Only GP Ashley Smith announces second $25 million fund to back startups in artificial intelligence, security and more | TechCrunch0

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• July 8, 2026

Vermilion Cliffs Ventures announced Wednesday the closing of a $25 million Fund II. The company was founded in 2023 by operator-turned-investor Ashley Smith, who runs it as one of the few solo female GPs in venture capital. Speaking to TechCrunch, Smith said this fund will continue the company’s thesis of backing technical founders, specifically those