Famed West Coast venture capitalist Vinod Khosla has raised more than $1 billion in two new energy and clean-tech funds.

 

His Khosla Ventures III Fund has reached its $750 million target and will focus on early and mid-stage venture investments in cleantech and IT. The VC outfit is also aiming to raise $250 million for its first seed-stage fund, PEHub reports.

 

Khosla Ventures has added seven new cleantech and IT companies to its portfolio this year, including solar specialist Skywatch, cellulosic sugars firm HCL and green IT outfits Rayspan and SeaMicro.

 

“Our goal is to assist entrepreneurs and we are honored to have been able to do so with a number of companies over the past five years,” Khosla said. “Over time, we hope to help companies scale to become large sustainable business.”