Benchmark Bets $1.25 Billion on Growth as AI Capital Surges

SAN FRANCISCO — Benchmark’s full partnership will appear together publicly for the first time at TechCrunch Disrupt 2026 in San Francisco. Jack Altman, Peter Fenton, Chetan Puttagunta, Everett Randle, and Eric Vishria are scheduled to take the Disrupt Stage for a panel titled “What We Believe Now.”

The appearance comes as artificial intelligence companies capture an outsized share of venture funding. Data from the Organization for Economic Co-operation and Development (OECD) shows that AI companies received 61% of global venture capital in 2025, or $258.7 billion of the $427.1 billion invested overall. Deals valued at more than $100 million represented roughly 73% of total AI funding.

Benchmark has historically maintained small, focused early-stage funds, often ranging from $400 million to $500 million. The firm recently raised approximately $2 billion through a $750 million flagship early-stage fund and its inaugural $1.25 billion growth fund.

Founded in 1995, the firm operates through an equal-partnership structure in which general partners share profits equally. Benchmark has no central chief executive or managing partner, and its fund sizes were designed to concentrate investment on early-stage seed and Series A leads rather than expand into massive multi-stage asset management.

The $1.25 billion growth vehicle is one of the most notable structural shifts in Benchmark’s 30-year history. Across Silicon Valley, rising capital requirements for AI computing power, data acquisition, and enterprise scaling have prompted early-stage investors to reconsider how they support companies after their initial funding rounds.

Peter Fenton joined Benchmark in 2006 and is one of the venture industry’s longest-tenured general partners. He has served on the boards of seven companies through initial public offerings, including Twitter, Elastic, New Relic, Zendesk, and Yelp. His active AI portfolio includes Sierra, Digits, and Sema4.ai.

Eric Vishria joined the partnership in 2014 and focuses on early-stage infrastructure and enterprise software. Before entering venture capital, he co-founded and served as CEO of social browser company RockMelt, which Yahoo acquired in 2013. His portfolio includes Amplitude, Confluent, Fireworks.ai, and Cerebras Systems.

Chetan Puttagunta specializes in early-stage enterprise software. His investments include infrastructure and developer tool providers MongoDB, MuleSoft, Elastic, Modern Treasury, Legora, and Stytch.

Everett Randle invests across multiple growth stages and technical categories. His portfolio includes artificial intelligence platform Anthropic, aerospace manufacturer SpaceX, HR software provider Rippling, public safety startup Flock Safety, workflow automation tool Gumloop, and cybersecurity firm Chainguard.

Jack Altman joined Benchmark’s partnership in 2026. He previously co-founded human resources software provider Lattice and established Alt Capital, an early-stage venture firm that raised $425 million across its investment vehicles before his move to Benchmark.

Benchmark’s 2016 investment in custom AI chip maker Cerebras Systems illustrates the firm’s early-stage decision-making. Andrew Feldman and his team initially sought funding for wafer-scale semiconductor hardware, but custom silicon was outside Benchmark’s typical investment comfort zone because of the capital intensity and manufacturing risks involved in chip development.

After reviewing Cerebras’s architectural approach, Vishria and the partnership co-led the company’s $25 million Series A round despite initial hesitations about entering hardware. Ten years later, following Cerebras’s initial public offering, Benchmark retained a 9.5% equity stake in the chip manufacturer.

At Disrupt 2026, the panel will address AI sector valuations, the defensibility of application-layer software compared with underlying foundation models, proprietary data pipelines, and distribution advantages.

TechCrunch Disrupt 2026 takes place October 13–15 at San Francisco’s Moscone West center. The annual event is scheduled to draw more than 10,000 founders, venture capitalists, operators, and industry researchers across six stages, specialized breakout sessions, executive roundtables, the Startup Battlefield competition, and an expanded Expo Hall floor.

Conference registration includes tier-based pricing discounts of up to $200 before rates increase on September 25 at 11:59 p.m. PT. Group registrations of four or more attendees receive a 30% discount.