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

 SoftBank Group announces new 8 billion Vision Fund aimed at AI

TOKYO (Reuters) - SoftBank Group Corp <9984.T> 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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Updated Date: Jul 26, 2019 06:05:08 IST