Marvelstone Launches Private Equity Fund to Drive AI Investment

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  • $20M AI Fund: Targeting a $20 million capital raise in the first phase, which will be stage agnostic and include developed and emerging markets.
  • Key Markets: Investments into AI startups will be of particular interest in markets including the UK, Singapore, China, and Canada.
  • Building on AI Hub: The private equity fund is the next phase in Marvelstone’s earlier commitment from October to open an AI hub.

 

9 April 2018, Singapore — 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 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.

 

Joel KO Hyun Sik, President of Marvelstone Group, 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 $15.2 billion (+144 per cent year over year), spread over 1,349 deals. By geography, the U.S. still leads globally in terms of the number of AI startups and total equity deals but is gradually losing its previous overwhelming dominance.