Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital
Private equity fund backed by Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.
Man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo. Image Source: Reuters
The world`s largest private equity fund, backed by Japan`s Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.
ALSO READ: SoftBank writes off Rs 6,400 crore from its Snapdeal investment
"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.
In addition to Softbank and Saudi Arabia`s Public Investment Fund, the new fund`s investors include Abu Dhabi`s Mubadala Investment, which has committed $15 billion, and Apple Inc.
ALSO READ: Paytm receives $1.4 billion investment from SoftBank in latest funding round
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Written By: Reuters
Updated: Sun, May 21, 2017
10:37 AM IST
10:37 AM IST
Riyadh , Reuters
Paytm receives $1.4 billion investment from SoftBank in latest funding round
SoftBank writes off Rs 6,400 crore from its Snapdeal investment
Japan's SoftBank plans to increase stakes in India's e-commerce biz; looks to play consolidator in online shake-up