Jack Altman Secures $275 Million for Alt Capital’s AI-Focused Strategy
In September 2025, Alt CapitalDealroom has a profile for this one. Try Dealroom →, the San Francisco-based venture firm led by former Lattice chief executive Jack AltmanDealroom has a profile for this one. Try Dealroom →, closed $275 million for its second fund. The raise, completed in about a month, represents a sharp increase from the firm’s $150 million vehicle in early 2024 and underscores investor appetite for artificial intelligence startups in the enterprise space.
Altman, a solo general partner, plans to deploy the new fund primarily in Series A rounds, where his operating background is expected to be most valuable to founders. The fund’s limited partners include institutions such as the University of MichiganDealroom has a profile for this one. Try Dealroom →, TrueBridge Capital Partners, and Cendana CapitalDealroom has a profile for this one. Try Dealroom →.
Alt Capital’s first institutional fund backed 20 startups, with investments ranging from restaurant software provider OwnerDealroom has a profile for this one. Try Dealroom →, now valued at $1 billion, to legal AI startup Legora, whose valuation has risen to $675 million. While there have not yet been exits, several portfolio companies have secured significant follow-on rounds at higher valuations.
Altman has acknowledged that valuations in early-stage AI remain elevated—sometimes 100 times a company’s annualized revenue—but maintains that the long-term potential justifies the trend. He believes the current wave could lead to a full replacement cycle for enterprise software.
Sources:
The Wall Street Journal
TechCrunch
Yahoo!Finance
J.V.
