Creative Ventures, the first Silicon Valley venture capital firm led by a Thai founder, has launched its second fund, aiming to raise $50 million to invest in deep tech companies in the United States.
Champ Suthipongchai, managing partner and founder of Creative Ventures, told DEALSTREETASIA said the vehicle plans to hit its first close at $30 million in the next six to nine months.
To date, it has committed funding of $11 million from two Thai investors – Chanond Ruangkritya, founder of real estate developer Ananda Development PCL and Sittichai Leeswadtrakul, CEO and President of steel firm Millcon.
Suthipongchai, whose family runs the SHARP business in Thailand, said he has spent years in the United States and seen the opportunity to link the US-based deep tech with Southeast Asian corporations.
“Creative Ventures invests in US-based startups that can that have technology not readily available in Southeast Asia. It provides companies in Southeast Asia with exclusive access to the latest technologies. On the other hand, we help those deep tech startups to commercialize and scale up in Asia through partnership with corporations,” he said.
The VC firm launched the first fund worth $11 million in 2014 as a pilot project to prove the founder’s vision. It has deployed around one-fourth of the first fund in 10 startups including Dishcraft, a developer of robot for commercial kitchens, and ALICE, an artificial intelligence software developer for construction firms.
“Owing to our success from the first fund, I have decided to raise the second fund so that we can have larger ticket size (deals) and play a significant part in those deep tech startups,” he added.
To cope with global issues particularly ageing population, labour shortage and climate change, Creative Ventures has put a scope for its second fund to focus on three sectors: industrial, healthcare and agriculture tech.