• Venture firm Emergence Capital raises $1 billion for its seventh fund.
  • The firm focuses heavily on artificial intelligence investments.
  • They have a continuous track record of backing successful enterprise tech startups.

Emergence Capital, the San Mateo-based venture firm known for backing enterprise technology startups, has closed a $1 billion fund, marking its first raise since 2021.

The firm, which has a history of successful investments in companies like Zoom, Salesforce, and Bill.com, is now positioning itself squarely in the artificial intelligence investment landscape.

General partner Joe Floyd emphasized the opportunity, telling Fortune, "It's a generational opportunity for AI investing, period."

This statement underscores the firm's strategic pivot towards AI-driven enterprise technologies.

The fundraise comes after a four-year gap, with the firm's previous major fundraising effort in May 2021 generating nearly $1 billion across two funds.

At that time, Emergence closed a $575 million early-stage fund and a $375 million opportunity fund.

Long-standing investor Stanford University continues to support the firm, with Rob Wallace from Stanford Management Company praising Emergence's "careful investors" and "deep domain specialists in SaaS and software."

Edited By Annette George