NewsWorld News


SoftBank sets up $108B investment fund, with no Saudi money

Posted at 12:43 AM, Jul 26, 2019
and last updated 2019-07-26 03:43:02-04

TOKYO (AP) — Japanese internet company SoftBank Group Corp. has set up a new fund for investing in technologies such as artificial intelligence.

Tokyo-based SoftBank said Friday its $108 billion Vision Fund 2 includes $38 billion from SoftBank. The rest is from Apple, FoxConn Technology Group, Microsoft Corp., Japanese banks and other companies.

SoftBank’s earlier Vision Fund 1, now totaling $70 billion, came under scrutiny after the killing of Saudi journalist Jamal Khashoggi. Much of the funding for that investment entity came from Saudi Arabia.

SoftBank has promised to diversify sources for its funding, and Vision Fund 2 does not include any Saudi money.

Group companies of Softbank include Yahoo Japan and various mobile telecommunications and solar energy businesses.

SoftBank said the contributions to Vision Fund 2 are expected to increase.