Accel announced on Tuesday that it raised $5 billion in fresh capital to back late-stage companies.

The venture firm told Bloomberg that $4 billion will go to its late-stage Leaders Fund, for which it hopes to cut at least 20 checks, averaging $200 million each. Accel is looking to invest in companies building AI-powered technology, with a focus on software, hardware, robotics, defense tech, and data center infrastructure.

Accel limited partners also poured in $650 million, which will go to a “sidecar” fund, Bloomberg reported, allowing the firm to increase its investments in certain companies. 

Accel has backed more than 800 companies to date, including Anthropic, Perplexity, and Lovable. This latest fundraise comes as the firm hopes to keep up with the AI boom competition.

A spokesperson for Accel did not respond to a request for comment.