diff --git a/CMakeLists.txt b/CMakeLists.txt
index 3430c9bd6..7a7e48373 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -183,7 +183,7 @@ if(BUILD_CODE_COVERAGE)
 endif()
 
 # Setup VERSION
-set(VERSION_STRING "3.4.0")
+set(VERSION_STRING "3.5.0")
 rocm_setup_version(VERSION ${VERSION_STRING})
 math(EXPR rocprim_VERSION_NUMBER "${rocprim_VERSION_MAJOR} * 100000 + ${rocprim_VERSION_MINOR} * 100 + ${rocprim_VERSION_PATCH}")