Menlo Ventures XVII

United States
Seed
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About Menlo Ventures XVII

Menlo Ventures raised $3B across two funds—the largest in its 50-year history. Fund XVII targets seed and Series A across the full AI stack. The firm's ~$14B Anthropic stake underpins the raise. The Anthology seed program (with Anthropic) has backed 60+ companies with 3 exits. Partners include Matt Murphy, Tim Tully (ex-Splunk CTO), and Deedy Das (ex-Glean).

Investment Focus

Location / RegionUnited States
Funding StageSeed
Industry Focus
Ai Ml
Cybersecurity
Digital Health
Enterprise Software

Investor Signals Profile

active

Sweet Spot

Technical AI founder building category-defining, full-stack product

AI full-stack
category-defining founders
technical depth
all stages
Anthropic-aligned

Bullish Signals

$3B raised for AI fundsexternal
Led $1.2B unicorn Series C (Assort)external
Lovable portfolio hit $500M ARRexternal
Largest fund raise in Menlo historyexternal
3 portfolio cos on Harmonic Hot 25external
Portfolio exit: Orb acquired by Adyenexternal

Contrarian Signals

Heavy Anthropic concentration riskexternal
AI-only focus narrows diversificationexternal

Founder Do's

Build AI-native, category-defining products
Show technical depth in your domain
Target large markets with compounding data moats
Be ready for Series A–C checks
Have a clear AI stack position

Founder Don'ts

Don't pitch thin AI wrappers
Don't lack technical differentiation
Don't ignore enterprise scalability

Key GPs & Partners

VG
Venky Ganesan
Partner
AI-thesis-vocalmedia-activecategory-thinker
MM
Matt Murphy
Partner
fund-leaderAI-focused
SC
Shawn Carolan
Partner
AI-focused
DX
Derek Xiao
Principal
AI-stack-mappertechnical-depth
JS
JP Sanday
Partner
healthcare-AIdeal-active

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Fund Overview

Fund Size$3B combined
Saves0

Key People

Venky GanesanPartner
Matt MurphyPartner
Shawn CarolanPartner
Derek XiaoPrincipal
JP SandayPartner

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