Accel raises $3.5 billion to invest in emerging global AI startups

Accel, a global venture capital firm with offices in Silicon Valley, London and Bangalore, India, has raised $3.5 billion in new funds for early-stage investments across the world.

The firm, which has backed artificial intelligence companies including Anthropic, Cursor and Perplexity, has raised four separate funds dedicated to backing young startups in a moment when the AI race is upending the fundraising market. A $1.35 billion global expansion fund will be set aside for larger early-stage rounds and rapid follow-on investments; $800 million will target US investments, primarily in Silicon Valley; $800 million will be deployed in Europe and Israel; and $550 million in new funds will be invested in India.