Foundation Capital, which backed Solana and Cerebras early on, raises $600 million in new fund

Odaily News Foundation Capital announced the raising of $600 million for its eleventh fund, a 20% increase from the previous one. The company focuses on seed round investments and was one of the first institutional investors in Solana and Cerebras, focusing on emerging markets such as artificial intelligence and cryptocurrency.
When Cerebras was invested in 2016, the AI chip market had not yet taken shape. Today, Cerebras is valued at $4.25 billion. The company has returned $1.4 billion to investors in the past three years, and recent successful exits include EvolutionIQ ($730 million) and Venafi ($1.5 billion).
The fund expansion is aimed at responding to the increase in the size of seed and A round financing, while maintaining a 15%-20% shareholding ratio. Last year, senior partner Charles Moldow retired, and the company is now managed by four partners. (techcrunch)