Menlo Ventures closes on $1.35B in new capital, targets investments in AI startups

Menlo Ventures has raised $1.35 billion in new capital that it plans to use in part “to support the forthcoming generation of AI startups,” the venture firm announced today.
Notably and unsurprisingly, the firm is today quite bullish on the future of artificial intelligence, noting that it has already backed the likes of Abnormal, Anthropic, Cleanlab, Pinecone and Typeface. 
“Not every investment has to be an AI investment, but we believe that’s where the most exciting innovations will spark,” Menlo Ventures Partner Venky Ganesan said in an emailed statement. “That said, we also believe that, as AI becomes more sophisticated, …