With $3.5B in fresh capital, Kleiner Perkins is going all in on AI

Kleiner Perkins, a leading venture capital firm in the U.S., has made headlines with its announcement of raising $3.5 billion through two new funds. This marks a significant leap from the $2 billion it raised just under two years ago. Founded in 1972, the firm has allocated $1 billion to its 22nd early-stage venture fund, while the remaining $2.5 billion is earmarked for a fund focused on late-stage growth ventures. The substantial capital influx aligns with Kleiner Perkins' strategy to invest in the burgeoning field of artificial intelligence. In recent years, the firm has successfully backed several rapidly expanding AI startups, including Together AI, Harvey, and OpenEvidence. Additionally, it holds investments in notable companies like Anthropic and SpaceX, both of which are anticipated to go public this year. In a market where successful exits are becoming increasingly scarce, the firm has managed to achieve impressive returns, notably from last year’s IPO of Figma, a design software company that Kleiner Perkins led in a $25 million Series B funding round back in 2018. The firm also benefited from the acqui-hire of its portfolio company Windsurf by Google last summer. Renowned for its early investments in tech giants such as Amazon and Google, Kleiner Perkins currently operates with a streamlined team of just five partners. The firm has experienced some leadership changes recently; Ev Randle has moved to the rival firm Benchmark, and Annie Case has shifted from a partner role to an advisory position, as confirmed by a spokesperson. Kleiner Perkins is not alone in this fundraising surge; other venture capital firms are also raising substantial amounts. Thrive Capital recently announced $10 billion in new commitments, while General Catalyst is reportedly seeking a similar sum. Additionally, an SEC filing corroborates earlier reports that the Founders Fund has successfully closed $6 billion for its fourth growth fund.