(Bloomberg) -- Amplify Partners said it has $375 million in new capital and the goal of finding the next Fastly Inc. or Datadog Inc.

The firm invested in those companies when they were young startups. Now that both are public, Amplify is looking for new technical enterprise companies that it can back.

Amplify has raised $275 million for its next early stage fund and $100 million for its first growth-stage fund. The firm, started in 2012, will have more than $750 million in assets under management.

The firm’s inaugural fund is “by far, our strongest performing fund” compared to others of the same vintage, according to Beezer Clarkson, a managing director at Amplify limited partner Sapphire Ventures. Amplify’s technical expertise sets it apart from other firms, Clarkson said.

“Everybody’s doing enterprise, but it doesn’t mean everyone understands it,” Clarkson said.

Clarkson is optimistic about venture capital, broadly. “This crazy bull ride we’ve had in venture is going to keep going,” she said.

Mike Dauber, a general parter at Amplify, said the enthusiasm for technology right now reminds him of the dot-com bubble. “It feels a bit like 2000,” he said, adding that the strong initial public offering market justifies some of the high-flying private valuations and that he sees growth continuing.

Primer.ai and Covariant are artificial intelligence startups to watch in Amplify’s portfolio, he said. Amplify is also continuing to invest in cloud-related businesses, some of which have benefited from the accelerated digital transformation brought about by the pandemic, said Dauber.

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