Tomasz Tunguz, founder of Theory Ventures, has successfully raised $450 million for his second fund in just 19 months, significantly surpassing the $238 million raised for his first fund in April 2023. The San Francisco-based firm quickly secured commitments, filing with the SEC on October 31. Theory Ventures focuses on early-stage software investments, particularly in data, AI, and Web3, typically investing between $1 million and $25 million per deal. Notable investments include Initia Labs and Omni. Tunguz aims to leverage opportunities arising from AI and blockchain technology to support innovative start-ups.