Framework Ventures, a enterprise capital firm that backs crypto platforms, has closed its fourth fund whereas increasing its funding technique past blockchain.
The San Francisco-based investor has raised $400 million to focus on “frontier expertise,” together with investments in crypto and applied sciences corresponding to synthetic intelligence, robotics and power, Fortune reported on Friday.
The report cited Framework co-founders Vance Spencer and Michael Anderson, who stated about half of the capital has already been deployed however declined to determine the fund’s restricted companions.
The elevate displays a broader push by crypto enterprise companies to increase past blockchain into different rising applied sciences whereas persevering with to spend money on crypto.
Not a shift away from crypto
Framework co-founder Anderson stated the corporate will not be merely chasing the AI development, however as an alternative following the place its current community of founders is already constructing.
“We are able to see these founders main us on this path,” he stated, including:
We should always listen.”
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The corporate backed the robotics knowledge startup Mecka AI in a $60 million spherical in early June. In February, Framework additionally partnered with mortgage lender Higher to offer as much as $500 million in financing by the Sky stablecoin ecosystem. Individually, Framework took a $45 million stake in Higher, representing roughly 10% of its inventory, accordingly that of Fortune.
Supply: Framework Ventures
Cointelegraph approached Framework for particulars concerning the most recent fund, however didn’t obtain a response on the time of publication.
Framework’s portfolio contains Hyperliquid, Plasma and Aave
Framework Ventures was based in 2019, when it launched its first crypto fund, specializing in backing early decentralized finance (DeFi) initiatives.
Its portfolio contains main crypto platforms corresponding to Aave, Chainlink, Hyperliquid, Jito Labs and Plasma, accordingly to the corporate’s web site.
Framework Ventures’ portfolio. Supply: Framework Ventures
The corporate says it has invested throughout a number of market cycles, specializing in founders constructing infrastructure and merchandise in rising digital asset markets.
Framework raised a $100 million second fund in 2021 and a $400 million third fund in 2022, each targeted totally on crypto investments.
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