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The Wells Fargo-backed firm's 18th fund will back AI companies in physical AI, voice AI, agentic cybersecurity and domain-specific models across the US, India and Israel.
Norwest, a venture and growth investor backed solely by Wells Fargo, has raised a $4 billion fund, its 18th and largest, with a bigger focus on AI, TechCrunch reported.
The fund will invest across sectors and countries, notably the US, India and Israel. Norwest plans to back AI startups building products for consumer, healthcare and technology markets and to expand its investments in physical AI, voice AI, agentic cybersecurity and aerospace. Senior managing partner Jeff Crowe said the firm is most excited about early-stage companies building AI-native applications and infrastructure, physical AI, domain-specific models and cybersecurity. "We're taking a broad approach to AI because its impact is broad," he said.
Recent bets include Coval, which builds tools to test and evaluate AI agents, and Generalist AI, which makes foundation models for robots. Norwest has made more than 87 investments since its previous $3 billion fund closed in 2024; earlier backings include Plaid, Spotify and Uber.
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