Khosla Ventures, a notable firm recognized for its early investments in OpenAI, is currently undertaking a significant fundraising effort, aiming to secure $3.5 billion across three distinct funds, as reported by the Wall Street Journal. This ambitious target represents a 17% increase compared to the firm’s previous fundraising endeavors in 2023, which resulted in a total of $3 billion.

The allocation of the newly raised capital will be distributed as follows: approximately half will be dedicated to the firm’s ninth core venture fund, while the remaining amount will be divided between a $1.1 billion growth fund, focused on later-stage startups, and a $650 million seed-stage focused fund, targeting early-stage ventures.

Khosla Ventures has declined to provide any comments or statements regarding its ongoing fundraising activities.

Founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems, the firm is led by a team of five managing directors, including Keith Rabois, who rejoined the firm after a five-year tenure as a general partner at Founders Fund. During his initial stint at Khosla Ventures, Rabois played a pivotal role as an early investor in several notable companies, including DoorDash, Affirm, Stripe, and Faire, as highlighted on his professional profile and his biography on the firm’s website.

Khosla Ventures’ initial investment of $50 million in OpenAI has yielded a 5% stake in the company’s profit arm, which is reportedly engaged in discussions to secure a $40 billion funding round at a valuation of $340 billion, as recently reported. This investment has been further supplemented by an additional $405 million, as previously announced.