Apple inks $1bn investment in SoftBanks’s Vision Fund
SoftBank has been in talks with Saudi Arabia's Public Investment Fund for an investment that could be as much as $45 billion
Apple has confirmed it will invest $1bn in Japan's SoftBank Group tech fund.
The Vision Fund is a joint venture between SoftBank and Saudi Arabia's Public Investment Fund (PIF), where the outcome is to invest in emerging technologies, such as artificial intelligence, robotics and the Internet of Things.
According to Reuters, SoftBank has revealed it is investing $25bn into the Vision Fund and is in talks with PIF for an investment of up to $45bn.
A company spokesman Josh Rosenstock told Reuters: "We believe their new fund will speed the development of technologies which may be strategically important to Apple."
Apart from Apple, SoftBank revealed other tech players are considering investing, these include Foxconn, Oracle, and Qualcomm.