Early-stage company Magnify Ventures has raised $46.6 million for its second LP fund, including Melinda French Gates’ Pivotal Ventures.

Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify invests in companies focused on the care economy, such as those creating assistive robotics, family cybersecurity, and artificial intelligence for home use.

The firm said Fund II will invest in companies that build artificial intelligence tools for homes, home and health systems, and financial technology infrastructure for families.

The venture firm last raised a $52 million Fund I in 2022 (Pivotal Ventures anchored that fund) and backed child care startup Kinside and child expense management startup Till Financial (in which Pivotal Ventures was also an investor).

Pivotal Ventures typically acts as a GP and LP, backing companies developing in the care economy. His investments include care startups Papa (in which Magnify Ventures was also an investor) and Seen Health.