Kleiner Perkins has raised $3.5 billion to invest in artificial intelligence startups across industries, including software, health care, transportation, and autonomy.
The venture capital firm, with more than 50 years of history in Silicon Valley, built its reputation through early investments in companies such as Google and Amazon.com Inc. The new capital will support AI companies through two funds designed for different stages of growth.
The firm allocated $1 billion to its twenty-second early-stage venture fund, called KP22. The fund targets founders building AI products and platforms before their companies reach scale. Kleiner Perkins describes the strategy as a continuation of its company-building approach, working with founders during the earliest phases of development.
The remaining $2.5 billion will go to a growth-stage fund named KP Select IV. This fund focuses on companies that already demonstrate strong market traction and are expanding rapidly, including artificial intelligence businesses that require increasing amounts of capital as they scale.
Within the growth strategy, the firm plans to invest in companies that have reached clear inflection points in their development. The fund also positions Kleiner Perkins to obtain meaningful ownership stakes in companies before they pursue public listings.
The combined fundraise ranks among the largest venture capital pools dedicated to artificial intelligence. The capital structure divides $1 billion for early-stage AI startups and $2.5 billion for growth-stage companies.
Kleiner Perkins structured the funds to invest across the lifecycle of artificial intelligence startups, from early company formation through expansion and eventual initial public offerings.
The firm describes the current period as an “AI super-cycle,” during which companies built around artificial intelligence technologies are reaching product-market fit and expanding faster than startups in previous technology waves.
Startups historically required seven to 10 years to reach growth-stage financing. Artificial intelligence companies are reaching that stage more quickly, increasing demand for large growth-stage funding rounds.
The larger allocation to growth capital — $2.5 billion compared with $1 billion for early-stage investing — indicates the firm expects to place fewer investments but with larger capital commitments in companies that already demonstrate strong product-market fit.
Competition among venture capital firms for artificial intelligence investments has increased over the past 18 months. Firms including Sequoia Capital, Andreessen Horowitz and Benchmark have raised funds dedicated to AI.
Kleiner Perkins’ investment commitment ranks among the largest capital allocations from a single venture firm focused on artificial intelligence startups.
The firm’s existing portfolio includes companies such as Google, Amazon, Figma, and Waymo. Earlier investments also include Genentech.
Kleiner Perkins has not identified specific companies that will receive funding from the new vehicles. Its investment strategy has often focused on companies developing foundational artificial intelligence infrastructure, including model developers, chip designers, and enterprise AI platforms.
The capital raise also drew support from limited partners seeking exposure to artificial intelligence investments. Pension funds, endowments, and sovereign wealth funds that could not directly invest in companies such as OpenAI or Anthropic have directed capital into venture funds focused on the sector.
The firm plans to invest across several industries where artificial intelligence technologies are expanding. Target sectors include professional services, health care, autonomy, cybersecurity, financial services, productivity tools, and industrial and physical-economy applications.
