GenAI Fund’s Founding Partner Laura Nguyen
GenAI Fund is a new investment vehicle in Vietnam launched early this year by two former AWS veterans with immense experience building startups. The fund, backed by high net-worth individuals, aims to play a pivotal role in fostering innovation and advancing AI technologies in Southeast Asia.
The VC firm was created by Laura Nguyen, who founded and exited an education venture and played a crucial role in expanding Web3 and AI businesses across Southeast Asia for Amazon Web Services (AWS).
e27 caught up with Nguyen to learn more about the fund, its investment thesis and its goals.
Edited excerpts from the interview:
What inspired the founding of GenAI Fund, and what specific market needs does it aim to address in Southeast Asia?
The inspiration behind founding GenAI Fund stems from collaborating with friends to refine a Vietnamese LLM (Large Language Model). Upon presenting our project to VCs, we received feedback indicating their unfamiliarity with this space, particularly in advising on business models and strategic paths for startups.
Recognising this gap, we aim to be at the forefront of understanding founders’ challenges and providing valuable guidance. Our focus lies in Southeast Asia, where our market knowledge enables us to offer tailored support.
For instance, if a founder in Indonesia seeks to develop a Bahasa LLM, we can provide relevant feedback and assistance.
Can you elaborate on GenAI Fund’s investment strategy, mainly its focus on AI-first technology companies and early-stage investments?
GenAI Fund’s investment strategy centres on early-stage investments, aiming to be the pioneering investor for startups in the AI-first technology domain. Our focus is on being the first to provide financial backing to promising founders, coupled with ongoing support beyond the initial investment.
Also Read: Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore
We diligently identify potential founders and offer meaningful connections through our GenAI Builders meetups and peer support via AI Co-working hours (a new concept where we invite select builders to come to an office space to work and learn together).
These initiatives foster a collaborative environment where founders can receive guidance, work alongside peers, and access resources vital for their growth and success.
How does GenAI Fund support the growth and development of the startups it invests in, particularly in terms of iterating through product, market, and technology strategy?
In addition to providing connections meetups, we bridge startups with VCs through GenAI VC Startups Speed Dating Sessions. These sessions enable direct feedback from industry experts — in this case, VCs who have seen different products and can provide feedback.
This early insight aids startups in iterating through product development to identify market fit.
Moreover, we offer technical support by partnering with mentors who provide guidance on GenAI models, benchmarking, and other technological aspects, ensuring startups have the necessary resources to thrive and innovate.
What criteria does GenAI Fund use to evaluate potential investment opportunities in Southeast Asia?
In evaluating potential investment opportunities in Southeast Asia, GenAI Fund considers traditional criteria like founder competence, competitiveness, and defensibility.
Additionally, we prioritise the speed at which the founding team can bring their solution to market and deploy it effectively. In a rapidly evolving landscape, being first to market is crucial for staying relevant and gaining traction.
We also emphasise the importance of creating realistic models rather than over-engineered solutions. Aiming for cost-effective solutions that resonate with customers ensures tangible value and sustainable growth in the long run.
Given your background in technology and entrepreneurship, how do you leverage your experience to support the portfolio companies of GenAI Fund?
Drawing from my background as a two-time startup founder and my involvement in refining the Vietnamese LLM alongside a group of friends, I hope to bring experience to support GenAI Fund’s portfolio companies.
Having navigated the intricacies of model selection, business model development, and cloud infrastructure utilisation, I understand the challenges and pitfalls that startups face, which I share with portfolio companies to help them save costs, leverage available resources efficiently, and expedite their journey to finding product-market fit.
What is the size of the fund? What is the average cheque size? How many companies do you plan to back from this fund?
GenAI Fund is a US$10-million fund. We invest between US$50,000 to US$1 million per startup. We are actively deploying the capital right now.
Looking ahead, what are GenAI Fund’s plans and aspirations for the future in terms of expanding its presence and impact in Southeast Asia’s AI ecosystem?
GenAI Fund is committed to expanding our presence and impact in Southeast Asia’s AI ecosystem. We will strengthen partnerships and grow our network of ecosystem collaborators, recognising the importance of collective support in this dynamic space.
Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025
Concurrently, we will focus on optimising our existing programmes, such as GenAI Builders meetups, AI Co-working Hours, and GenAI VC Startups Speed Dating Sessions. These initiatives facilitate collaboration and mentorship and provide invaluable insights for peer VCs and startups alike.
By nurturing these connections and initiatives, we aim to deepen our influence and contribute significantly to the growth and development of the AI ecosystem in Southeast Asia.
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The article was first published on May 14, 2024
The post From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model appeared first on e27.