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Raising a fund, in venture capital terms, means collecting a fixed pool of money from institutional investors before a single dollar goes into any company.
Paradigm, a crypto-focused venture firm, has raised $1.2 billion for its fourth fund. That money will go toward startups in crypto, artificial intelligence, robotics, and other sectors.
A broader mandate than before Paradigm built its identity in crypto, the category covering digital assets and the blockchain networks that run them.
The fourth fund adds AI and robotics to the firm's stated investment scope. Artificial intelligence, here, means software systems designed to perform tasks that have historically required human reasoning.
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