Solo GP Ashley Smith Unveils New $25M Fund to Back Startups in AI, Security, and More

Vermilion Cliffs Ventures has officially announced the successful closure of a $25 million Fund II as of Wednesday. Founded in 2023 by operator-turned-investor Ashley Smith, the firm is notable for being one of the few solo female General Partners in the venture capital landscape. In a conversation with TechCrunch, Smith revealed that this fund will continue the firm’s commitment to supporting technical founders, especially those focused on AI infrastructure, security, and development tools.

According to Smith, it took her about four months to finalize the new fund this year, with a considerable portion of the capital sourced from existing investors. The expected check size for Fund II will fall between $500,000 and $1 million, with aspirations to invest in at least 25 companies over the next two and a half years; to date, they have already backed six firms. The firm’s inaugural fund secured $13 million and invested in 35 companies, including the cybersecurity startup Keycard and the AI infrastructure company CopilotKit.

Smith emphasized that many early-stage firms primarily assist founders in securing their next funding round. Drawing on her experience in marketing at Twilio, Facebook, GitHub, and GitLab, she seeks to aid founders with go-to-market strategies that can boost their revenue. “Selling to developers and security teams demands a unique skill set, and most founders acquire this knowledge gradually through challenges,” she noted. “I aim to help them bypass the mistakes I’ve faced or seen other founders go through.”