Promus Ventures looks to raise up to $75m for third fund

Promus Ventures is eyeing up to $75m for its third tilt at the fundraising market since 2013.

That fund goal marks a significant raising of the stakes for Promus, which set out to raise $35m for its debut fund and appeared to collect just $14.7m for its second fund last year.

Chicago-based Promus has not publicly revealed how much it eventually gathered for either vehicle, with those numbers coming from information it registered with the US SEC.

The firm targets investments in deeptech software and hardware businesses, including FinTech, AI and machine learning, space tech, robotics, healthtech and synthetic biology.

Earlier in the month, the firm took part in the $17m funding round of property data provider for insurers and reinsurers Cape Analytics. The platform uses computer vision and machine learning technology to analyse geospatial images of properties to identify building footprints, roof conditions and potential hazards.

Another FinTech investment by the firm was a contribution to the Series A of compliance surveillance software provider Behavox, in 2016. 

Other companies in its portfolio include startup jobs site AngelList, indoor robot supplier Cobalt Robotics and fashion retail data intelligence platform TrueFit.

Promus was founded six years ago by serial early-stage investor Michael Collett. Last year former Qualcomm Ventures senior investment manager Gareth Keane joined as a partner to open up and run Promus’ new San Francisco office.

The firm also employs venture partners Bill Merchantz and Matt Martorello and vice president Julian Cheng.

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