Varayuth “James” Yenbamroong, founder of Thailand-based satellite startup mu Space, has announced plans to establish a venture fund next year to finance startups in space, AI and robotics, Space Tech Asia reports.
“We’ll generate $100 million as initial fund,” said the 34-year old, adding that more funds will be raised, if needed, to support promising startups and companies.
“We’re now scouting for innovative startups and early-stage businesses with a potential to disrupt the current market by developing products or services that are new to the world and can help improve the lives of people. These may include, for example, artificial intelligence, robotics, space research and deep space exploration.”
The venture unit will be based outside of Thailand, informed Yenbamroong. “It can be in any country that can offer a conducive business environment for the venture unit to grow and operate. But for now, the nearest prospect is Singapore.”