Artificial intelligence has pulled in a larger share of US venture dollars than any other category in recent years, and a relatively concentrated set of firms has driven much of that activity. Going into 2025, founders building AI infrastructure, applied AI products, and foundation-model companies are likely to encounter the same group of active, well-capitalized investors. Here are ten firms that remain central to AI dealmaking.
Andreessen Horowitz
Andreessen Horowitz was founded in 2009 by Marc Andreessen and Ben Horowitz [4]. Headquartered in Menlo Park, a16z manages over $100 billion in assets and is one of the most prolific investors in the AI ecosystem [1, 4]. The firm runs a dedicated AI practice, investing across infrastructure, foundation models, and AI-native applications [1]. A16z is famously founder-centric, offering an extensive platform team of operators to support its portfolio companies [1]. Notable AI investments include Anthropic, where it has invested significantly, and Databricks, a cornerstone of its data-infra stack for AI [1]. It has also led rounds in Mistral AI, a European foundation model company, reflecting its global approach to finding top-tier technical teams [1].
Sequoia Capital
Sequoia Capital was founded in 1972 by Don Valentine in Menlo Park, where it remains headquartered [2, 3]. As one of the world's most enduring venture firms with $56 billion in AUM, Sequoia has aggressively pivoted to lead the AI boom [2, 3, 5]. The firm is characterized by its high conviction and deep research-driven approach to backing foundational platforms [3, 4]. Sequoia is perhaps best known for its early backing of OpenAI, which positioned it as a central pillar of the current generative AI cycle [2]. It also led investments in Glean, an AI-powered enterprise search platform, and continues to invest heavily in companies building on the infrastructure layer that will power future models [2].
Lightspeed Venture Partners
Lightspeed Venture Partners was founded in 2000 by Barry Eggers, Ravi Mhatre, and others, and is headquartered in Menlo Park [2]. With $50 billion in assets, Lightspeed operates globally with regional teams in the U.S., Europe, and Israel, enabling it to source technical talent internationally [2, 5]. Lightspeed is known for its technical "depth" and high-conviction, hands-on involvement with early-stage founders [3, 5]. Its AI portfolio is stellar; the firm is a major investor in Anthropic, backing the company’s mission to develop safe, robust foundation models [3]. Lightspeed has also backed Wiz, a leader in AI-driven cloud security, and Navan, which utilizes AI for modern corporate travel management, demonstrating its range across enterprise applications [3].
General Catalyst
General Catalyst was founded in 2000 by Joel Cutler and David Fialkow in Cambridge, Massachusetts [1, 5]. Managing over $43 billion, the firm is known for its systemic "Health Assurance" and AI-native investment theses [1, 4, 5]. The firm operates as a global, multi-stage investor and emphasizes deep engagement, sometimes acting as an anchor for massive deployments [4]. General Catalyst is a primary backer of Anthropic, supporting its high-compute model development [1, 3]. It has also been a key investor in Applied Intuition, which develops AI-native simulation platforms for autonomous systems, underscoring its focus on the physical-world application of AI [1, 3].
Khosla Ventures
Khosla Ventures was founded in 2004 by Vinod Khosla in Menlo Park, California [1, 5]. With roughly $15 billion in AUM, the firm focuses on backing "imprudent" and technically ambitious early-stage science and AI experiments [1, 5]. Khosla Ventures is well-known for being the first institutional investor in OpenAI, a bet made well before the current hype cycle, which demonstrates its long-standing thesis that AI would fundamentally redefine intelligence [4, 5]. Beyond OpenAI, the firm has backed companies like Square (now Block) and DoorDash, which have integrated AI extensively, illustrating its preference for high-barrier, tech-forward businesses [2, 5].
Index Ventures
Index Ventures was founded in 1996 in Geneva by Neil Rimer, David Rimer, and Giuseppe Zocco, and is currently headquartered in London [1, 5]. With approximately €11.7 billion in AUM, Index is a premier global firm known for backing "unexpected" founders in enterprise and consumer tech [1, 2, 5]. The firm operates a distributed global team that effectively spans Europe and the US, providing a unique vantage point for global AI infrastructure [1, 3]. Index is a key investor in Anthropic, further solidifying the firm's central position in the foundation model layer [3, 5]. Other notable holdings include Datadog and Figma, both of which have been transformed by advanced AI integrations [3].
Thrive Capital
Thrive Capital was founded in 2009 in New York City by Joshua Kushner [1]. Managing over $15 billion, Thrive is a multi-stage firm known for its high-conviction, concentrated portfolio strategy [3, 4]. Thrive is distinctive for its "patient capital" approach, often writing larger checks than traditional early-stage funds to support category winners [3]. The firm is a massive backer of OpenAI, participating in multiple rounds to scale the company's research and infrastructure [2, 4]. Other major AI-related holdings include Stripe and Ramp, both of which are leveraging large language models to automate enterprise financial workflows, reflecting Thrive’s focus on the most impactful AI-enabled business models [4, 5].
Greenoaks Capital
Greenoaks was founded in 2012 by Neil Mehta and Benny Peretz in San Francisco [4]. Managing about $15 billion, Greenoaks is a growth-stage specialist known for its concentrated portfolio, typically holding only about 15–20 companies per fund [4]. The firm’s strategy emphasizes holding leaders through IPO, with a strong focus on enterprise and data-driven infrastructure [3, 4]. Greenoaks is a high-conviction AI investor with notable positions in Databricks, providing the data plumbing necessary for AI, and Sierra, an AI-native agent enterprise company where it holds a large stake [2, 3]. The firm’s record of massive growth-stage returns, exemplified by Coupang, makes it a preferred partner for later-stage AI companies [4].
Bessemer Venture Partners
Bessemer Venture Partners traces its history to 1911 and is headquartered in San Francisco [2]. With $20 billion in AUM, Bessemer is one of the most tenured firms in venture history, known for its decentralized, partner-autonomous operating model [2, 3]. The firm has a deep research-driven process, publishing extensive "roadmaps" that guide its investments in specific AI verticals [3, 4]. Bessemer is a key backer of Anthropic, supporting its position in the foundation model layer [3]. It also leads in specialized AI platforms such as Vapi (voice AI infrastructure) and Recall.ai (conversational data infrastructure), reflecting a strategy of backing the "picks and shovels" of the AI revolution [1, 4].
NEA (New Enterprise Associates)
NEA was founded in 1977 by Dick Kramlich, Chuck Newhall, and Frank Bonsal in Menlo Park [2, 3]. With $25 billion in assets, NEA is a diversified, multi-stage giant with a fifty-year history of investing across both tech and healthcare [1, 2]. Its AI strategy is broad, encompassing infrastructure and applied verticals; it has deep expertise in scaling companies from seed to IPO [1, 4]. NEA is an investor in Perplexity AI, a leader in AI-driven search, and has led rounds in companies like Factory, which focuses on agent-native software development [1, 2]. This reflects NEA's ability to identify and scale new AI-native categories within its enterprise software portfolio [1].
How these firms differ in practice
While all ten names above are active in AI, they differ meaningfully in check size, stage focus, and risk appetite. Growth-stage specialists like Greenoaks and Thrive tend to write large, concentrated checks into a handful of already-proven category leaders, while multi-stage generalists like a16z, Sequoia, and NEA maintain dedicated teams that will meet with AI founders as early as seed stage. Firms such as Index Ventures and General Catalyst have built meaningful transatlantic and cross-sector AI practices, backing both US-based infrastructure companies and European foundation-model labs. Understanding which bucket a given investor falls into can help founders prioritize outreach and tailor their pitch to the kind of evidence a particular firm is most likely to weigh heavily, whether that's technical differentiation, early revenue traction, or team pedigree.
What this means for founders
Because so much capital and attention is chasing AI deals, differentiation matters more than ever in a pitch deck — generic "AI-powered" positioning rarely stands out to investors who see dozens of similar decks each week. Founders should also expect more rigorous due diligence around data rights, model dependencies, and unit economics, given how quickly compute costs can erode gross margins in AI-native businesses. It's also worth noting that the AI investing landscape has moved quickly enough that today's hot portfolio company can become tomorrow's cautionary tale; founders evaluating potential investors should look not just at logos on a firm's website, but at how that firm has supported portfolio companies through both momentum and setbacks.
Closing thoughts
The AI venture landscape is crowded but also fast-moving, and the firms above represent only a slice of active capital. If you're preparing a Series A or Series B raise for an AI company and want help refining your narrative and investor targeting, book a free consult with Quantum Growth Advisors.