Marvelstone launches private equity fund to drive AI investment

By Digital News Asia April 10, 2018

Target markets include the UK, Singapore, China, and Canada
Balances investments between developed and emerging markets

Marvelstone launches private equity fund to drive AI investment

MARVELSTONE Group, the private investment firm based in Singapore, has launched a private equity fund to drive artificial intelligence (AI) investment. The group will invest in AI startups and projects through Marvelstone Capital, across geographies including the UK, China, Singapore, and Canada.

The open-ended, stage agnostic fund is targeting a capital raise of US$20 million (RM77.33 million) in its first stage, with an investment thesis that balances investments between developed and emerging markets to maximise portfolio synergies. One of the fund’s first key investments will be into an AI hub project, with capital deployments to begin in 2018.

Marvelstone Group president Joel Ko Hyun Sik (pic) said: “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. 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.”

According to data from CB Insights, total AI funding in 2017 reached S$15.2 billion (+144% year over year), spread over 1,349 deals. By geography, the US still leads globally in terms of the number of AI startups and total equity deals but is gradually losing its previous overwhelming dominance.