Vermilion Cliffs Ventures, founded by operator-turned-investor Ashley Smith, announced the close of its second fund at $25 million. This new vehicle continues the firm's focus on supporting technical founders, with a particular emphasis on AI infrastructure, security, and developer tools.

Smith, one of the few solo women General Partners in venture capital, raised the fund in approximately four months, drawing significant capital from existing investors. Fund II plans to invest $500,000 to $1 million per company, targeting at least 25 startups over the next two and a half years. The firm has already committed capital to six companies.

Vermilion Cliffs Ventures' debut fund, a $13 million vehicle, previously backed 35 companies, including cybersecurity firm Keycard and AI infrastructure company Copilot Kit. Smith aims to leverage her operational experience at companies like Twilio and Facebook to guide founders, particularly in go-to-market strategies for selling to developer and security teams, helping them avoid common pitfalls.