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Web3 and Blockchain Venture Capital Fund Secures $21 Million, Invests $7 Million in Global Startups

Web3 and Blockchain Venture Capital Fund Secures $21 Million, Invests $7 Million in Global Startups

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IDG Blockchain has invested in 13 deals both domestically and internationally within the first year of establishment since March 2023.

VIETNAM – 8 January 2024 – Pioneering Fund Sets Sights on Future Investments and New Blockchain Fund in 2024.

In a major development for the Web3 and Blockchain industry, IDG Blockchain, a trailblazing venture capital fund dedicated to fostering innovation in decentralized technologies, has successfully completed its fundraising campaign, securing $21 million in capital from a diverse group of investors eager to participate in the next wave of technological disruption.

With the newly acquired funds, IDG Blockchain has fuelled the growth of the Web3 and Blockchain ecosystem by allocating $7 million to invest in 13 promising startups, strategically selected from across the globe. These startups hail from the United States, United Kingdom, South Korea, Singapore, and beyond, showcasing the fund’s commitment to supporting innovation on a global scale and the belief that potential for groundbreaking solutions will emerge from different corners of the world.

The projects cover a spectrum of applications. Funding startups ranging from AI applications and hardware infrastructure to custodian solutions, cross-chain automated market makers, decentralized exchanges, and decentralized physical infrastructure networks (dePIN), the fund is actively shaping the future across a spectrum of revolutionary technologies.

Some of the notable startups that got funding from IDG Blockchain are:

  1. Sortium AI – a cutting-edge AI platform designed for the gaming and virtual production industries. At its core Sortium is a workspace-conditioned AI assistant, powered by advanced Large Language Models (LLMs) and Generative AI.

  2. Disco – a digital identity data backpack where you can stash your digital identities and personal data in a way that’s owned and controlled by you.

  3. BDACS – a regulated digital asset custodian in Korea, offering a range of custody and trade support solutions for in-country custody and management of cryptocurrencies, digital assets, digital securities, and fiat, especially Korean Won.

  4. Grindery – a no-code/low-code middleware positioned to connect Apps and dApps across chains and protocols. As a decentralized system, it can interact with smart contracts and Web2 APIs. It allows users to define workflows with time, state, and event triggers to execute smart contracts and Web2 API transactions.

  5. Cysic – the industry-leading ZK hardware acceleration project, dedicated to designing advanced ASIC chips to help reduce ZK proof generation time.

Looking ahead, IDG Blockchain has ambitious plans for the future. The fund aims to deploy the remaining $14 million of its capital in the next year, strategically identifying and supporting additional startups poised to make significant contributions to the evolution of Web3 and Blockchain technologies.

Moreover, in a move that demonstrates its commitment to the long-term development of the industry, the fund has announced its plan to launch a new Blockchain-focused fund in 2024. This forward-looking initiative aims to provide continued support for innovative projects, startups, and entrepreneurs who are pushing the boundaries of what is possible in the realm of decentralized technologies.

About IDG Blockchain:

IDG Capital Vietnam Blockchain (the Fund) is raising capital for venture investments in disruptive companies, in order to build the future through blockchain technology, enhancing the lives of people in Vietnam, Southeast Asia and beyond. Our goal is to build a blockchain-based ecosystem that together with other frontier technologies will transform traditional industries in the age of Web3.

For more information, please contact:
Nhi Do at nhi_do@idgcapitalvietnam.com

This press release was published as it was received from our partner, without any editing from the Tech in Asia team.

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