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Menlo Ventures Closes $1.35 Billion to Invest in Companies Leading the AI Transformation

Menlo Ventures, a leading venture capital firm, announced the firm has raised $1.35 billion in new capital that will be invested by Menlo’s flagship venture fund Menlo XVI and Menlo Inflection III and their affiliated funds, with a mandate to invest in promising technology companies leading the AI transformation.

AIThority Predictions Series 2024 banner“With this $1.35 billion in new capital, we’re making a commitment to support the forthcoming generation of AI startups,” said Venky Ganesan. “Focusing on AI, we will continue on our mission to identify outlier companies before they are obvious, to back and build category leaders, and to support them as they grow. With their immense potential, early-stage AI startups embody the prospect of revolutionary innovation. The best among them will forever change the technology landscape and the human experience.”

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Founded in 1976, Menlo Ventures has earned a reputation as an expert early-stage investor known for making bets on Uber, Roku, and Siri long before they became household names. In the new AI era, the firm has become recognized for deep technical expertise, industry connectivity, and an impressive AI portfolio.

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“Generative AI represents a seismic shift that will add trillions of dollars in value to the global economy. Menlo Ventures will help write the next chapter,” said Matt Murphy, partner at Menlo Ventures. “We’ve built a team and created an ecosystem around the firm designed to attract the best and brightest in the AI domain to partner with Menlo. When we talk to entrepreneurs, the fact that we’ve backed people like Edo Liberty at Pinecone, Dario Amodei at Anthropic, and Jyoti Bansal at Harness is a huge draw. And we’ve strategically built our team, hiring deeply technical partners with operating experience who provide valuable guidance to our portfolio.” Most recently, the firm brought on partners Joff Redfern, the former CPO of Atlassian; well-known consumer investor Amy Wu, who joins Shawn Carolan in leading Menlo’s consumer investments; and Tim Tully, the previous CTO of Splunk.

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“It’s an exciting time to be in VC, particularly as an investor in consumer technology,” said Menlo Ventures partner Shawn Carolan, who leads the firm’s expanded consumer practice. “The entire tech sector is buzzing with excitement for what’s to come. AI will introduce entirely new categories of products and supercharge existing ones. AI will help us feel more creative, more connected, more productive, and more powerful. The potential is profound.”

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