Softbank Announces Launch of 93-B.-Dollar Tech Fund

Tokyo, May 20 (Jiji Press)--Softbank Group Corp. <9984> on Saturday announced the launch of a fund worth over 93 billion dollars for investment in cutting-edge technologies such as the Internet of Things. The Softbank Vision Fund is also joined by a state-affiliated fund in Saudi Arabia, U.S. technology firms Apple Inc. and Qualcomm Inc., major Taiwanese contract electronics manufacturer Hon Hai Precision Industry Co. and Japanese electronics maker Sharp Corp. <6753>. For the launch of the fund, Softbank Chairman and Chief Executive Officer Masayoshi Son has arrived in Saudi Arabia. Softbank itself contributed 28 billion dollars to the fund, which is based in Britain. Sharp, which is rebuilding its operations under Hon Hai, also known as Foxconn Technology Group, announced on Thursday its plan to offer up to one billion dollars to the fund. A fund affiliated with the government of the Emirate of Abu Dhabi in the United Arab Emirates is also expected to join the fund. Softbank plans to seek more investment to boost the size of the fund to 100 billion dollars in the next six months. Last October, the Japanese company and the Saudi Arabian fund signed a memorandum of understanding on the establishment of the fund. In the MOU, the fund said it would provide 45 billion dollars to the fund. END