With $3.5 billion in new capital, Kleiner Perkins is turning to artificial intelligence

Kleiner Perkins, the prominent US venture firm, announced on Tuesday that it has raised $3.5 billion in new capital across two funds, a significant increase from the company’s $2 billion fundraising less than two years ago.

The company, founded in 1972, says it has raised $1 billion for its 22nd early-stage venture fund, and $2.5 billion for a separate vehicle designed to fund late-stage growth businesses.

The much larger amount of capital is not surprising. Over the past few years, Kleiner Perkins has been able to take early stakes in a number of fast-growing AI startups, including Together AI, Harvey, and OpenEvidence. The company is also an investor in Anthropic and SpaceX, two companies expected to go public this year.

While exits are few and far between, Kleiner Perkins also made big returns from the IPO last year of Figma, the design software company that led a $25 million Series B in 2018. The company also reportedly made a good return when Google acquired its portfolio company Windsurf last summer.

A firm known for its legendary early bets on Amazon and Google, Kleiner Perkins now operates with a small team of just five partners. The company has seen some leadership changes recently: Ev Randle has left rival Benchmark, while Annie Case has moved from partner to an advisory role, a Kleiner Perkins spokesperson confirmed.

Kleiner Perkins joins a wave of huge raises from other venture capital firms. Thrive Capital recently secured $10 billion in new commitments, while General Catalyst is reportedly targeting a similar amount. Meanwhile, the SEC filing confirms previous TechCrunch reporting that Founders Fund has closed $6 billion for its fourth growth vehicle.