Paradigm has raised $1.2 billion for a new venture capital fund focused on artificial intelligence and robotics, according to a blog post published Wednesday.
The firm’s third venture fund reflects growing interest in AI and defense technology, although it does not signal an exit from digital assets.
“Crypto was the first frontier for us, and it continues to be really exciting, but there are so many other things happening right now that it’s pretty hard to ignore,” managing partner Alana Palmedo told Bloomberg.
Paradigm has already deployed capital from the new fund into several companies, including autonomous drone delivery company Zipline International, which was valued at $7.6 billion in January, and space defense startup True Anomaly, which reached a valuation of $2.2 billion in April.
Founded in 2018 by Matt Huang and Fred Ehrsam, co-founder of Coinbase, Paradigm has built its reputation as one of the largest venture capitalists in the crypto space. The company launched a $2.5 billion flagship crypto fund in November 2021, then the largest dedicated crypto fund, before raising an $850 million fund for early-stage blockchain startups in 2024.
