Morgan Creek Digital is embarking on an ambitious venture, aiming to amass up to $500 million for a pioneering fund that will target early-stage opportunities within artificial intelligence (AI), blockchain technologies, chips, and data, as articulated in a press release on Friday.

The firm is engaging in discussions with sovereign and institutional investors, corporate executives, and industry connoisseurs across Europe, the Middle East, and Africa (EMEA), as well as the Asia-Pacific (APAC) region, in a bid to augment its geographical presence. Additionally, the firm is in talks with investors and partners based in the United States.

According to Morgan Creek Digital, the EMEA and APAC regions are poised to spearhead technological advancements by significantly amplifying investments in AI and blockchain.

“With the expansive reach of Web3, Morgan Creek Digital will intensify its focus on international markets, seeking to collaborate with top-tier CEOs and partners,” stated Mark Yusko, General Partner at Morgan Creek Digital, in the press release.

The new fund is set to invest in the “ABCDs” of Web3, which encompasses companies that synergize the capabilities of AI, blockchain technology, and specialized chips to extract value from data. The firm is particularly interested in technologies that bridge multiple sectors, such as high-performance chips that can be utilized for AI training in data centers or for Bitcoin mining.

Morgan Creek Digital highlights that APAC countries are anticipated to nearly triple their investments in generative AI, reaching $3.4 billion by 2024. Concurrently, EMEA‘s digital budgets for AI are expected to surge by 40%, potentially contributing an additional $30 billion in net investment by 2025.

“The Middle East, in particular, is experiencing a renaissance of cutting-edge technology,” Yusko added.

Since its inception in 2018, Morgan Creek Digital has successfully raised over $440 million and holds approximately 80 equity positions.