BMW i Ventures has launched a new $300 million fund with a timely thesis: AI will reshape how the automotive industry operates. And the independent venture arm of BMW AG wants to be in the driver’s seat. The fund, announced on Wednesday, will invest in early-stage through Series B startups in North America and Europe that are working on agentic AI and physical AI (a term that includes AI applied to robotics and autonomous vehicles) as well as industrial software, advanced materials, and manufacturing and supply chain technologies. This third fund brings the firm’s total capital under management to $1.1 billion. The catch, of course, is to find AI startups that aren’t simply riding one of the buzziest tech trends in decades. “We always try to adjust and shift our focus towards what are the new trends, not just for the trend’s sake, but for what will actually determine the future,” Marcus Behrendt, managing partner at BMW i Ventures, said in a recent interview with TechCrunch.…