SparkLabs, Mirae Asset launch fund for Central Asian AI startups

What's the deal? SparkLabs GroupDealroom has a profile for this one. Try Dealroom → and Mirae AssetDealroom has a profile for this one. Try Dealroom → have launched SparkLabs Mirae Silk RoadDealroom has a profile for this one. Try Dealroom →, a venture capital fund backing Central Asian startups. The fund is anchored by Qazaqstan Investment Corporation (QIC)Dealroom has a profile for this one. Try Dealroom →, Kazakhstan's national fund of funds, and IT Park VenturesDealroom has a profile for this one. Try Dealroom →, the venture arm of Uzbekistan's state technology park. Its size was not disclosed.

Where's the money going? The fund targets companies at Series A and later — businesses with a proven model ready to scale beyond the region. It is sector-agnostic but focuses on AI-native firms, where artificial intelligence is core to the product and business model.

Why now? Central Asia's demographics are young and digital, with more than half the region's population under 30. "Higgsfield becoming Kazakhstan's first unicorn was a turning point," said Aslan Sultanov, co-founder and general partner. "Yet the region is still largely overlooked by international investors, and that's the opportunity this fund is built for."

The market backdrop: South Korea and Kazakhstan signed commercial agreements worth US$18.95 billion this past week. Kazakhstan, a nation of 20 million, is among the world's top producers of iron and silver; neighbouring Uzbekistan, with 39 million people, is Central Asia's largest electricity producer.

What's the endgame? Beyond capital, portfolio companies get access to SparkLabsDealroom has a profile for this one. Try Dealroom → and Mirae Asset's global networks. That includes hands-on support expanding into South Korea, the US, and the MENA region.

Who's behind it? SparkLabs has invested in over 600 startups across six continents since December 2013, including OpenAI, SpaceXDealroom has a profile for this one. Try Dealroom →, and Anthropic. Mirae Asset Venture InvestmentDealroom has a profile for this one. Try Dealroom → is the venture arm of Mirae Asset Financial GroupDealroom has a profile for this one. Try Dealroom →, which manages over US$845 billion in assets across 18 markets. QIC participates in 19 funds with a combined capitalisation of $2.8 billion.

The signal: Global players are betting on Central Asia as its next tech frontier. Balaji Srinivasan reopened his Network SchoolDealroom has a profile for this one. Try Dealroom → in Kazakhstan last month, and Telegram launched an AI lab and its first regional office in the country this past year — signs that international interest is beginning to catch up with the region's ambitions.

Image credit: AndreyFilippov.com