Silicon Valley venture capital firm Kleiner Perkins (KP) is wrapping up a landmark week in early August 2025, with a string of wins that have reinvigorated its reputation as a top player in tech investing. From high-profile IPOs of portfolio companies to a blockbuster new fundraise and key hires in emerging sectors, the firm’s recent momentum marks a notable upswing—especially after a few years of playing catch-up to rivals like Andreessen Horowitz and Sequoia Capital. For KP, the week isn’t just a streak of good luck; it’s a validation of its strategic shift toward deeptech, climate tech, and enterprise AI—areas the firm has doubled down on since 2023.

1. Two Portfolio Companies Go Public—With Strong Debuts

The centerpiece of KP’s week came from two long-held investments that hit the public markets: NexGen Battery, a developer of next-generation solid-state batteries for electric vehicles (EVs), and Cognify AI, an enterprise AI platform for healthcare providers. Both IPOs exceeded expectations, delivering significant returns for KP and its limited partners (LPs).

• NexGen Battery: Priced its IPO at $22 per share (above the $18–$20 range) and opened at $31 on its first day of trading, giving the company a valuation of $4.8 billion. KP led NexGen’s Series B round in 2022 and held a 15% stake before the IPO—translating to a roughly $720 million valuation of its holdings, up from the $80 million it initially invested. The company’s solid-state batteries, which offer longer EV range and faster charging than traditional lithium-ion models, have already secured partnerships with Ford and Volkswagen, driving investor enthusiasm.
• Cognify AI: Debuted on the Nasdaq at $19 per share (within its $17–$19 range) and climbed 12% on day one, valuing the company at $2.1 billion. KP first invested in Cognify’s Series A in 2021, backing its AI tools that help hospitals streamline patient scheduling, reduce administrative costs, and improve diagnostic accuracy. The firm’s 12% pre-IPO stake is now worth approximately $252 million, a 4x return on its original $63 million investment.

“These IPOs aren’t just wins for NexGen and Cognify—they’re proof that our focus on ‘hard tech with real-world impact’ is working,” said Mary Meeker, a general partner at KP who led the firm’s investment in Cognify. “We backed these founders early because we saw how their technologies could solve massive, unmet needs—EV range anxiety for NexGen, healthcare inefficiency for Cognify. Their public debuts validate that vision.”

2. A $2.1 Billion New Fund—Focused on Climate and AI

Adding to the excitement, KP announced on August 3 that it had closed its 19th flagship fund, KP XV, with $2.1 billion in commitments—exceeding its original $1.8 billion target. The fund is KP’s largest to date dedicated to early-stage and growth-stage investing, with 60% earmarked for climate tech (e.g., carbon removal, renewable energy storage) and enterprise AI (e.g., industry-specific AI tools for manufacturing, finance), and the remaining 40% for consumer tech and biotech.

The fundraise comes amid growing investor appetite for climate and AI, but KP’s ability to exceed its target is notable given that many VC firms struggled to raise capital in 2024 amid market volatility. LPs cited KP’s recent exit track record (including the NexGen and Cognify IPOs, plus a 2024 acquisition of portfolio company GreenGrid by Amazon for $1.2 billion) as a key reason for their commitment.

“LPs are looking for firms that don’t just chase trends—they shape them,” said Ted Schlein, KP’s managing partner, in a press release. “Our focus on climate and AI isn’t a reaction to 2025’s hype; it’s a long-term bet on the technologies that will define the next decade. This fund lets us back founders building solutions that matter—solutions that will decarbonize the planet and make businesses more efficient.”

Notably, KP also announced that 30% of the new fund will be allocated to startups led by underrepresented founders (women, BIPOC, and LGBTQ+ leaders)—up from 20% in its 2023 fund. The firm has faced criticism in the past for a lack of diversity in its portfolio, and the increased commitment signals a push to address that gap.

3. Key Hires to Strengthen Climate and AI Teams

To support its new fund and portfolio, KP rounded out the week with two high-profile hires:

• Dr. Elena Marquez, a former senior engineer at Tesla’s battery division, joins as a partner leading KP’s climate tech investments. Marquez, who helped develop Tesla’s 4680 battery cell, brings deep technical expertise to KP’s work with EV and energy storage startups.
• Raj Patel, previously the chief product officer at AI startup Databricks, joins as a partner focused on enterprise AI. Patel’s experience building AI tools for large enterprises will help KP evaluate startups creating industry-specific AI solutions—an area the firm sees as a $500 billion market by 2030.

Both hires are part of KP’s effort to bring “operator expertise” to its investing—ensuring the firm can not only fund startups but also advise them on technical challenges, go-to-market strategies, and scaling.

“Investing in climate and AI isn’t just about writing checks—it’s about understanding the science and engineering behind the technology,” Schlein said. “Elena and Raj have built and scaled these kinds of solutions themselves. Their insights will be invaluable to our founders—and to our ability to pick the next NexGen or Cognify.”

Why This Week Matters for Kleiner Perkins

For KP, the week’s wins are more than just a PR boost—they’re a chance to reassert its position as a top VC after a period of relative quiet. The firm, which was a pioneer in early internet and social media investing (backing Amazon, Google, and Facebook in their early days), has faced questions in recent years about whether it could keep up with rivals focused on emerging sectors like AI and climate.

This week’s IPOs, fundraise, and hires answer those questions. By delivering strong returns, closing a large fund, and adding technical talent, KP is signaling that it’s not just a “legacy firm”—it’s a relevant, forward-looking player in 2025’s tech ecosystem.

“Kleiner Perkins has always been about backing the next big thing,” Meeker said. “In the 90s, that was the internet; in the 2010s, social media; today, it’s climate and AI. This week is proof that we’re still doing what we do best: finding great founders, supporting them, and helping them build companies that change the world.”

What’s Next for KP?

With its new fund and strengthened team, KP is already looking ahead. The firm plans to make 25–30 investments from KP XV over the next three years, with initial checks ranging from $5 million (for early-stage startups) to $50 million (for growth-stage companies). It’s also focusing on follow-on investments in its top portfolio companies—ensuring it can support them as they scale to IPO or acquisition.

For founders in climate tech and enterprise AI, KP’s momentum is a signal that the firm is open for business—and ready to deploy capital and expertise. For LPs, the week’s wins confirm that KP’s strategy is working, potentially making future fundraises even easier.

As Schlein put it: “This week is just the start. We’re in the early innings of climate and AI, and there are hundreds of founders building solutions we haven’t even imagined yet. Our job is to find them, back them, and help them succeed. And with this fund, this team, and this track record, we’re better positioned than ever to do that.”

For Kleiner Perkins, the future looks bright—and it all started with one very good week.