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

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.