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% larger than its predecessor $500 million fund, which closed around three years ago.
Foundation Capital\'s focus is on early-stage investing, which \"means being there at day zero,\" according to an announcement on Tuesday. As such, 80% of Foundation\'s investments happen before the company has generated any revenue at all.
For example, Foundation Capital first invested in 2016 when AI chip market was still nascent. Cerebras is now a $4.25 billion company and has plans for an initial public offering (IPO) at an unspecified date in the future.
\"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 company said in Tuesday\'s announcement.