San Francisco's Framework Ventures raises $400 million for AI and robotics
San Francisco’s Framework Ventures closed a $400 million fourth fund as half the money was already deployed into AI, robotics and energy.
Framework Ventures, the San Francisco-based firm that made its name backing crypto infrastructure, has raised a $400 million fourth fund and is pushing into AI, robotics and energy as the city’s venture scene keeps shifting beyond digital assets.
Co-founders Vance Spencer and Michael Anderson said roughly half of the capital has already been deployed, a sign the new vehicle is already in motion rather than sitting on the sidelines. The firm is still investing in digital assets, but it now says it is following the founders in its network into adjacent sectors that reach farther into the physical economy.
That move matters in San Francisco because Framework is not starting from scratch. The firm was founded in 2019, is based in the city, and built its reputation as an early backer of DeFi names such as Aave and Chainlink. Its portfolio also includes Hyperliquid, Jito Labs and Plasma, tying the fund to the crypto cycle that once dominated local venture conversations.
The fourth fund, often referred to as FVIV, comes after a $100 million second fund in 2021 and a $400 million third fund in 2022, both primarily centered on crypto. Now, Framework is using the same network of founders and investors to reach into areas that could create different kinds of jobs and company formation in the Bay Area, from software-heavy AI startups to robotics and energy networks that need engineering, operations and deployment talent.
Some of that capital is already flowing into those sectors. Framework backed Mecka AI in a $60 million Series A round and also made a reported investment in Daylight, a distributed energy network. Those bets point to a broader San Francisco story: as crypto cools, firms that once thrived on tokens and protocols are trying to own the next wave of frontier technology before it hardens into a new local industry cluster.
The fund also drew support from a wide mix of limited partners, including funds of funds, an Ivy League endowment, sovereign wealth funds, family offices and nonprofits, although Framework has not publicly named them. That backing suggests institutional money is still willing to follow San Francisco crypto natives if they are moving into AI and robotics, not just another digital asset cycle.
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