Norwest closes $4B fund to back AI, healthcare and financial infra

Norwest, an investment firm focused on venture capital and growth equity, has closed a $4 billion fund, Norwest 18, the largest in its 65-year history. It will back companies in technology, healthcare and consumer markets across the US, India and Israel, from early-stage ventures to established businesses.

Founded in 1961, Norwest says it has invested in more than 750 companies and currently works with over 275 portfolio businesses. Its Indian investments include OfBusiness and Swiggy, and it has a Mumbai office. The firm notes its multi-stage approach is intended to support companies as they move from early development to expansion.

Norwest 18 follows Norwest 17, launched in April 2024. Since then, the firm says it has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events, when investors can realise value from a holding. These include stock market listings by Amagi Media Labs and Swiggy, and acquisitions of businesses including Qualified by Salesforce and Veza by ServiceNow.

The firm believes its role extends beyond providing capital, particularly as businesses face more complicated growth decisions. Senior Managing Partner Jeff Crowe said companies are staying private for longer, expanding across markets and navigating increasingly complex decisions involving technology, talent and growth. 

“Capital is only one part of what they need,” he said, emphasising the importance of long-term support, industry experience and networks.

Norwest expects AI to create opportunities across its established sectors and newer areas, including financial infrastructure, physical and voice AI, cybersecurity for AI agents, industrial technology, aerospace and healthcare. Norwest cites Beltic, Rain and Stablecore in payments and digital-currency infrastructure, and LlamaIndex and Generalist AI in intelligent systems.

The strategy comes as Indian technology investment becomes more concentrated. AI startups in the country raised $1.6 billion in the first nine months of 2026, compared with $677 million a year earlier, but funding rounds fell 43%. Four large deals accounted for 72% of the total, indicating that capital is flowing disproportionately to infrastructure and model developers, while application businesses struggle to convert interest into paying customers.

Recent Indian fundraises show activity across related sectors. Bengaluru-based Even Healthcare raised $50 million in October from Khosla Ventures and Alpha Wave to expand its managed-care and hospital operations, while wealth technology startup PowerUp Money raised $10 million in November, led by Flourish Ventures, to develop AI-enabled wealth management.

Policy is also shaping the market. The IndiaAI Mission has expanded shared computing capacity to more than 45,000 graphics processing units, and selected 20 proposals for locally developed foundation AI models. In July, the Cabinet approved Semicon 2.0, with a Rs 1.275 trillion budget for semiconductor design and manufacturing.

Norwest is also strengthening support beyond funding by doubling its Senior Advisor Network, adding operating executives and launching the Norwest Operator Collective and Norwest Kinetic. 

Managing Partner Jon Kossow said Norwest’s investment approach was built around maintaining long-term relationships with businesses as their requirements evolve. Its multi-stage strategy allows the firm to “meet companies where they are” and continue supporting them as they grow, he said.