Solo GP Ashley Smith announces second $25M fund to back startups in AI, security and more

In Brief

Posted:

8:00 AM PDT · July 8, 2026

Vermilion Cliffs Ventures announced Wednesday the close of a $25 million Fund II. The firm was founded in 2023 by operator-turned-investor Ashley Smith, who runs it as one of the few solo women GPs in venture capital. Speaking to TechCrunch, Smith said this fund will continue the firm’s thesis of backing technical founders, specifically those building in AI infrastructure, security, and dev tools.

It took her around four months to raise the new fund this year, she said, with much of the capital coming from existing investors. The average check size for Fund II will be between $500,000 and $1 million, and it hopes to invest in at least 25 companies over the next two and a half years, having already backed six companies. The firm previously raised a $13 million debut fund that backed 35 companies, including the cybersecurity startup Keycard and the AI infrastructure company CopilotKit.

Smith said that many early-stage firms are there to help founders raise the next round, and from her experience working in marketing at Twilio, Facebook, GitHub, and GitLab, she hopes to help founders with go-to-market strategies that help them earn in. “Selling to developers and security teams is its own discipline, and most founders learn it the expensive way with time,” she said. “I try to help them skip mistakes I’ve made or seen other founders make.”

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