Silicon Valley venture firm Kleiner Perkins announced Tuesday it has raised $3.5 billion across new funds with a primary focus on artificial intelligence. The capital allocation includes $1 billion for KP22, targeting early-stage companies, and $2.5 billion for growth-stage investments—a substantial increase from the firm's $2 billion flagship fund raised in 2024.

Kleiner views AI as "one of the most important company-building moments in our lifetimes," with market fundamentals particularly attractive for scaling. The firm's recent investments span autonomous vehicle technology developer Applied Intuition ($600 million Series F), secure AI software company Chainguard ($356 million), and legal tech startup Harvey ($300 million), reflecting their cross-industry approach.

Founded in 1972, Kleiner has a history of backing transformative companies including Google, Uber, and Airbnb. The firm recently saw the largest software IPO of last year with Figma and a $5.15 billion exit with Brex's acquisition by Capital One. This latest fund positions Kleiner to capitalize on what they see as AI's potential to accelerate startup growth beyond previous technological cycles.