Apple committed to investing $1 billion in SoftBank’s Vision Fund, which is well ahead of schedule in reaching its target of $100 billion, Reuters reported.
In addition to Apple confirming its participation, Taiwanese electronics contract manufacturer Foxconn, US chipmaker Qualcomm and Oracle founder Larry Ellison have reportedly committed undisclosed amounts to the tech fund.
In October SoftBank joined forces with Saudi Arabia’s largest sovereign wealth fund to create a technology investment fund. SoftBank founder and chairman Masayoshi Son said at the time it would invest at least $25 billion over the next five years, while Saudi Arabia’s Public Investment Fund (PIF) was expected to be the lead investment partner, with a potential investment of up to $45 billion over the same period.
The Wall Street Journal reported last month that Apple and the Japanese firm held talks about a possible investment to the tune of $1 billion.
SoftBank said the objective of the fund is to accelerate its global growth strategy through the investments and alliances with portfolio companies of the fund. Its top priorities are tech firms in the Internet of Things, artificial intelligence and robotics sectors.