Morgan Creek Digital is looking to raise approximately $500 million towards its artificial intelligence, blockchain technologies, chips and data startups. The new fund will focus on early-stage companies that integrate AI with blockchain and use specialized chips for data opportunities. Additionally, Morgan Creek has also expressed plans to engage senior CEOs and partners in different global regions.
Morgan Creek's $500 Million Funding Initiative
Morgan Creek Digital has announced its intention to raise $500 million, aiming to create a new venture fund for industries operating at the intersection of artificial intelligence and blockchain technologies. This fund will target early-stage companies focused on AI-powered blockchain applications and proprietary chip technologies that increase data usage.
One of the main focuses of the new fund will be investing in high-performance chips for Bitcoin mining and training artificial intelligence models in data centers. The hedge fund is in talks with potential investors and partners from Europe, the US, the Middle East, Africa and the Asia-Pacific region.
Mark Yusko, General Partner of Morgan Creek Digital, emphasized the importance of opening up to international markets and stated that the EMEA and APAC regions, in particular, have the potential to become leaders in technology investments in the fields of artificial intelligence and blockchain. This regional interest is supported by increasing levels of funding and investment.
Morgan Creek predicts that APAC countries' investments in productive AI could triple, and capital flows into similar sectors in the EMEA region could increase by 40%. These expansions are expected to add another $30 billion in new net investments over the next year. The organization has raised more than $440 million to date and is demonstrating its capacity to attract significant investments.
Morgan Creek's new fund comes during a boom in the crypto venture capital market. According to data from Galaxy Research, there will be significant funding activities in the first half of 2024, especially for early stage startups. While 2.5 billion dollars were collected through 603 transactions in the first quarter, 3.2 billion dollars were obtained in the second quarter, despite a decrease in the number of transactions.
Market Trends and Future Outlook
Increased investor sentiment due to the expected bull market and fear of missing out (FOMO) may lead to larger increases in funding activities in the crypto venture capital market. As investors begin to take positions to take advantage of new opportunities, this leads to an increase in competition and transaction volume within the sector.
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