The new capital, the firm's fourth since its 2018 inception, arrives as the crypto sector navigates a complex regulatory and market environment. Despite the pivot, the firm maintains its commitment to blockchain infrastructure, citing ongoing development work on tools like Foundry, Reth, and EVMbench. However, the allure of the AI boom has proved difficult to overlook, prompting a diversification strategy that seeks to capture value in high-growth automation sectors.
In section Startups & Technology
Paradigm pivots toward robotics and AI with $1.2 billion fund
Crypto venture capital firm Paradigm has closed a $1.2 billion fund, signaling a shift in strategy. While the firm remains tethered to its digital asset roots, founder Matt Huang and managing partner Alana Palmedo are aggressively expanding their mandate to target the broader technical frontier, including robotics and artificial intelligence.
Evidence of this shift is already visible in the fund's early portfolio, which includes stakes in drone delivery operator Zipline and space technology startup True Anomaly. Although the $1.2 billion figure falls short of the $1.5 billion target initially reported in SEC filings earlier this year, it provides significant liquidity for founders Matt Huang, a former Sequoia partner, and Coinbase co-founder Fred Ehrsam to compete in the crowded AI and hardware investment space.
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