Business

SoftBank Launches New $108 Billion Fund to Invest in AI Revolution

SoftBank Launches New $108 Billion Fund to Invest in AI Revolution
SoftBank Launches New $108 Billion Fund to Invest in AI Revolution

The Japanese company SoftBank announced on Friday it would join high-tech companies, including Apple and Microsoft, in a new investment fund of $ 108 billion to accelerate the “AI revolution”.

The company said, total expected contribution to the SoftBank Vision Fund 2 from both the Japanese conglomerate and other partners stands at about $108 billion based on a series of memoranda of understandings.

The SoftBank group will inject $ 38 billion into the new fund, which will also include investments from Apple, Microsoft, Foxconn, several Japanese banks, Standard Chartered and the National Bank of Kazakstan.

In a statement, SoftBank Group said “Vision Fund 2 would facilitate the continued acceleration of the AI (artificial intelligence) revolution through investment in market-leading, tech-enabled growth companies”.

SoftBank, which was originally a software giant, has grown into an investment company with its first Vision Fund, largely supported by Saudi Arabia.

The Vision Fund 2 announcement did not mention Saudi Arabia among investors, although reports prior to the announcement suggest Riyadh was in talks to invest money.

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