund III, at US$60 million. The fund is dedicated to investing in AI-native startups at the pre-seed to Series A stages, with a focus on companies using artificial intelligence to transform enterprise workflows. Anchored by the Dubai Future District Fund, the firm aims to support businesses built for international markets, with two-thirds of its capital deployed in North America and Europe.

London-based AP Ventures has completed its third fund with US$300 million in commitments. This fund targets early-stage industrial and energy technology companies, including sectors such as fuel cells and recycled cement. Originally emerging from Anglo American Platinum, the firm draws support from a global group of institutional investors, including sovereign wealth funds and pension funds, to back technologies essential for industrial productivity and security.