Announcing KP21 and Select III

We are thrilled to announce our twenty first venture fund, KP21, an $825M fund to back early stage companies, and our third select fund, KP Select III, a $1.2 billion fund to back high inflection investments.

Since our last fundraise in 2022, the technology industry has evolved dramatically. Companies are achieving economic and societal impact and scale that’s never been imagined before. We believe that we are on the brink of remarkable technology shifts that will transform industries, amplify the power of human ingenuity, and generate significant economic growth. Artificial intelligence has emerged as a fundamental technology that’s catalyzing this transformation and, much like electricity, it’s poised to impact every aspect of our lives – from personal experiences and healthcare, to how we work and how companies are built across all industries.

With these new funds, our team’s focus on enterprise software, consumer, healthcare, fintech and hardtech, remains the same. Each domain will be accelerated tremendously by AI. Repeated rote tasks are being quickly automated and offloaded to AI, so that humans can focus on what they do best - higher level reasoning and decision making. Human creativity will be complemented with machine intelligence and pave the way for novel consumer experiences. Industries that have been slower to adopt software, and that require human labor for low level work, like healthcare, legal, finance will see rapid transformation. New experiences and the demands of computation will open up opportunities in hardware and physical infrastructure. Imagination is now the constraining factor of the future of technology.

While technology and our industry are changing dramatically, the fundamentals of our approach to venture capital remain the same - venture is an art and a craft that’s grounded in a deep connection with entrepreneurs and all-out effort to help them build history making companies. Since 2022, we have expanded our team to better serve entrepreneurs with the additions of Leigh Marie Braswell, our partner focused on AI, and Everett Randle, our partner leading our growth efforts.

We are deeply thankful to all the founders who have partnered with us on this journey so far, and couldn’t be more excited for the future.

– Kleiner Perkins Team

01 Cover
02 Intro
03 Our Mission
04 Our Ethos
05 Our Values
06 Market Overview
07 Market Technology Shifts
08 Company Opportunities
09 World GDP Growth
10 GDP Acceleration
11 Historical Rate of Growth
12 Tech Sector Weighting
13 AI Accelerator
14 AI Opportunity
15 Rise With the AI
16 Team Intro
17 Investment Team
18 Investment Team Experience
19 Go-to-Market Team
20 Talent Team
21 Marketing Team
22 KP Fellows
23 Finance, OPs, & Tech
24 KP Select Intro
25 KP Select Strategy
26 Investment Themes
27 How Did We Get Here?
28 The New Electricity
29 AI Progression
30 AI's Transformation
31 Google's Innovation
32 Open AI
33 Moment of Inflection
34 Proprietary Models
35 Open Source
36 Power of Compute
37 Value of Data
38 Models for Modalities
39 Looking Ahead
40 Enterprise
41 Apps
42 Looking Ahead
43 AI Disruption
44 Go-to-market Changes
45 Infrastructure
46 Infrastructure: Looking Ahead
47 Data Curation
48 New Model Capabilities
49 Fintech Intro
50 Access & Utility
51 Fintech: Looking Ahead
52 Personalization
53 Crypto Emergence
54 Hardtech Intro
55 Hardtech
56 Hardtech: Looking Ahead
57 Ambient Computing
58 Robotics
59 Infrastructure & Energy
60 Healthcare Intro
61 Healthcare
62 Healthcare: Looking Ahead
63 AI Transformations
64 Health Consolidation
65 Consumer Intro
66 Consumer
67 Consumer: Looking Ahead
68 Consumer Identities
69 Consumer Experiences
70 Make History
71 End Titles
72 Disclosures
73 Disclosures cont'd
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