Norwest, a firm backed solely by Wells Fargo, has raised a $4 billion fund as it sets out to invest more in AI. This is the eighteenth fund for the 65-year-old multi-stage investment firm, and its largest to date.
The fund will be invested across various sectors and multiple counties, notably the United States, India, and Israel. But the big story here is AI, and Norwest’s plans to expand its investment in this area.
Norwest said Thursday it aims to capitalize on AI startups developing products and services across core industries such as consumer, healthcare and technology. The investment firm, which has backed Plaid, Spotify, Uber and Vuori, said it will continue to expand its investments in physical AI, voice AI, agentic cybersecurity, and aerospace.
