Morgan Creek Digital aims to secure up to $500 million for a new venture capital fund focused on early-stage opportunities in artificial intelligence (AI), blockchain technology, chips, and data. The company announced this initiative in a press release on Friday. The firm is engaging with sovereign and institutional investors, corporate officers, and industry experts across Europe, the Middle East, Africa (EMEA), and the Asia-Pacific (APAC) regions to broaden its international presence. Additionally, discussions are ongoing with U.S.-based investors and partners.
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The venture capital firm highlights the EMEA and APAC regions as future leaders in technological advancements, particularly in AI and blockchain. “With the global reach of Web3, MCD will be spending more time in international markets looking to connect with the best CEOs and partners,” stated Morgan Creek Digital General Partner Mark Yusko in the release.
The new fund will invest in the “ABCDs” of Web3, targeting companies that integrate AI, blockchain technology, and chips to extract value from data. The firm prefers investments that span multiple sectors, such as high-performance chips used for AI training in data centers or for Bitcoin mining.
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Morgan Creek Digital notes that APAC countries are expected to nearly triple their investment in generative AI to $3.4 billion by 2024. Meanwhile, EMEA’s digital budgets for AI are projected to increase by 40%, potentially adding $30 billion in new investments by 2025. “In particular, the Middle East is experiencing a renaissance of cutting-edge technology,” Yusko added.
Since its inception in 2018, Morgan Creek Digital has raised over $440 million and holds approximately 80 equity positions.