KBank’s $100M Innovation Fund in the Asia-Pacific Region
In a significant move towards fostering innovation in the Asia-Pacific region, Kasikorn Business Technology Group (KBTG), the technology arm of Thailand-based Kasikornbank (KBank), has unveiled a groundbreaking $100 million fund named KXVC. This fund is poised to become a regional gateway for global artificial intelligence (AI), Web3, and deep tech startups, aligning with the financial sector and serving the diverse needs of consumers, corporations, and small and medium-sized enterprises (SMEs).
As the world increasingly embraces technological advancements, financial institutions like KBank recognise the importance of staying at the forefront of innovation. KXVC’s focus on AI, Web3, and deep tech startups demonstrates the bank’s commitment to harnessing the potential of emerging technologies.
The KXVC Fund’s Targeted Sectors
The KXVC fund is strategically divided into three core areas: AI, Web3, and deep tech. Within the AI sector, KXVC is keen to invest in startups developing solutions geared towards consumer-focused AI, with a particular emphasis on problem-specific applications. This includes cybersecurity and artificial intelligence/machine learning (AI/ML) tools, deployment platforms, data annotation, and model optimisation.
In the realm of Web3, KXVC has a diverse range of solutions in its sights. These include investments in wallet technology, infrastructure, modularity technologies, privacy enhancements, alternative layer-1 and layer-2 solutions, node validators, and non-fungible tokens (NFTs) consumerisation. This comprehensive approach highlights KXVC’s intention to support the development of the entire Web3 ecosystem.
Collaborations and Expansion
Before the launch of KXVC, Kasikorn X, the venture builder behind the fund, was already actively involved with various global AI, Web3, and deep tech startups and funds. These collaborations included renowned names like Hashkey Capital, MagicLink, Transak, 1KX, Symbolic Capital, and L2 Iterative Venture.
KXVC is committed to building on these existing partnerships and expanding its collaborative efforts. The fund aims to engage with at least 30 startups and funds in the United States, Europe, Israel, and Asia-Pacific.
Leadership for Innovation
Leading the charge at KXVC is Krating Poonpol, KBTG’s chairman and KBank’s president of technology. Poonpol boasts an impressive track record as a venture capitalist, with over 100 investments, four unicorns, and ten exits across five funds. He will be joined by Jom Vimolnoht, who assumes the role of KXVC’s managing director. Vimolnoht brings substantial experience to the team, having backed over 35 regional startups. Together, they aim to provide global founders the support they need to expand their businesses in the Asia-Pacific region, leveraging the strong synergy with KBank and its partners.
Gateway to the Thriving Asia-Pacific Region
Asia-Pacific has emerged as one of the most dynamic and promising digital ecosystems globally, boasting a population of more than 400 million consumers and a projected economy of $1 trillion by 2030. KXVC is well-positioned to establish itself as a pivotal gateway for global founders seeking to tap into the region’s expansive corporate, SME, and consumer base.
“Resonating with the previous Tech-Disruption waves, AI, Web3, and Deep Tech demand real market adoption, and APAC has much to offer,” Vimolnoht stated, highlighting the immense potential and opportunities that lie ahead for innovative tech startups in the Asia-Pacific region.
In conclusion, KBank’s launch of the KXVC fund represents a significant milestone in the quest for technological advancement in the Asia-Pacific region. With a focus on AI, Web3, and deep tech, the fund is poised to support and drive innovation, enabling global founders to unlock the region’s vast potential. As the digital landscape continues to evolve, initiatives like KXVC underscore the commitment of financial institutions to remain at the forefront of technological progress.
