In a groundbreaking move, Kasikornbank (KBank), Thailand’s second-largest bank by assets, has embarked on an exciting journey into the world of Web3, artificial intelligence (AI), and deep tech startups. KBank’s latest initiative, the KXVC fund, has been established with a generous $100 million fund allocation to invest in innovative startups within these cutting-edge fields. Led by seasoned professionals Krating Poonpol and Jom Vimolnoht, this venture promises to reshape the technological landscape of Thailand and the wider Asia-Pacific region.
Meet the Visionaries Behind KXVC
Krating Poonpol, the Group Chairman of Kasikorn Business Technology Group (KBTG), brings a wealth of experience in venture capitalism to the table. His impressive portfolio includes investments in over 100 projects across five funds, resulting in four unicorns and ten successful exits. Working alongside him is Jom Vimolnoht, the Managing Director of KXVC and a prolific investor with over $400 million invested in 35 startups throughout the Asia-Pacific region. With such dynamic leaders at the helm, KXVC is well-positioned to facilitate global founders’ business expansion into the Asia-Pacific region.
A Visionary Investment Strategy
The KXVC fund has set its sights on specific niches within Web3 and AI, emphasizing the bank’s commitment to fostering innovation in these sectors. Let’s take a closer look at their investment focus:
The KXVC fund will actively support startups involved in the blockchain infrastructure space, including node validators and RPC providers. Furthermore, it will focus on middlewares, modularity technologies, privacy solutions, zero-knowledge proofs (ZKP), wallets, alternative layer 1 and layer 2 scaling solutions, shared securities, and projects advancing the consumerization of Non-Fungible Tokens (NFTs). This broad spectrum of investments showcases the fund’s dedication to building the foundations of a thriving Web3 ecosystem.
Within the AI sector, KXVC seeks to invest in startups oriented towards consumers. This includes cybersecurity innovations, AI and machine learning (ML) tools such as deployment platforms, data annotation, and model optimization, as well as problem-specific AI solutions. By supporting these AI ventures, the fund aims to nurture advancements in AI technology that cater to various aspects of daily life.
Past Success Stories
KXVC has already achieved notable success with its investments in regional unicorns like Grab, Nium, and Carro. The fund has also lent its support to Builk, a Thailand-based cloud software company specializing in the construction industry, as well as PRIMO, an omnichannel marketing platform, and Ookbee, a digital magazine platform, among others. These successes serve as a testament to KXVC’s commitment to driving innovation and growth in the region.
In its quest to drive technological progress, KXVC has actively sought collaboration with other AI and Web3-focused funds. The fund has teamed up with industry leaders such as MagicLink, Transak, 1KX, Hashkey Capital, Symbolic Capital, L2 Iterative Ventures, Instari Ventures, and aifund.ai. These partnerships not only expand KXVC’s reach but also facilitate a collaborative ecosystem that fosters innovation and progress in Web3 and AI technologies.
A Bright Future for Innovation
Kasikornbank’s launch of the KXVC fund marks a significant step towards accelerating technological innovation in Thailand and the Asia-Pacific region. With a strong focus on Web3, AI, and deep tech startups, this initiative promises to shape the future of finance, consumer technology, and more. Global founders now have a valuable resource in KXVC to support their expansion into the vibrant digital community of the Asia-Pacific region, home to over 400 million digital consumers.
As the world continues its rapid technological evolution, ventures like KXVC highlight the importance of financial institutions embracing innovation and investing in pioneering startups. With their $100 million fund and a vision for a brighter technological future, Kasikornbank and KXVC are setting a new standard for financial institutions worldwide. We eagerly anticipate the transformative impact of their investments on the Web3, AI, and deep tech landscape, and the opportunities they will create for startups and entrepreneurs alike.
1. What is the significance of Kasikornbank’s entry into Web3 and AI investments?
Kasikornbank’s entry into Web3 and AI investments is significant for several reasons. Firstly, it reflects a growing recognition among traditional financial institutions of the potential of emerging technologies. By investing in Web3 and AI, Kasikornbank is positioning itself to remain competitive and innovative in a rapidly evolving financial landscape. Secondly, it demonstrates the bank’s commitment to fostering technological innovation in Thailand and the Asia-Pacific region, which can have a cascading effect on the broader economy. Additionally, it provides startups in these sectors with a reputable and well-funded partner, which can accelerate their growth and impact.
2. How can global founders benefit from KXVC’s role as a financial gateway to APAC?
Global founders can benefit from KXVC’s role as a financial gateway to the Asia-Pacific (APAC) region in several ways. Firstly, KXVC’s extensive network and experience in the APAC startup ecosystem can help founders navigate the complexities of entering this diverse and dynamic market. Secondly, the fund’s financial support can provide the necessary capital for global founders to expand their businesses in APAC, tapping into a market with over 400 million digital consumers. Additionally, KXVC’s collaborations with other AI and Web3-focused funds create opportunities for founders to access a wide range of resources, expertise, and potential partnerships, facilitating a smoother entry into the APAC region.