Base10 Partners has closed two new funds, pushing assets under management to $2.6 billion as the Black-led venture capital firm doubles down on early-stage AI investments. The San Francisco-based firm attracted $850 million from investors including Sofina and CalPERS, adding to its portfolio of companies like Reddit and Brex.

Managing Partner Adeyemi Ajao said the fresh capital will target AI startups aiming to transform construction, health care and other major industries. Base10 has backed more than 200 companies since its founding, positioning itself as one of the largest Black-led VC firms in an industry where White men controlled 93% of assets in 2022.

The fundraising success contrasts sharply with broader industry trends. The venture capital sector contracted last year, with nearly half of investors active in 2021 exiting the market amid higher interest rates and liquidity challenges. Black investment professionals remain significantly underrepresented, creating structural barriers in the traditionally clubby VC world.

Base10 continues its Advancement Initiative, donating a portion of profits to historically Black colleges and universities. While some firms have retreated from DEI commitments, Ajao emphasized the firm's mission to expand access to technology advancement, stating they believe in a future where all humanity contributes to technological progress.

The firm's growth amid industry headwinds signals continued investor appetite for diverse-led funds focused on transformative sectors like AI.