Norwest raises record $4 billion fund to expand AI investments
Norwest has raised a $4 billion fund, the largest in the 65-year-old investment firm’s history and its 18th fund overall. Backed solely by Wells Fargo, the multi-stage investor plans to deploy the capital across the United States, India and Israel, while making artificial intelligence the central theme of its latest expansion.
The fund will target AI startups serving consumer, healthcare and technology markets, as well as companies developing AI infrastructure and applications. Norwest also plans to increase investments in physical AI, voice AI, agentic cybersecurity and aerospace. Jeff Crowe, a senior managing partner, said the firm is deliberately taking a broad approach because AI is expected to affect many industries, business functions and types of products.
Norwest is particularly interested in early-stage companies building AI-native applications and infrastructure, domain-specific models, robotics systems and cybersecurity tools. Its recent investments include Coval, which develops tools for testing and evaluating AI agents, and Generalist AI, whose technology is designed to provide AI foundations for robots.
The new fund follows Norwest’s $3 billion 17th fund, which closed in 2024. Since that raise, the firm has made more than 87 investments. Its earlier portfolio includes companies such as Plaid, Spotify, Uber and Vuori, illustrating the range of sectors covered by its multi-stage strategy.
Continue in the app — vote & join in ➔