China Mobile Communications Corporation (CMCC), one of the world’s largest telecommunications media conglomerates, has invested $100 million in a new blockchain fund focused on startups in Asia.
The venture capital fund is called Prentonia Ventures and was launched in partnership with Sewha Investment, the venture capital arm of South Korea’s Sewha Group. The fund will focus on investments in blockchain-related startups.
The two companies plan to invest in early-stage projects in the fields of blockchain, distributed ledger technology, artificial intelligence, big data, and more. Prentonia plans to concentrate its investments in the Asian region, particularly in the Greater China area, Southeast Asia, South Korea, and Japan.
The fund has been well received in the blockchain industry and has already attracted contributions from leading investors, corporations, and institutions. CMCC, Sewha Investment, and other external investors will contribute capital to the fund.
The fund’s primary focus will be on early-stage projects, with its capital allocated to pre-seed and seed financings. Prentonia will also offer support in fields such as technology, operations, marketing, and business development for its portfolio companies.
CMCC has a long history of investing in disruptive technology, having previously invested in innovations such as drones, robotics, and innovative mobile technologies. With its investment in Prentonia, the company looks to expand its influence in the dynamic blockchain industry.
Sewha Investment is also no stranger to the startup world, having previously invested in top technology companies including Kakaopay, EZCourse, and KSTONE Games.
The ambitious $100 million venture capital fund is expected to have a major impact on the Asian blockchain sector and may well accelerate the development of projects in the region. With two of the world’s largest tech companies investing in the fund, there is no doubt that Prentonia has the potential to make a huge difference in the blockchain space.