Kleiner Perkins Commits $3.5B in New Funding to AI

Kleiner Perkins, a leading U.S. venture firm, announced it raised $3.5 billion in new capital across two funds, a substantial increase from its previous $2 billion fundraise under two years ago. Founded in 1972, the firm gathered $1 billion for its 22nd early-stage venture fund and $2.5 billion for funding late-stage growth businesses. Recently, Kleiner Perkins secured early stakes in fast-growing AI startups like Together AI, Harvey, and OpenEvidence, and is an investor in Anthropic and SpaceX, both expected to go public this year. Despite fewer exits, Kleiner Perkins realized significant returns from last year’s IPO of Figma, in which it led a $25 million Series B in 2018, and saw a decent return from the acqui-hire of its portfolio company Windsurf by Google last summer. Known for early bets on Amazon and Google, Kleiner Perkins operates with five partners and has experienced recent leadership changes, including Ev Randle’s move to Benchmark and Annie Case shifting to an advisory role. The firm is part of a trend of substantial fundraising by VC firms, with Thrive Capital raising $10 billion and General Catalyst targeting a similar amount, while an SEC filing confirms Founders Fund closed $6 billion for its fourth growth vehicle.