Key facts
- Variant has raised $222 million for a new fund.
- The fund will invest in companies focused on AI, crypto, and 'autonomy'.
- Founder Jesse Walden sees 'autonomy' as enabling more user agency.
- Walden believes crypto's development offers lessons for AI.
- Walden describes crypto as 'plumbing' that enables products.
Venture capital firm Variant has announced the successful closure of its fourth fund, Variant 4, with $222 million in capital. The fund's investment thesis is centered on artificial intelligence (AI), cryptocurrency, and 'autonomy,' which founder Jesse Walden defines as a broader concept encompassing applications that provide more agency for users. Walden, who previously worked at Andreessen Horowitz before founding Variant in 2020, believes that the role of a dedicated 'crypto investor' will diminish in the coming years, akin to how 'Internet investor' is no longer a distinct category. He sees the principles of decentralization that drove the Web 3 movement, and the rigorous development of systems in the crypto space, as offering valuable lessons for the burgeoning field of AI. Walden views crypto as foundational 'plumbing' that enables various products and applications, a perspective he believes will be increasingly relevant as AI agents become more integrated into business operations. The firm's previous investments include DeFi platforms like Uniswap and Morpho.