Japan: SoftBank to receive investment from Qualcomm in new tech fund
JAPAN’S SoftBank Group Corp. set up its SoftBank Vision Fund in October last year, and has been working hard to reach its goal of US$100 billion. San Diego-based chip maker Qualcomm will be helping it reach that goal by becoming an investor, reports say.
According to the Wall Street Journal, Qualcomm and SoftBank are getting closer to finalizing the commitment, and will add to Apple Inc. – who reportedly agreed to invest in the fund.
Although the investment amounts have not been disclosed, Business Insider reported that Apple was considering a US$1 billion investment.
SEE ALSO: Trouble in tech paradise: Toshiba in a tailspin, Qualcomm slapped multimillion dollar fine
When SoftBank CEO Masayoshi Son announced the fund in October alongside the second deputy prime minister of Saudi Arabia, Prince Mohammed bin Salman al-Saud, he has reportedly intended to use it to invest in emerging technologies like robotics and AI.
He was quoted saying by WSJ: “Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector.”
But the fund gained much attention in early December when he met with America’s President-elect Donald Trump and pledged to invest US$50 billion in the U.S. Son also pledged to create thousands of jobs.
SEE ALSO: Trump claims $50bn SoftBank investment due to his election win
Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs….
— Donald J. Trump (@realDonaldTrump) December 6, 2016
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