Menlo Ventures Raises $1.35 Billion to Invest in Early Stage AI Startups
Menlo Ventures announced it has successfully raised $1.35 billion in funds to invest in early-stage artificial intelligence startups.
Silicon Valley based venture capital firm Menlo Ventures announced it has successfully raised $1.35 billion in funds for investment in artificial intelligence startups. The firm’s investment strategy will prioritize emerging startups and those in the early stages of development, with an exclusion of later-stage investments.
Menlo Ventures plans to place emphasis on artificial intelligence, targeting both infrastructure and applications within the field. The firm has previously invested in AI-focused startups, including Abnormal, Anthropic, Cleanlab, Pinecone and Typeface.
The newly raised funds will be allocated between the early-stage fund Menlo XVI, and the early growth fund Menlo Inflection III.
Established in 1976, Menlo Ventures stands as one of the earliest venture capital firms in Silicon Valley, with approximately $5 billion in assets under management. In recent years, the firm has delivered notable returns to its investors through strategic investments in fintech and software businesses such as Chime and Harness, along with Uber, Roku and Poshmark.
Investors Remain ‘Invested’ in AI Ventures
Menlo Ventures recently made several strategic investments, contributing to Finch’s Series B fundraising, securing $40 million, and Sana Labs‘ round which raised $34 million. The firm also played a part in the generative AI company Anthropic’s May $450 million raise.
Despite a global slowdown in venture capital investment activity and challenging fundraising conditions, there is a noticeable resilience in investor interest toward artificial intelligence and machine learning technologies.
The latest Pitchbook Investor Survey reveals that 62.2% of investors see AI and machine learning as having the greatest disruptive potential among emerging technologies in the next five to ten years, while 30% of investors are incorporating AI into their regular processes to evaluate investment opportunities.
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