Japan's SBI sets up $450m AI-blockchain fund
SBI Investment, the VC arm of Japan’s SBI Holdings, has launched a JPY50 billion ($450 million) fund that will focus on artificial intelligence (AI) and blockchain technology.
According to a statement, SBI has contributed JPY20 billion to the vehicle and will pool an additional JPY50 billion from regional institutional investors, including existing LP partners. The firm said the number of investors was expected to significantly exceed that of its latest financial technology fund, which attracted 28 institutional backers.
The SBI AI & Blockchain Fund was established as a follow-up to the SBI Fintech Business Innovation Fund, which closed at JPY30 billion in late 2015 with the Bank of Yokohama contributing $16.4 million. SBI said the fintech fund had contended with a more robust field of start-up talent than anticipated due to the expansive range of user segments related to the targeted technologies.
The new fund is expected to support deal flow in the financial sectors as well as other AI and blockchain related fields including the medical sector, internet-of-things (IoT), robotics and the sharing economy. SBI said it would support company development through its experience in the fintech, IT, mobile technology, and bioscience sectors.
SBI has been an active investor in AI, blockchain and related areas including IoT. Its parent company, SBI Group, claims to have backed 61 fintech companies to date, with a combined commitment of some JPY32 billion.
Recent activity includes participation in a Series B round for Japan-founded and US-based bitcoin exchange Kraken. In 2016, SBI led a $17.5 million Series B for Thailand-based online payment services provider Omise, which subsequently raised $25 million via a cryptographic token sale.
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