Venture investor Correlation Ventures raised $130 million for its third fund, Correlation III, raising its total assets under management to $500 million.

The fund will co-invest in private, US venture-backed companies. The San Diego, San Francisco and New York City-based firm invests in all industry sectors and investment stages, making investments from $100K to up to $4 million in an initial investment, and up to $10 million over the company’s lifecycle.

Correlation uses predictive quantitative models to make its investment decisions, including inputs related to the company, the financing round and investors. The firm typically makes investment decisions within “days, and always in under two weeks.”

Led by co-founder and managing directors David Coats and Trevor Kienzle, the firm has invested in over 400 companies since inception in 2010, including biotech company SynthorX, AI lending marketplace Upstart Lending and quantum computer hardware maker IonQ, among others.

“With Correlation III, we intend to continue to extend our lead in AI-driven venture capital and we remain committed to providing a differentiated and highly attractive value proposition to founders and other VCs, as well as superior returns to LPs,” said Coats.

As part of the new fund, the firm promoted Wesley Barrow and Moiz Saifee to Partners.