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One of the oldest VC firms in Silicon Valley has raised fresh capital to invest in the newest trending tech industry.

announced the closing of $1.35 billion in new capital that will be invested in its flagship venture fund 鈥� Menlo XVI 鈥� as well as the Menlo Inflection III fund and their affiliated funds.

In a , the firm said the money comes with 鈥渁 mandate to invest in promising technology companies leading the AI transformation.鈥�

The firm says since 2010 it has raised more than $3.8 billion across eight fund groups and distributed $5.2 billion to limited partners.

While the company didn鈥檛 break out how the money would be disbursed over the fund, its last flagship fund 鈥� Menlo XV 鈥� was a $500 million fund, .

鈥淲ith this new capital, we are making a commitment to support the forthcoming generation of AI startups,鈥� the blog states. 鈥淲ith their immense potential, these early-stage companies embody the prospect of revolutionary innovation; the best among them will forever change the technology landscape and the human experience.鈥�

Founded in 1976, Menlo Ventures鈥� investments include , , , and .

Big week for big funds

This week has produced a lot of big news around well-known firms raising big cash.

Earlier this week, reported , the firm which has backed such companies as , and , is closing in on raising $3 billion across a trio of funds.

On Wednesday, reported raised $1.4 billion for a companion fund to its growth fund. The firm is not charging existing investors management fees to invest in the companion fund.

These big money funds come even as the venture market is still trending downward 鈥� although many in the industry see that as increased opportunity.

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