Apple Inc. has confirmed on Wednesday that it will be investing money in the SoftBank Vision Fund, according to a report published in the Wall Street Journal. The SoftBank Fund is the brainchild of Japanese telecommunication giant SoftBank group and will be launched in the coming weeks. The fund has been created to focus on emerging technologies. SoftBank has also confirmed that Apple has invested in the Bank. Other investors who have expressed a desire to invest in the tech fund include chipmaker Foxconn and Qualcomm.
Apple confirmed that it will invest roughly $1 billion in the tech fund set up by the Japanese Technological giant. The SoftBank will be investing at least $25 billion and is also in talks with a Saudi Public Investment Fund, and the final investment could be in the tune of a mind-boggling $45 billion.
Elaborating on the rationale of investment in the tech fund, Apple spokesman said that it would help in the development of technologies which in the long run will be useful for Apple. The Cupertino giant itself spends an enormous amount on research, and the latest venture will help to chip off some load from its organization.
SoftBank is one of the biggest telecommunication enterprises in Japan and its partnership with Apple will only benefit it in the long run. Both the companies have a long history of collaboration. In 2008 Apple had made the Japanese company the sole seller of its iPhone in Japan. This made the fortunes of the Japanese company soar high. Earlier in 2016, SofBank has brought chip designer ARM for a whopping $32 billion. The company is heavily investing in Internet of Things. Apple is also not far behind and this year had invested a billion dollars in the Chinese ride-hailing company Didi Chuxing.