Much of the Money flooding into AI has gone to chatbots, copilots and eye-catching applications. But behind the demos, a different race is unfolding: Who will build the infrastructure that makes the AI era possible?
Heavybit, the San Francisco venture firm known for backing technical founders building enterprise infrastructure and developer tools, is placing its biggest bet yet on that question. Today, Heavybit announced it raised over $180 million across two new funds—its largest raise to date—aimed at supporting startups building what it calls the “software stack of the future.”
That stack, according to Heavybit Founder and Managing Director Tom Drummond, will look fundamentally different as AI reshapes how software is built and deployed.
“We see a future of software maximalism,” Drummond wrote in a blog post. “Every dimension of how software is designed, delivered and operated is changing dramatically. AI is rewriting the rules, and the infrastructure to support it needs to evolve just as fast.”
Founded in 2013, Heavybit has invested in companies like Tailscale, LaunchDarkly and PagerDuty. Its portfolio spans more than 80 startups across 15 countries, with founders collectively raising more than $5 billion in follow-on funding.
Heavybit’s latest raise reflects a growing belief among investors that the next wave of AI adoption hinges on solving key infrastructure and developer challenges, the less glamorous, but essential, backbone of scalable AI.
Supporting that view, Gartner projects that 75% of enterprise software engineers will use AI coding assistants by 2028, up from just 10% in 2023. Other reports estimate global AI infrastructure spending will surpass $200 billion by the end of the decade.
Other venture firms are also trying to plant a stake in this space. Emergence Capital, long known for enterprise software investments, closed a $1 billion fund in March. Susa Ventures raised $175 million for its fifth fund, continuing its focus on technical founders and infrastructure. Other players, including Uncork Capital, Sunflower Capital and Work-Bench, have announced new funds targeting AI’s foundation layer.
Heavybit’s new fund stands out for its focus on developer-first and AI-supporting software infrastructure, an area that is increasingly critical as enterprises race to build, deploy and scale AI systems at speed.
For founders, that presents opportunity and heightened competition. Infrastructure has attracted intense interest, but many believe evolving technical demands—from Security to deployment at scale—will create new bottlenecks and new breakout companies.
The spotlight may shine brightest on AI’s most visible apps, but the real transformation is happening behind the scenes. As AI reshapes industries, it’s the invisible architecture, the infrastructure, that will determine who thrives.
With its new fund, Heavybit is doubling down on the technical founders who are building that next layer. In the end, the future of AI won’t be written by the flashiest demo, but by the strength of the foundation beneath it.
Disclosure: Heavybit is a consulting client. This article reflects independent reporting and analysis.
Illustration generated with the help of ChatGPT.
