Singapore based Marvelstone Group has launched a private equity fund for artificial intelligence (AI) investment. Marvelstone said it will invest in AI startups and projects through Marvelstone Capital, across geographies including the UK, China, Singapore, and Canada.
The open-ended fund is targeting a capital raise of USD $20 million in its first stage. The fund will be stage agnostic with one of the fund’s first key investments to be into an AI hub project, with capital deployments beginning in 2018.
“We see AI as a paradigm shifting technology, along with Blockchain. The launch of this private equity fund is in line with our earlier announcement from October last year to launch an AI hub,” commented Joel Ko Hyun Sik, President of Marvelstone Group. “We have also been building a database of global AI startups and projects, with plans to invest in startups at the cutting edge of global trends.”
Marvelstone pointed to data by CB Insights that AI funding topped $15 billion in 2017 jumping dramatically versus year prior. The US still leads globally in terms of the number of AI startups and total equity deals but Marvelstone says it is gradually losing its previous overwhelming dominance.
Marvelstone may also be recognized for backing the Singapore Fintech Hub LATTICE80 which has since shifted its focus to cryptocurrency innovation. Marvelstone made a commitment in October to open an AI hub.
