Foresight Ventures, a Singaporean venture capital (VC) firm, announced it would contribute an additional $10 million to its Foresight X Accelerator program, increasing its total commitment to $20 million.
The move coincides with the opening of the second phase of accelerator applications, focusing on Web3 projects utilizing artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin, liquid staking derivatives, and nonfungible token ecosystems.
Before the commencement of its accelerator program in November 2022, Foresight allocated $10 million. In its initial iteration, Foresight focused on thirty companies from its Web3 project pool and provided between $50,000 and $200,000 in funding.
As the accelerator enters its second phase, Foresight will allocate $200,000 to each selected project.
It will designate up to three mentors and one fund partner from the venture capital firm to offer practical guidance. In addition, a Demo Day will be conducted after the program.
Foresight was founded in 2020, and its VC portfolio has assets under management (AUM) of over $400 million.
After acquiring the Singaporean cryptocurrency exchange Bitget and forming a limited partnership with the multichain wallet provider BitKeep, its AUM increased substantially from $80 million in 2021.
The company established a $200 million capital pool in June 2022 to invest in the private rounds of crypto projects seeking liquidity during volatile market conditions.
Last month, the firm partnered with cryptocurrency exchange Bitget to establish a $100 million Web3 fund dedicated to blockchain projects worldwide.
