Kasikornbank (KBank), one of Thailand's leading private banks, has unveiled its flagship investment fund dedicated to the field of artificial intelligence (AI). Dubbed KXVC, this fund will primarily target startups operating in the AI sector, alongside those in Web3 and deep tech, with a primary focus on the Asia Pacific (APAC) region.
The fund, as outlined in a press release dated September 13, is endowed with a substantial investment budget of $100 million. It will be spearheaded by Kating Poonpol, who chairs KBank's Business Technology Group. Poonpol envisions KXVC as a catalyst for global founders, enabling them to expand their businesses across the Asia-Pacific region through strategic collaborations with Kasikornbank and its partners.
KXVC's investment scope is multifaceted. It will consider investments in AI startups with a consumer-oriented approach, as well as those involved in cybersecurity and AI/ML tools, such as deployment platforms, data annotation, and model optimization. Additionally, the fund will explore startups dedicated to specific problem-solving AI applications. In the realm of Web3, KXVC aims to invest in infrastructure, node validators, middleware, modular technology, zero-knowledge proofs, and various other aspects of the Web3 ecosystem.
However, KXVC does not plan to confine itself to rigid investment boundaries. Thanaarmates Arriyavat, the director of risk at KXVC, explained that the fund will prioritize infrastructure. It doesn't necessarily require investments in purely decentralized Web3 products. Instead, it seeks to serve the wider audience by focusing on applications that resonate with the average user's preferences and profitability.
KXVC intends to invest in over 30 startups and funds worldwide, with a strong emphasis on regions like the United States, European Union, Israel, and the Asia-Pacific. Kasikornbank has previously ventured into the digital economy. In 2021, the bank began experimenting with decentralized finance (DeFi) services as part of its strategic business expansion. Going further back, in 2018, the bank joined Visa's blockchain-based solution for cross-border business-to-business payment transactions.
As of 2023, Kasikornbank stands as Thailand's second-largest bank in terms of assets, boasting assets worth 3.6 trillion baht, equivalent to around $100 billion.
