Summary

Vermilion Cliffs Ventures announced Wednesday the close of a $25 million Fund II. The firm was founded in 2023 by operator-turned-investor Ashley Smith, who runs it as one of the few solo women GPs in venture capital. Speaking to TechCrunch, Smith said this fund will continue the firm’s thesis of backing technical founders, specifically those building in AI infrastructure, security, and dev tools. It took her around four months to raise the new fund this year, she said, with much of the capital coming from existing investors.

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