Vermilion Cliffs Ventures closes $25 million fund for AI infrastructure
Vermilion Cliffs Ventures raised a second $25 million fund as Ashley Smith doubled down on AI infrastructure, security and devtools from a rare solo-GP perch.
Vermilion Cliffs Ventures closed a $25 million Fund II on Wednesday, widening a bet on the technical layer of the AI boom rather than consumer-facing tools. The new vehicle keeps the firm centered on early-stage founders building AI infrastructure, development tools and security products, a mix that shows where some of the earliest capital is still flowing.
Ashley Smith founded Vermilion Cliffs Ventures in 2023 and runs it as one of the few solo women general partners in venture capital. Her firm says it backs technical founders with hands-on support from day one, an approach shaped by Smith’s operating background at Twilio, Parse, GitHub and GitLab.
The new fund follows a $13 million debut close in February 2025, backed by limited partners including Screendoor and Sapphire Ventures. PitchBook lists Vermilion Cliffs Ventures as having made 38 investments, with 30 portfolio companies and seven exits, a sign that the firm has already moved quickly for a young shop.
Smith has framed the strategy as more than writing checks. She has said selling to developers and security teams is its own discipline, and that she helps founders avoid costly mistakes that often surface only after products hit the market. That focus aligns with the firm’s stated emphasis on technical products by technical founders and on go-to-market help from the earliest stages.
The firm’s name comes from Vermilion Cliffs National Monument in Arizona, and Smith has used that rugged image to build a distinct brand in a crowded market. Vermilion Cliffs has also been active beyond investing, hosting an AI infra social with MongoDB and a panel on securing autonomous systems in March and April 2026.
The bigger question is whether Smith’s model points to a broader redistribution of venture power or remains an exception with strong branding. A solo GP can move quickly, cultivate a narrow technical thesis and present a clear identity to founders, but the structure is still rare enough that Smith stands out as much for how she runs the firm as for what she funds. With Fund II, she is pressing that advantage deeper into the infrastructure and security stack behind AI.
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