July 26, 2019 / 12:20 AM / 5 months ago

SoftBank Group announces new $108 bln Vision Fund aimed at AI

TOKYO, July 26 (Reuters) - SoftBank Group Corp announced on Friday a second Vision Fund aimed at investing in AI technology, saying it had secured memoranda of understandings (MOUs) for about $108 billion from companies including Apple and Microsoft.

SoftBank Group itself plans to invest $38 billion in the fund, it said in a statement. Other companies expected to participate in the fund include Foxconn Technology Group, Mizuho Bank, Sumitomo Mitsui Banking Corp, and MUFG Bank Ltd, the company said. (Reporting by Chang-Ran Kim; Editing by David Dolan)

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