(Bloomberg) -- Venture capital firm Kleiner Perkins has raised more than $2 billion in new cash for two new funds. 

The Menlo Park, California-based firm has raised $825 million for a new fund targeting young startups, and $1.2 billion for a later-stage fund. Kleiner Perkins plans to invest in startups focusing on a range of industries, including consumer-facing firms, digital health-care companies, fintech and hard tech, meaning ventures working on physical products like semiconductors or robots. In each category, the firm will particularly look for how the startups are using AI.“AI is an accelerant,” said partner Ilya Fushman. “This is probably one of the biggest accelerants and economic opportunities for tech that’s ever existed.”The fresh financing comes amid a difficult climate for venture firms trying to raise money.  “It’s definitely been one of the slowest windows of time in terms of exits,” Fushman said. Still, despite the volatility, he said startups will be fine “as long as the fundamentals of business remain robust and they continue to grow.”

Founded in the 1970s, Kleiner Perkins played a formative role in the growth of Silicon Valley as a technology hub, including investments in companies including Compaq Computer Corp., Sun Microsystems Inc., Netscape and Amazon.com Inc., and more recently Airbnb Inc., DoorDash Inc. and software maker Rippling. 

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