The venture capital firm will allocate up to $200,000 to blockchain projects that it deems promising.
On May 24, Singaporean venture capital (VC) firm Foresight Ventures announced that it will provide an additional $10 million in its Foresight X software, bringing its total to $20 million.
This move comes as the company opens the second phase of the software, which will focus on the Web3 project leveraging artificial intelligence (AI), zero knowledge (ZK), machine learning, Bitcoin BTC ($26,223), water-based products that are environmentally non-fungible.
Initially, Foresight has allocated $10 million to its application, which starts in November 2022. In its first phase, Foresight focused on 30 companies from its Web3 pool, offering an investment of $50,000 to $200,000. As the accelerator enters its second phase, Foresight will allocate $200,000 to each selected project and assign up to three advisors and a financial partner from the company’s headquarters to provide guidance.
A presentation day will also take place at the end of the program. Founded in 2020, Foresight has combined assets under management (AUM) of more than $400 million in its corporate capital portfolio.
Its AUM has increased significantly from the $80 million it had in 2021 after acquiring Singapore-based cryptocurrency exchange Bitget and signing a partnership with small chain provider BitKeep. In June 2022, the company released a capital pool of $200 million to invest in a private round of crypto projects seeking to gain liquidity in volatile market conditions.
Last month, the company is one of the many venture capitalists that cooperate with the cryptocurrency exchange Bitget to launch a $100 million Web3 fund focused on blockchain projects around the world.
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