SoftBank Launches A Whopping $108 Billion Fund To Invest in Startups Developing Artificial Intelligence Tech

SoftBank on Friday (26 July) announced the launch of its second mega fund which will raise $108 billion from investors including Microsoft, Apple and the sovereign wealth fund of Kazakhstan to invest in technology start-ups developing artificial intelligence (AI) technologies around the world, Financial Times reported.

While SoftBank said it plans to contribute $38 billion to Vision Fund 2, other major corporations that are expected to participate in this fund include - Apple, Microsoft, Taiwanese electronic major Foxconn, Standard Chartered Bank and seven Japanese financial groups including the top three banks - Mizuho, Sumitomo Mitsui Banking Corporation, MUFG Bank, Dai-ichi Life Insurance and Daiwa Securities.

National Investment Corporation of National Bank of Kazakhstan, the sovereign wealth fund of Kazakhstan is also expected to participate.

SoftBank indicated that it was still in discussion with Saudi Arabia and Abu Dhabi over their potential involvement in this fund.

Softbank made several investments to the tune of $70 billion in 80 firms including Uber, WeWork and Flipkart over the last few years through its first $97 billion fund. This fund was backed by the governments of Saudi Arabia and Abu Dhabi.

Led by its visionary CEO Masayoshi Son, SoftBank launched its first Fund in May 2017 as part of its strategy to transform the group from Japanese conglomerate into a global investment behemoth.