Solo GP Ashley Smith closes $25M second fund for AI and security startups

• •Ashley Smith, solo GP at Vermilion Cliffs Ventures, announced the closing of a $25 million Fund II on Wednesday.
• •The fund will prioritize investments in AI, cybersecurity, and enterprise software sectors.
• •Details regarding the fund's specific investment check sizes or current portfolio distribution remain undisclosed.

Ashley Smith has raised a $25 million second fund for her firm, Vermilion Cliffs Ventures. This follow-up fund matches the $25 million size of her debut vehicle, maintaining a consistent scale for her solo operations. While the firm focuses on AI and security, it remains unclear how the competitive venture landscape will affect her ability to secure late-stage follow-on funding for these startups. Whether this repeat capital allows Smith to move beyond early-seed participation will determine the firm's long-term influence.