Norwest, the venture capital firm backed by Wells Fargo, has raised $4 billion for its latest fund dedicated to early-stage artificial intelligence startups. The new vehicle will focus on overlooked areas of the market and brings Norwest's total assets under management to $18 billion. This marks Norwest's 18th fund and represents a significant jump from the $3 billion raised in 2024. With a 65-year track record, the firm has previously invested in industry giants including Uber Technologies and Spotify Technology.