Andreessen Horowitz announced the close of a new $15 billion fundraising effort, with $1.7 billion allocated to its infrastructure team, which backs a range of high-profile artificial intelligence companies. The infrastructure group has led or supported investments in AI-focused firms including OpenAI, ElevenLabs, Ideogram, Cursor, Fal, and Black Forest Labs, positioning the fund at the center of the current AI investment cycle.
General partner Jennifer Li, who oversees the infrastructure portfolio, has outlined a strategy focused on AI-native companies facing growing demand for compute, search infrastructure, and scarce technical talent. The firm’s outlook on the AI supercycle and current funding dynamics was discussed publicly by Venture and Startups editor Julie Bort on the Equity podcast, highlighting where capital is concentrating across the AI stack.
