US-based venture capital firm Sierra Ventures achieved the $215m final close of its twelfth fund yesterday following limited partner commitments from unnamed corporations, endowments and pension funds.
The oversubscribed vehicle, Sierra Ventures XII, will invest globally with a focus on next-generation enterprise and emerging technologies, such as big data, fintech, artificial intelligence (AI), machine learning (ML), cybersecurity, augmented reality (AR) and virtual reality (VR).
Sierra’s main focus is on seed and series A stage investments, though the firm said it will also make select investment in series B-stage companies.
The fund is larger than its predecessors, with Sierra Ventures XI closing at $170m in 2016 and Sierra Ventures X reaching $145m in 2014.
Sierra’s previous investments include mobile credit card reader maker Clip, wireless connectivity technology developer CoreTigo, e-commerce fulfilment services provider Skydrop, technological aids maker K4Connect, data storage technology provider CNex Labs and cybersecurity startup RedLock.
Ben Yu, managing director at Sierra Ventures, said: “Since 2012, Funds X and XI have invested in over 50 companies that rode the wave of consumerisation of IT, the emergence of business-to-business marketplaces, and AI/ML for vertical applications, as well as new emerging areas including 5G wireless, crypto/blockchain, AR/VR, and robotics.
“In Fund XII, we will continue to seek innovations in these areas. In particular, we believe AI and blockchain will become the horizontal platform technologies that cover both enterprise and consumer needs, touching almost everything we do.”