Vermilion Cliffs Ventures, led by solo GP Ashley Smith, announced on July 8, 2026 the close of a $25M second fund (Fund II) to back technical founders in AI infrastructure, security and developer tools. The average check size is $500K to $1M, and the fund plans to invest in more than 25 companies over the next two and a half years, having already backed six (TechCrunch). The raise was completed in roughly four months, primarily from existing LPs.
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