Menlo Ventures Raises $1.35 Billion in Funds for AI Investments

Menlo Ventures, which backs startups including Chime and Harness, has raised $1.35 billion for funds that will invest in technology companies related to artificial intelligence.

The fresh capital will be divided between early-stage fund Menlo XVI and early growth fund Menlo Inflection III, according to Matt Murphy, a partner at Menlo Ventures. Their investment will focus on nascent startups as well as those early in their momentum and will not make later-stage investments, Murphy said.

WATCH: Menlo Ventures Partner Matt Murphy speaks on “Bloomberg Technology.”

Source: Bloomberg

Founded in 1976, Menlo Ventures is one of the earliest venture capital firms in Silicon Valley. It has about $5 billion of ...