Many venture capital firms are struggling to raise new capital from their backers amid a sluggish IPO environment.
But established, well-known companies can still raise large amounts of capital.
Kleiner Perkins said Friday it has raised more than $2 billion in new capital across two funds, a slight increase from the $1.8 billion the 52-year-old firm raised in early 2022.
Other notable firms that have weathered this year's venture capital fundraising downturn include Andreessen Horowitz, which has raised $7.2 billion across multiple funds; General Catalyst, which has reportedly raised $6 billion; and Norwest, which has raised $3 billion.
Kleiner Perkins said in a blog post that it will continue to invest in startups across enterprise software, consumer, healthcare, fintech and hard tech, just like previous funds, but what's changed is the opportunity to make these industries more efficient with the help of AI.
The firm has already backed several buzzy AI-driven startups, including Glean, a business application search tool, and Harvey, an AI assistant for lawyers, but compared to other large venture capital firms, Kleiner Perkins' investments in prominent AI companies remain modest.
Founded in 1972, Kleiner Perkins was once considered one of Silicon Valley's most elite firms, an early backer of companies like Amazon, Compaq Computer, Genetec, Netscape and Sun Microsystems. The firm lost some of its publicity during the last tech boom, but still invested in a number of ultimately successful companies, including Airbnb, Instacart, Slack and Robinhood.