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 know-how,” together with investments in crypto and applied sciences corresponding to synthetic intelligence, robotics and vitality, 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 increase displays a broader push by crypto enterprise corporations to increase past blockchain into different rising applied sciences whereas persevering with to put money into crypto.
Not a shift away from crypto
Framework co-founder Anderson stated the corporate shouldn’t be merely chasing the AI development, however as an alternative following the place its present community of founders is already constructing.
“We are able to see these founders main us on this course,” he stated, including:
We must always listen.”
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The corporate backed the robotics information startup Mecka AI in a $60 million spherical in early June. In February, Framework additionally partnered with mortgage lender Higher to supply as much as $500 million in financing via the Sky stablecoin ecosystem. Individually, Framework took a $45 million stake in Higher, representing roughly 10% of its inventory, in accordance to 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) tasks.
Its portfolio contains main crypto platforms corresponding to Aave, Chainlink, Hyperliquid, Jito Labs and Plasma, in accordance 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 centered totally on crypto investments.
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