K25.ai Eyes Public Listing with Nasdaq-Backed AI Prediction Market

SINGAPORE – May 21, 2026 – K25.ai, a startup aiming to merge artificial intelligence with live-streaming prediction markets, has secured a strategic investment from a Nasdaq-listed partner, catapulting its valuation to US$100 million and setting its sights on a potential public listing. The deal, led by NewGenIVF Group Limited (Nasdaq: NIVF), positions K25.ai to tackle the Asia-Pacific market, a region with both immense potential and significant regulatory complexities.

Led by tech veteran Andy Cheung, formerly of crypto giant OKEx and Groupon, K25.ai is pioneering a "watch-to-predict" category. The Pre-A funding round underscores investor confidence in a vision that seeks to transform passive content consumption into an interactive information market. The partnership provides an initial US$2 million in capital, with an option for up to US$10 million, and establishes a deep strategic alignment intended to fast-track K25.ai's path to public markets.

A New Breed of Interactive Content

At its core, K25.ai is building a platform at the intersection of several booming technology trends: AI, live streaming, the creator economy, and prediction-based information markets. The platform is designed to allow users to engage with real-time content—from sports and esports to cultural events and creator challenges—by predicting their outcomes.

The company's "AI-native" approach is its central pillar. K25.ai intends to use artificial intelligence to automate and scale the entire prediction market lifecycle. This includes AI algorithms for discovering timely events, generating relevant markets, understanding live video content in real time, and monitoring outcomes for swift and accurate resolution. The goal is to empower creators and communities to launch prediction events around live content with unprecedented speed and relevance.

Andy Cheung, the company's CEO, frames the ambition in transformative terms. "Since the early days of exchanges, the biggest challenge has always been making market products simple enough for mainstream users," Cheung stated in the announcement. He envisions K25.ai as a fundamental new layer of the internet. "Just as Google transformed how the world discovers information and Meta redefined how people connect and share reality, K25.ai is being built as a new information market layer, where quantified consensus through AI-powered predictions and live streaming empowers millions to discover truth in real time."

The Nasdaq Connection: A Pathway to Public Markets

The strategic investment comes from an unlikely source: NewGenIVF Group Limited. While its name points to a legacy in assisted reproductive services, the Nasdaq-listed firm has aggressively diversified into real estate, digital assets, and now, cutting-edge AI platforms. This investment represents a "radical diversification" for NIVF, signaling a high-conviction bet on the future of interactive entertainment.

"We see K25.ai as a generational opportunity at the intersection of AI and prediction markets," said Mr. Siu Wing Fung Alfred, Chairman and CEO of NewGenIVF. "Andy's track record at OKX, Groupon, and Prenetics combined with the explosive growth of this sector, makes this one of the most compelling strategic investments we've evaluated."

The partnership is multi-faceted. Beyond the capital, which includes an initial US$2 million with an option to increase to US$10 million, it establishes an exclusive APAC agency agreement. This will leverage NIVF's regional network to support K25.ai's commercial rollout in target markets like Thailand, Singapore, Japan, and Australia.

Crucially, the deal is structured to prepare K25.ai for the public markets. As part of the agreement, Cheung and his co-founders will join NIVF's board of directors. This move is designed to enhance corporate governance and provide the startup with direct experience in navigating the requirements of a publicly listed company. K25.ai is openly evaluating pathways to go public, including a strategic transaction or a reverse takeover (RTO), which could make it one of the first publicly traded companies in the AI-powered prediction market category.

Navigating APAC's Regulatory Minefield

Despite the ambitious vision and strong financial backing, K25.ai faces its most formidable challenge in the complex and often restrictive regulatory landscape of the Asia-Pacific region. The very concept of prediction markets, where users wager on the outcomes of real-world events, frequently falls into a legal gray area, with many governments classifying it as a form of gambling.

This is not a theoretical hurdle. In recent months, several of K25.ai's target markets have taken aggressive action against similar platforms. In December 2024, Singapore's Gambling Regulatory Authority blocked access to Polymarket, the world's largest decentralized prediction market, declaring it an unlicensed gambling service. Just a month later, Thailand's Cyber Crime Investigation Bureau announced its own plans to block Polymarket for the same reason. Australia and other neighboring countries maintain similarly strict stances.

K25.ai's press release acknowledges this reality, stating that its products will only be launched "in jurisdictions where such activities are legally permitted" and will be "subject to required licensing, registration, [and] regulatory approvals." This cautious language underscores the tightrope the company must walk. Its success will depend not only on its technology and user adoption but on its ability to skillfully navigate a patchwork of disparate and evolving legal frameworks, a task that has stymied many before it.

A Veteran's Vision in a Crowded Field

Steering K25.ai through these challenges is Andy Cheung, an executive with a deep and varied background in scaling disruptive technology platforms. His tenure as COO of OKEx (now OKX) saw him help build one of the world's largest digital asset exchanges, an experience that provided a masterclass in navigating global liquidity and complex financial products. Prior to that, as CEO of Groupon Hong Kong, he managed a large-scale consumer internet business. More recently, he served as an Independent Director at Nasdaq-listed Prenetics, advising on its Web3 and digital asset strategy.

This experience will be vital as K25.ai enters a competitive field. While its "AI-native" and live-streaming focus offers a unique angle, it will compete for attention with established Web3 players like Polymarket and regulated U.S. exchanges like Kalshi, which recently partnered with Robinhood. The company's strategy hinges on creating a more engaging, localized, and accessible experience for the APAC market, which it argues is currently underserved by global platforms. By combining Cheung's veteran leadership with a powerful technological vision and a strategic Nasdaq-listed partner, K25.ai is making a bold prediction on its own future.