Foundation Capital, an early backer in Solana and AI chip maker Cerebras, has raised $600 million for its eleventh flagship fund.
The fund is 20% bigger than its predecessor $500 million fund, which closed round three years in the past.
Foundation Capital’s focus is on early-stage investing, which “means being there at day zero,” in accordance with an announcement on Tuesday. As such, 80% of Foundation’s investments occur earlier than the corporate has generated any income in any respect.
For instance, Foundation Capital first invested in 2016 when AI chip market was nonetheless nascent. Cerebras is now a $4.25 billion firm and has plans for an preliminary public providing (IPO) at an unspecified date sooner or later.
“Our first AI investment was in 2009, over a decade before ChatGPT brought AI to the mainstream. We’ve been investing in blockchain since 2014, unfazed by frigid crypto winters,” the corporate stated in Tuesday’s announcement.
