This new fund is part of Morgan Creek Digital’s long-term commitment to combining the power of AI, blockchain, and associated chips to unlock data value.
Morgan Creek Digital, a leading crypto investment firm, has announced plans to raise up to $500 million for a new fund to expand its presence in Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC). This initiative will focus on early-stage opportunities in artificial intelligence (AI), blockchain technologies, chips, and data.
As per the announcement, Morgan Creek Digital is planning to expand its presence in EMEA and APAC. To secure the required funds, it is talking to corporate officers, institutional and sovereign investors, and industry specialists in these regions. The company is also contacting partners and investors in the United States.
Notably, the APAC region is expected to nearly triple its investment in generative AI to $3.4 billion by 2024. Additionally, experts project digital budgets for AI in the EMEA region to grow by 40%. This would potentially add $30 billion in new net investment by 2025.
Morgan Creek Digital’s General Partner, Mark Yusko, noted the increasing investments in AI and blockchain technologies in these regions. He stated:
“In particular, the Middle East is going through a renaissance of new cutting-edge technology. With the global reach of Web3, MCD will be spending more time in international markets looking to connect with the best CEOs and partners.”
About Morgan Creek Digital
Morgan Creek Digital, backed by Morgan Creek Capital, was founded in 2018. The firm specializes in blockchain technology and digital assets. In recent years, it has started focusing on technologies such as AI, computing infrastructure, and big data, along with blockchain. Since its inception, MCD has raised over $440 million and holds about 80 equity positions.
This new fund is part of Morgan Creek Digital’s long-term commitment to combining the power of AI, blockchain, and associated chips to unlock data value. It aims to invest in what the firm describes as the “ABCDs” of Web3. As per the announcement, the firm will primarily target technologies that cross industry boundaries, such as high-performance chips used for bitcoin mining or AI training in data centers.
AI Surge
The ongoing AI boom has benefited several tech companies in the US. Venture capital firm Accel stated that major companies, including Apple, Microsoft, Nvidia, and Amazon, saw their valuations rise by 36% in 2023, collectively adding $2.4 trillion.
Meanwhile, governments worldwide are preparing to control this emerging industry. For instance, the European Union (EU) Parliament passed the EU AI Act in 2023 to oversee the development and use of artificial intelligence.
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