Menlo Ventures Aims to Invest in Artificial Intelligence Startups

Menlo Ventures, which backed startups such as Chime and Harness, has raised $1.35bn for funds that will invest in AI-related technology companies. According to Matt Murphy, partner at Menlo Ventures, the new capital will be split between early stage fund Menlo XVI and early growth fund Menlo Inflection III. Murphy stated that their investments will focus on both startups and those at the beginning of the momentum. He also stated that he will not invest in the next stages.

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Menlo Ventures

The firm said it raised more than $3.8 billion across eight fund groups with the new funds. Over the years, Menlo has witnessed the exit of 80 portfolio companies, 15 of which went public. These companies include Getaround, Carbonite, Gilead, Roku, and Rover.

In addition, the firm stated that it made seed and early-stage investments in 24 unicorns in the corporate, consumer and healthcare sectors, and 65 of its portfolio companies were acquired. These acquired companies include StrataCam, Tenor and PillPack. Recent Menlo investments include a $40 million Series B raise from leader Finch and a $34 million investment from Sana Labs. It also participated in AI Darling Anthropic's $450 million raise in May.