Japan’s telecom giant Softbank has announced that its Vision Fund has raised a massive $93 billion from a group of high-profile backers.
With this amount of funding, Softbank’s Vision Fund is now officially world’s largest private equity fund. It also eyes to close another $7 billion within next six months to hit the $100 billion mark.
The pool of investors includes Apple, Qualcomm, UAE-based Mubadala Investment Company, Saudi Arabia’s PID public fund, Foxconn, and Foxconn-owned Sharp.
With the funding, Softbank is likely to focus on specific technologies like internet-of-things (IoT), Artificial Intelligence (AI), robotics, telecom, biotech, fin-tech and more.
According to a press release by Softbank, apart from startups, the Vision Fund is also going to invest in established, multi-billion dollar companies that require substantial growth funding.
“SoftBank has long made bold investments in transformative technologies and supported disruptive entrepreneurs,” Softbank CEO Masayoshi Son said in a statement.
“The SoftBank Vision Fund is consistent with this strategy and will help build and grow businesses creating the foundational platforms of the next stage of the Information Revolution,” he added.
Recently Softbank made one of its largest investment in Indian startup scene by investing $1.4 billion in Paytm.