GenAI Fund’s Founding Partner Laura Nguyen
GenAI Fund is a recently established investment vehicle in Vietnam led by two former AWS veterans with extensive experience in startup development. The fund, supported by high net-worth individuals, aims to play a key role in fostering innovation and advancing AI technologies in Southeast Asia.
The venture capital firm was founded by Laura Nguyen, who previously founded and sold an education startup and played a vital role in expanding Web3 and AI businesses for Amazon Web Services (AWS) in Southeast Asia.
e27 recently interviewed Nguyen to learn more about the fund, its investment strategy, and its objectives.
Excerpts from the interview have been edited:
What inspired the establishment of GenAI Fund, and what specific market needs does it aim to address in Southeast Asia?
The inspiration behind GenAI Fund came from collaborating on a Vietnamese LLM project with friends. When presenting the project to VCs, we realized a lack of familiarity in advising on business models and strategic paths for startups in this space. Recognizing this gap, we aim to provide valuable guidance to founders in Southeast Asia based on our market knowledge.
For example, if an Indonesian founder wants to develop a Bahasa LLM, we can offer relevant feedback and assistance.
Can you explain GenAI Fund’s investment strategy, particularly its focus on AI-first technology companies and early-stage investments?
GenAI Fund’s investment strategy focuses on early-stage investments in AI-first technology startups. We aim to be the first investor for promising founders, providing financial backing and ongoing support beyond the initial investment.
We identify potential founders through initiatives like GenAI Builders meetups and AI Co-working hours, creating a collaborative environment for founders to receive guidance, work with peers, and access resources crucial for their growth.
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 through meetups, we facilitate interactions with VCs through GenAI VC Startups Speed Dating Sessions, providing direct feedback from industry experts. This early insight helps startups iterate through product development and identify market fit.
We also offer technical support by partnering with mentors who provide guidance on GenAI models and other technological aspects to help startups thrive and innovate.
What criteria does GenAI Fund use to evaluate potential investment opportunities in Southeast Asia?
GenAI Fund evaluates potential investment opportunities in Southeast Asia based on traditional criteria like founder competence, competitiveness, and defensibility. We also prioritize the speed at which the founding team can bring their solution to market effectively and create realistic models that resonate with customers.
Given your background in technology and entrepreneurship, how do you leverage your experience to support the portfolio companies of GenAI Fund?
With my background as a two-time startup founder and experience in refining the Vietnamese LLM, I aim to support GenAI Fund’s portfolio companies by sharing insights on model selection, business model development, and cloud infrastructure utilization. This knowledge helps companies save costs, leverage 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 investing between US$50,000 to US$1 million per startup. We are actively deploying the capital and plan to back multiple companies from this fund.
Looking ahead, what are GenAI Fund’s plans for expanding its presence and impact in Southeast Asia’s AI ecosystem?
GenAI Fund is committed to expanding its presence and impact in Southeast Asia’s AI ecosystem by strengthening partnerships, growing its network of ecosystem collaborators, and optimizing existing programs like GenAI Builders meetups and AI Co-working Hours. These initiatives aim to deepen the fund’s influence and contribute significantly to the growth and development of the AI ecosystem in Southeast Asia.
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The article was originally published on May 14, 2024.
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