Accel announced Tuesday that it has raised $5 billion in new funding to support late-stage companies.
The venture firm told Bloomberg that $4 billion will go to a late-stage leaders fund and that it hopes to cut at least 20 checks, averaging $200 million each. Accel looks to invest in companies building AI-powered technology, with a focus on software, hardware, robotics, defense technology, and data center infrastructure.
Accel's limited partners will also put in $650 million, which will be contributed to a “sidecar” fund that will allow the firm to increase its investments in specific companies, according to Bloomberg.
Accel has supported more than 800 companies, including Anthropic, Perplexity, and Lovable. The latest funding was done in the hope that the company would not lose out to the competition of the AI boom.
An Axel spokesperson did not respond to a request for comment.