Key facts
- Norwest said the $4 billion fund is its eighteenth and largest to date.
- Norwest said the fund will be invested across sectors and in the United States, India and Israel.
- Norwest said it will expand investments in physical AI, voice AI, agentic cybersecurity and aerospace.
- Norwest said it has backed Plaid, Spotify, Uber and Vuori.
- Norwest said it invested in Coval, which builds tools to test and evaluate AI agents, and Generalist AI, which has developed AI foundation models for robots.
Norwest, a firm backed solely by Wells Fargo, said on November 12, 2026 that it raised a $4 billion fund, its eighteenth and largest to date. The 65-year-old multi-stage investment firm said the fund will be invested across various sectors and multiple countries, notably the United States, India and Israel.
Norwest said it aims to capitalize on AI startups developing products and services across core industries such as consumer, healthcare and technology. The firm said it will continue to expand its investments in physical AI, voice AI, agentic cybersecurity and aerospace.
Jeff Crowe, a senior managing partner at Norwest, told TechCrunch the firm is taking a broad approach to AI because its impact is broad. Crowe said the firm is particularly focused on early-stage companies building AI-native applications and infrastructure, physical AI, domain-specific models and cybersecurity solutions.
Norwest cited recent investments including Coval, which builds tools to test and evaluate AI agents, and Generalist AI, a startup that has developed AI foundation models for robots. The firm said it has backed Plaid, Spotify, Uber and Vuori.
Since the launch of its seventeenth fund, a $3 billion raise that closed in 2024, Norwest said it has made more than 87 investments.