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Softbank sets up new technology fund www.nhk.or.jp
Japanese telecom giant Softbank Group has officially announced a 93-billion-dollar fund to foster developments in cutting-edge technology.
Backers include government funds from Saudi Arabia and the United Arab Emirates, US tech giant Apple and US chip maker Qualcomm. Taiwan's Hon Hai Precision Industry, also known as Foxconn, will also invest along with its Japanese subsidiary Sharp.
Sources say that Apple has committed around one billion dollars and Larry Ellison, the founder of US software company Oracle, is chipping in another billion.
Softbank Chairman and CEO Masayoshi Son says technology has the potential to address the biggest challenges and risks facing humanity today.
He says businesses working to solve these problems will need long-term capital and support.
The fund has a target of 100 billion dollars
Published Date:2017-05-21
