Paradigm closes $1.2B fund to back crypto, AI and robotics

Paradigm has closed a $1.2 billion fourth fund to invest in crypto, artificial intelligence, robotics and other frontier technologies. The vehicle is the firm's fourth fund overall and its third venture fund, a Paradigm spokesperson said.

The fund will back companies at multiple stages, from early startups to later-stage firms, widening the firm's investment mandate beyond pure digital assets. Paradigm's original 2018 fund remains an open-ended vehicle that invests in both public and private crypto companies.

Paradigm previously raised a $2.5 billion venture fund in 2021 and an $850 million venture fund in 2024. The firm reported nearly $12 billion in assets under management at the end of 2025. Earlier reporting indicated the target for the latest vehicle could reach as high as $1.5 billion.

Paradigm highlighted non-crypto investments including autonomous drone delivery company Zipline, manufacturing platform SendCutSend, space-defense startup True Anomaly and AI research firm Nous Research. Its crypto holdings include Hyperliquid, the stablecoin-focused blockchain project Tempo, which Paradigm co-founded with Stripe, and prediction markets platform Kalshi. The firm also continues contributions to open-source software and research, citing projects such as Foundry, Reth, the AI tool Centaur and a security research collaboration called EVMbench with OpenAI.

Paradigm was founded in 2018 by Matt Huang, a former Sequoia Capital partner, and Fred Ehrsam, a Coinbase co-founder. Institutional limited partners in its funds include university endowments. Several crypto venture firms have recently broadened their mandates to include AI, robotics and other related technologies.