SoftBank reaches out to MidEast for Vision tech fund.
Japanese company SoftBank is reportedly in talk with potential investors from the Middle East and Canada for the Vision Fund, according to Bloomberg.
Sources close to the matter revealed that the company is hoping to
raise $7bn of additional capital from having these discussions.
The Vision Fund, a joint venture between SoftBank and Saudi Arabia's
Public Investment Fund (PIF), will be dedicated to emerging technologies, such
as artificial intelligence, robotics and the Internet of Things.
SoftBank is said to be in talks with Canadian pension funds, technology
companies and sovereign wealth funds in Kuwait and Qatar. If successful, the
Vision Fund could reach a total of $100bn.
However no official comment has been made by those supposedly involved.
With the fund totalling $93bn, SoftBank's Japanese company's founder, Masayoshi Son
can begin to accelerate these investments into emerging technologies.
Last month Abu Dhabi-based Mubadala Investment Company confirmed
its $15bn commitment to the fund and with this joined other investors including
Apple , Foxconn and Qualcomm.
[c] 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).