Solo GP Ashley Smith closes $25M Fund II for AI, security and dev tools startups

Vermilion Cliffs Ventures on July 8, 2026 closed a $25 million Fund II to back technical founders building in AI infrastructure, security, and developer tools. Founder Ashley Smith runs the firm as one of the few solo women general partners in venture capital.

Smith raised the fund in about four months in 2026, with much of the capital coming from existing investors. It nearly doubles the firm's $13 million debut fund, launched after Vermilion Cliffs was founded in 2023.

Fund II will write checks of $500,000 to $1 million and aims to invest in at least 25 companies over the next two and a half years. It has already backed six.

Smith, who worked in marketing at Twilio, Facebook, GitHub, and GitLab, said she helps founders with go-to-market strategies. "Selling to developers and security teams is its own discipline, and most founders learn it the expensive way with time," she said. "I try to help them skip mistakes I've made or seen other founders make."

As AI infrastructure and security draw investor attention, specialist solo GPs are carving out space by pairing capital with operating experience. Smith is betting that hands-on go-to-market help sets her apart from firms focused mainly on the next round.