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Kasikornbank launches $100M KXVC fund targeting AI, Web3, and deep tech startups globally

EditorAmbhini Aishwarya
Published 2023-09-15, 03:08 a/m
© Reuters.

Kasikorn Business-Technology Group (KBTG), the tech arm of Thailand's second-largest bank Kasikornbank (KBank), launched a $100 million flagship fund named KXVC on Friday. The fund aims to target AI, Web3, and deep tech fintech startups globally that have potential synergy in the Asia-Pacific (APAC) region.

The KXVC fund will be led by Ruangroj Poonpol, Group Chairman of KBTG, and Jom Vimolnoht, Managing Director of KXVC. Both leaders bring significant venture capital experience to the table. Poonpol has a track record of over 100 investments across five funds, contributing to the creation of four unicorns and ten successful exits. Vimolnoht has backed more than 35 startups in the APAC region with a total investment exceeding $400 million.

"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 said in a statement. Vimolnoht added that AI, Web3, and deep tech demand real market adoption, and the APAC region has much to offer.

The fund's focus aligns with the financial sector while catering to consumer, corporate, and SME needs in APAC. For AI, KXVC aims to invest in consumer-focused AI, cybersecurity, AI/ML tools such as deployment platforms, data annotation, model optimization, and problem-specific AI startups.

KXVC has already collaborated 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. The fund plans to continue these investment activities and intends to invest in over 30 startups and funds globally, focusing on the United States, the European Union, Israel, and APAC.

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The launch of KXVC comes amid a challenging time for the crypto venture capital industry. Data from The Block Research indicates a decline in investment in crypto startups for five consecutive quarters. However, some crypto funds like Kraken Ventures, Electrical Capital, and CoinFund are actively raising capital or planning to do so.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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