The House Fund, the pre-seed and early-stage venture capital fund focused on UC Berkeley startups, specifically AI startups, today announced that it has closed its third tranche — Fund III — at $115 million.

With the close of Fund III, Ken Goldberg, the UC Berkeley professor and prolific roboticist, will join The House Fund as a part-time partner, said Jeremy Fiance, the managing partner at The House Fund, in an email interview with TechCrunch.

“We’re called The House Fund because we’re the home for the Berkeley startup community,” Fiance said. “We support Berkeley people in their entrepreneurial journey, whether that’s joining startups, starting startups, advising them, providing feedback on their ideas well before any startup materializes and so much more.”

Fund III will invest in Berkeley-affiliated AI startups — whether founded by alumni, faculty, PhD candidates, postdoctoral and grad students, recent graduates, undergraduates or dropouts.

Roughly 70% of Fund III will go toward startups at the pre-seed stage, Fiance says. But The House Fund will also lead, co-lead and participate in seed rounds and “consider” a “small number” of first-round Series A rounds with founders who’ve had previous exits worth $500 million to over $1 billion.

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Original article by TechCrunch+