Kasikornbank (KBank) has launched a $100 million fund to invest in AI, web3 and deep tech startups.
The fund will be led by Krating Poonpol, the group chairman of KBTG and Jom Vimolnoht, Managing Director of KXVC.
For Web3, the fund is specifically targeting Web3 infrastructures, node validators, RPC providers and the commercialisation of NFTs, among others.
Kasikornbank (KBank), Thailand’s second-largest bank by assets is making its foray into Web3. The bank has launched the KXVC fund, which will see it invest across artificial intelligence (AI), Web3 technologies and deep tech startups.
According to the announcement on Wednesday, the fund will be led by Krating Poonpol, the Group Chairman of Kasikorn Business Technology Group (KBTG) and Jom Vimolnoht, the Managing Director of KXVC, the venture arm of Kasikorn X (KX).
Poonpol boasts a strong track record as a venture capitalist, having invested in over 100 projects across five funds, which yielded four unicorns and ten exits.
On the other hand, Vimolnoht has invested more than $400 million across 35 startups in the APAC region. KXVC is looking to become the financial gateway to APAC for global founders as they look to tap into the rich digital community of the region, boasting over 400 million digital consumers.
Commenting on the announcement, Poonol 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.”
For Web3, the fund will back startups within the blockchain infrastructure space, node validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi and those championing the consumerisation of NFTs.
For AI the fund is looking to invest in consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, data annotation, model optimization), and problem-specific AI startups, the company wrote in a press release.
KXVC has already invested in regional unicorns including Grab, Nium and Carro. It also backed Builk, a Thailand-based cloud software company focusing on the construction industry, as well as, PRIMO — and Omnichannel marketing platforms and the digital magazine platform Ookbee, among others.
KX has also been busy teaming up with other AI and Web3-focused funds, after collaborating with MagicLink, Transak, 1KX, Hashkey Capital, Symbolic Capital, L2 Iterative Ventures, Instari Ventures, and aifund.ai.
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The post Thailand’s Second-Largest Bank Launches $100M Fund for Web3, AI and Deep Tech Startups appeared first on NFTgators .