Kasikornbank (KBank), Thailand’s second-largest bank by assets, has launched a $100-million fund targeting artificial intelligence (AI), Web3, and deep-tech fintech startups in APAC. The KXVC fund will be led by Krating Poonpol, Group Chairman of Kasikorn Business Technology Group; and Jom Vimolnoht, Managing Director of KXVC, according to the press release. “KXVC will be a stepping stone for global founders to drive their business expansion in APAC with strong synergy with KBank and our partners” said Poonpol. The fund prioritises AI, Web3, and deep tech, aligning with the financial sector while serving consumer, corporate, and SME needs in APAC. For AI, KXVC aims to invest in consumer-focused AI, cybersecurity, AI/ML tools, and problem-specific AI startups. For Web3, KXVC targets Web3 infrastructures, nodes validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi, and consumerisation of NFTs. Beacon VC, KBank’s corporate venture capital arm, was planning to raise $50-100 million more from its parent bank for tech investments in July last year. The firm has backed regional unicorns such as Grab, Nium, and Carro as well as Thai companies such as Builk, a cloud-based software for the construction industry; digital magazine platform Ookbee; omnichannel marketing platform PRIMO; digital asset advisory and investment business Cryptomind; and POS and restaurant management system startup FoodStory, among others.
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