At a glance
- Norwest said the fund will target AI startups building products for consumer, healthcare and technology, and expand into physical AI, voice AI, agentic cybersecurity and aerospace across the United States, India and Israel.
- A selector evaluating the fund for AI exposure is also buying aerospace, voice AI and robotics, along with older Norwest bets such as Spotify, Uber and Plaid.
- The new pool is $1 billion larger than the $3 billion seventeenth fund it closed in 2024, a 33% increase.
Norwest, backed solely by Wells Fargo, raised a $4 billion eighteenth fund, the largest in the firm's 65-year history, with a heavier emphasis on AI, TechCrunch reported.
Norwest said the fund will target AI startups building products for consumer, healthcare and technology, and expand into physical AI, voice AI, agentic cybersecurity and aerospace across the United States, India and Israel.
A selector evaluating the fund for AI exposure is also buying aerospace, voice AI and robotics, along with older Norwest bets such as Spotify, Uber and Plaid.
The new pool is $1 billion larger than the $3 billion seventeenth fund it closed in 2024, a 33% increase. Norwest has made more than 87 investments since that fund closed.
Two recent deals sit inside those categories: Coval, which builds tools to test and evaluate AI agents, and Generalist AI, which has developed AI foundation models for robots.
Reported by the Venture Capital desk from TechCrunch — Venture. Published . Corrections