One of the most iconic venture capital funds in Silicon Valley has just landed billions of dollars to back new startups with.

‍What’s happening:‍

• Legendary Silicon Valley venture capital fund Kleiner Perkins has raised $2B USD for two new venture capital funds
  

Why it matters:‍

• Kleiner Perkins is planning to accelerate their bets on artificial intelligence companies, publicly stating that many of the largest opportunities for emerging technology startups will come from new capabilities made possible by machine learning and artificial intelligence
  
• Kleiner Perkins has also stated that they see tremendous opportunity in funding the hardware and infrastructure required for the boom in artificial intelligence clouding computing, which has been a notable trend with purpose built venture capital funds forming for everything from semiconductors to data centres
  

By the numbers:‍

• $825M USD of the new capital raised will go towards Kleiner Perkin’s 21st venture fund for early stage companies known as KP21
  
• $1.2B USD of the new capital raised will go towards Kleiner Perkin’s 3rd ever select fund for high growth companies known as KP Select III
  

Going deeper:‍

• Kliener Perkins has backed some of the most notable technology startups to come out of North America, including Airbnb (NASDAQ: ABNB), Robinhood (NASDAQ: HOOD), Slack and Instacart

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