Odaily Planet Daily News Foundation Capital announced that it has raised $600 million for its eleventh fund, a 20% increase from the previous one. The company focuses on seed round investments and was one of the first institutional investors in Solana and Cerebras, focusing on emerging markets such as artificial intelligence and cryptocurrency.
When investing in Cerebras in 2016, the AI chip market had not yet taken shape, and now Cerebras is valued at $4.25 billion. The company has returned $1.4 billion to investors in the past three years, and recent successful exits include EvolutionIQ ($730 million) and Venafi ($1.5 billion).
The fund expansion is intended to cope with the expansion of seed and Series A financing, while maintaining a 15%-20% shareholding ratio. Last year, senior partner Charles Moldow retired, and the company is now managed by four partners. (techcrunch)