On May 24, Singapore-based venture capital (VC) firm Foresight Ventures announced that it will pledge an additional US$10 million to its Foresight X Accelerator, bringing its total to US$20 million. The move comes as the company kicks off Phase 2 of its accelerator applications, which will focus on building artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin-based Web3 projects , liquid collateralized derivatives and a non-fungible token ecosystem.
This follows Foresight's $10 million grant for its accelerator, which launches in November 2022. In the first phase, Foresight focused on 30 companies in its Web3 project pool, offering investments ranging from $50,000 to $200,000. As the acce lerator enters its second phase, Foresight will allocate $200,000 to each selected project and assign up to three mentors and a fund partner from VC firms to provide hands-on guidance. There will also be a Demo Day following the program.
Founded in 2020, Foresight has over $400 million in assets under management (AUM) across its VC portfolio. Its assets under management rose sharply from $80 million in 2021 after acquiring Singapore-based cryptocurrency exchange Bitget and s igning a limited partnership with multi-chain wallet provider BitKeep.
In June 2022, the company launched a $200 million capital pool to invest in private placement rounds of cryptocurrency projects, looking to gain liquidity amid volatile market conditions. Last month, the firm was one of several venture capital firms to part ner with cryptocurrency exchange Bitget to launch a $100 million Web3 fund focused on global blockchain projects.
