TCV
About TCV
Growth-stage technology investor.
TCV, short for Technology Crossover Ventures, was founded in 1995 by Jay Hoag and Rick Kimball. It is based in Menlo Park, California, and also has a London office, opened in 2012. Jay Hoag is a Founding General Partner, chairs the Investment Committee and sits on the Executive Committee. Rick Kimball is now a Senior Advisor. Other general partners and partners listed on the firm's team page or by third-party databases include John Doran, Tim McAdam, Woody Marshall, Jake Reynolds, Neil Tolaney and Nari Ansari. TCV does not publish a separate AI team. Tracxn lists Tim McAdam as a board member at Vectra AI. The firm's site says it has raised about $24B in capital since 1995.
TCV does not run a separate AI fund. It backs AI companies through its general growth funds, alongside software and internet companies. Its 2026 AI activity on the Lounge deals desk is mostly late-stage leads. In July 2026 it was one of three lead investors, with Atreides Management and Index Ventures, in Fireworks AI's $1.5B Series D at a reported $17.5B valuation. In October 2026 it led Albert Invent's $55M Series B. In September 2026 it co-led Upwind Security's $300M round with Bessemer Venture Partners. TCV had also invested in Upwind earlier, in its January 2026 Series B. Tracxn shows an earlier AI-infrastructure bet: TCV first invested in Arize AI in a Series B in September 2022. Tracxn also reports that Arize AI was acquired in August 2026.
TCV describes itself as a provider of growth capital to private and public technology companies, so it is not a seed or early-stage investor. Its AI deals on the desk are Series B, Series C and Series D rounds, with Upwind logged as a growth round. TCV does not publish a standard check size or ownership target. Fund XI was reported at $4B when it closed in January 2021, up from about $3B for the 2019 fund. One profile gives $4.6B for Fund XI, so the exact figure is unclear. I did not find a public figure for a later fund.
- Fireworks AI: platform for training and serving custom AI models; $1.5B Series D led with Atreides Management and Index Ventures, July 2026.
- Albert Invent: chemistry-focused AI for materials and chemical R&D; $55M Series B led by TCV, October 2026.
- Upwind Security: runtime-first cloud security with AI security products; $300M round co-led with Bessemer, September 2026, after TCV joined the January 2026 Series B.
- Arize AI: AI observability; TCV first invested in a Series B in September 2022. Reported acquired in August 2026.
Investing activity
TCV appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $2.26B, and led 3 of them. The rounds are mostly Series C, Series B and Growth, with a median round size of $400M and the largest at $1.5B. The most recent are Upwind Security (Series C, $400M, Oct 2026), Albert (Albert Invent) (Series B, $55M, Oct 2026) and Upwind Security (Growth, $300M, Sep 2026).
TCV most often invests alongside Bessemer Venture Partners, Cyberstarts, Salesforce Ventures and Craft Ventures, and the companies it backs on AI Lounge are mostly in AI cloud security, Chemistry AI / materials R&D software and Cloud & AI security.
Deals
Frequently asked questions about TCV
Does TCV invest in AI startups?
Yes. In 2026 TCV led or co-led rounds in Fireworks AI, Albert Invent and Upwind Security. It also invested in Arize AI in 2022.
What stage does TCV invest in?
TCV invests at the growth stage. Its recent AI deals are Series B to Series D rounds, not seed or Series A.
How big are TCV's funds?
TCV's 2021 fund, its eleventh, was reported at $4B, up from about $3B in 2019. Another profile gives $4.6B, so treat the exact figure with care. The firm says it has raised about $24B in total since 1995.
How large a check does TCV write?
TCV does not publish check sizes. Its recent rounds were $55M to $1.5B in total round size, with TCV leading or co-leading.
Who founded TCV and where is it based?
Jay Hoag and Rick Kimball founded TCV in 1995. It is headquartered in Menlo Park, California, with an office in London.
What AI companies has TCV invested in?
TCV's AI investments include Upwind Security, Albert (Albert Invent) and Fireworks AI. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is TCV based?
TCV is based in Menlo Park, US.
What stage does TCV invest at?
In the rounds tracked on AI Lounge, TCV has invested at Series C, Series B, Growth and Series D, with a median round of $400M. TCV led 3 of those rounds.
Who does TCV co-invest with?
TCV's most frequent co-investors on AI Lounge are Bessemer Venture Partners (2 deals), Cyberstarts (2 deals), Salesforce Ventures (2 deals), Craft Ventures (2 deals) and Greylock (2 deals).
How can founders reach TCV?
Founders on AI Lounge can see TCV's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add TCV to their Investor Pipeline to track the conversation.