As investments in artificial intelligence (AI) continue to soar, a portion of these funds is finding its way into the Web3 landscape. The most recent development is the launch of a new fund aimed primarily at supporting startups in the Web3 and AI sectors.
Today, the KASIKORN Business-Technology Group (KBTG), a tech subsidiary of KASIKORNBANK (KBank), unveiled its KXVC fund, with a whopping $100 million in capital. This flagship fund is specifically geared towards nurturing fintech startups involved in AI, Web3, and Deep Tech, with a focus on fostering potential synergies in the Asia-Pacific (APAC) region. The announcement was made just hours ago at the TOKEN2049 event held in Singapore.
For many years, the Asia-Pacific region, particularly Southeast Asia, has stood out as a vibrant digital ecosystem. With a population exceeding 680 million people, it’s no wonder that its digital economy is projected to hit a staggering $1 trillion by 2030, drawing in over 400 million digital consumers. With this fund, KXVC is positioned as a key regional gateway to support global entrepreneurs in AI, Web3, and Deep Tech Startups, leveraging the synergies with KBank to foster financial innovations across the APAC landscape.
Heading up this formidable fund will be Krating Poonpol, the Group Chairman of KBTG, who boasts an impressive track record in venture capital, having made over 100 investments, contributed to 4 unicorns, and orchestrated 10 successful exits across 5 funds. Joining him is Jom Vimolnoht, the Managing Director of KXVC, with substantial experience in startups involving investments totaling $400 million and support for more than 35 regional startups. KXVC, an offspring of KASIKORN X (KX), is now racing ahead with plans to establish itself as a prominent entry point into the APAC market for global entrepreneurs, connecting them to the extensive corporate, SME, and consumer network within its ecosystem.
In a statement, KBTG Group Chairman Krating Poonpol said: “KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners.”
“Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech, demand real market adoption, and APAC has much to offer.” Jom Vimolnoht, Managing Director, KXVC.
KXVC’s core focus revolves around AI, Web3, and Deep Tech, aligning closely with the financial sector while catering to the needs of consumers, corporations, and SMEs in APAC. In the realm of AI, KXVC intends to invest in AI solutions for consumers, cybersecurity, AI/ML tools (including deployment platforms, data annotation, and model optimization), as well as startups addressing specific problem areas.
When it comes to Web3, KXVC sets its sights on Web3 infrastructures, node validators, RPC providers, middleware, modularity technologies, privacy, zero-knowledge proofs (ZKP), wallets, alternative Layer 1/Layer 2 solutions, shared securities, Liquid Staking derivatives (LsdFi), and the consumerization of NFTs.
Even before its official launch, KX has been collaborating with leading global AI, Web3, and Deep Tech startups and funds such as MagicLink, Transak, 1KX, Hashkey Capital, Symbolic Capital, L2 Iterative Ventures, Instari Ventures, and aifund.ai.
KXVC said it plans to use this fund to continue and expand these investment activities by supporting over 30 startups and funds worldwide, with a particular focus on the United States, the European Union, Israel, and the broader APAC region.