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, a $500 million fund that closed around three years ago.

Early-Stage Investing

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.

A Look at Cerebras

For example, Foundation Capital first invested in 2016 when the 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.

A History of Investing in AI and Blockchain

“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.

Conclusion

With its eleventh flagship fund, Foundation Capital continues to demonstrate its commitment to early-stage investing and its ability to spot potential in emerging markets. As the company looks to the future, it will be interesting to see how it continues to evolve and adapt to the ever-changing tech landscape.