Riyadh – ‘Softbank Vision’ Fund has opened new investment opportunities for giant tech companies, which would increase profitability levels and participate efficiently in one of the biggest investment funds.
In this regard, Apple has confirmed on Wednesday its plans to invest $1 billion in the Vision Tech Fund, which is being set up by Japan’s SoftBank Group Corp.
SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia’s Public Investment Fund for an investment that could be as much as $45 billion.
“We believe their new fund will speed the development of technologies which may be strategically important to Apple,” company spokesman Josh Rosenstock told Reuters.
SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own.
Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment.
Meanwhile, Oracle founder Larry Ellison announced it would join Apple, Qualcommand Foxconn in backing SoftBank’s record-setting technology fund, allowing the Japanese telecoms group to hit its $100bn goal weeks ahead of schedule.
The ease, with which SoftBank has been able to attract investors, highlights the huge appetite global companies have for tech assets, according to The Financial Times.
The main focus of the fund will be cutting-edge tech companies focusing on artificial intelligence and robotics as well as the “internet of things”, said two people informed about the investment strategy as quoted by The Financial Times.