- Thailand-based bank, Kasikorn, launches $100 million to fund Web3 and AI startups globally.
- The KXVC fund will be focused on startups in the APAC region, Israel, the EU, and the US.
Kasikorn Bank to Invest in AI and Web3-focused startups in the APAC region.
Kasikorn Bank, a financial giant based in Thailand, has launched a $100 million fund to support Web3 and AI startups globally.
The fund, KXVC, is a venture capital strategy managed by the tech arm of the bank, Kasikorn Business Technology Group(KBTG). The fund was raised to support about 30 Web3 and AI-focused startups worldwide, especially founders in the Asia-Pacific region.
According to Coindesk, the Bank of Thailand gave its approval to KBank for setting up the fund.
Kasikorn Bank is a bank of reputation in Southeast Asia, widely known for its provision of digital services.
Kasikorn Business Technology Group is in charge of managing the fund. KBTG’s leadership is comprised of prominent individuals who possess substantial experience in venture capitalism. KBTG is headed by Ruanjrog Ponpool, The Group Chairman, a veteran venture capitalist with over 100 investments.
The fund will be managed by the Managing Director of KXVC, Jom Vimolnot, an experienced manager who has invested $400 million in 35 startups.
Both thought leaders in venture capitalism, the plan to dominate the Asia-Pacific region’s vast consumer system now commences with the launch of the $100 million fund.
KXVC, an offspring of Kasikorn X, the previous venture arm of KBank, aims to support the AI, Web3, and Deep Tech sectors to bring financial innovation to the APAC to serve consumer needs.
KXVC plans to invest in AI startups that focus on cybersecurity, AI/ML tools (examples which include deployment platforms, data annotation, and model optimization), and problem-specific AI startups.
The bank’s investment in Web3 startups will be based on node validators, RPC providers, middlewares, privacy, alternative L1 and L2s, shared securities, ZKP, wallets, LsdFis, and consumerization of NFTs.
According to the venture Director at KX, the fund will focus on the flexible investment areas in Web3.
“We’re focusing at the infrastructure level mostly. It doesn’t have to be like a pure Web3 decentralized product or service or platform to really serve the masses. Because, like normal users, they just don’t actually care about what’s underneath the application they use. But they care about the benefits,” he said.
KXVC’s expansion into the Asia-Pacific Region is strategic. The APAC region’s digital economy will be worth $1 Trillion by 2030, with over 400 million digital consumers.
The fund was established to tap into the vast economy of the APAC region while offering services to its SME and consumer base of the ecosystem.
“KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners,” Poonpol, the Chairman of KBTG, said in the press release.
“Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech demand real market adoption, and APAC has much to offer,” The Managing Director of KXVC added.
Before the launch of the fund, Kasikorn X has partnered with leading global AI, Web3, and Deep Tech startups, including HashKey Capital, Transak, MagicLink, 1KX, and others.
