Emergence Capital has closed its $1 billion seventh fund, it reported on Tuesday

It’s the firm’s first raise in nearly four years. In May 2021, the San Mateo, California-based venture firm rounded up nearly a billion dollars in capital commitments across two funds. 

At that time, it closed its sixth early-stage fund with $575 million; the firm also raised an opportunity fund for the first time, closing it with $375 million in capital commitments.

Founded in 2003, Emergence was historically focused on enterprise tech startups. Like many other venture firms, Emergence appears to be all in on artificial intelligence, with general partner Joe Floyd telling Fortune: “It’s a generational opportunity for AI investing, period.”

Over the years, Emergence has backed the likes of Bill.com, Salesforce, Gusto, Zoom, Box, and Bill.com.

Stanford University has backed Emergence since 2007. Rob Wallace, CEO of Stanford Management Company, told Fortune that Emergence has “careful investors” and “deep domain specialists in SaaS and software.”