SoftBank reaches out to MidEast for Vision tech fund
The Japanese company is reportedly in talks with the Middle East and Canada to raise additional capital
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.