Crypto investment firm Paradigm is seeking to raise $1.5 billion for a new fund that will invest in companies in AI, robotics and other frontier technologies, according to the Wall Street Journal.
Paradigm will continue to invest in crypto companies, according to sources familiar with the situation, but it will use its existing technical investment team to look at deals in frontier tech companies, they said.
San Francisco–based Paradigm has $12.7 billion in assets under management, according to the latest regulatory filings. It launched its flagship $2.5 billion fund in November 2021, which was the largest crypto fund in history at the time.
It publicly announced its third fund in 2024, an $850 million venture fund focused on early-stage crypto projects. According to the WSJ’s sources, the firm’s managers decided they didn’t want to be restricted in ways that could cause them to miss out on attractive deals.
VC funding for generative AI firms made up 14% of all AI venture capital investments, with firms in the United States attracting the largest share of VC funding.
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