SoftBank's massive Vision Fund raises $93 billion in its first close

SoftBank's massive Vision Fund raises $93 billion in its first close

Japan's telecom giant Softbank has announced that its Vision Fund has raised a massive $93 billion from a group of high-profile backers.

SoftBank announced its partnership with Saudi Arabia in October, with its flamboyant founder Masayoshi Son declaring that he was focused on the "Internet of Things (Frankfurt: 7IT.F - news)", artificial intelligence and robotics.

It attracted more attention when Son met US President Donald Trump and promised to create 50,000 new jobs in America and invest $50 billion in the country. In December, Son told President-elect Donald Trump that $50 billion of the fund would be invested in United States startups and it would bring 50,000 jobs to the USA as a result, according to Bloomberg.

As stated by Son to TOI, "Technology has the potential to address the biggest challenges and risks facing humanity today".

SoftBank, which has expanded its operations through acquisition, plans to make investments through the technology fund for a project requiring more than 10 billion yen ($90 million) to curb its interest-bearing debts.

Saturday's statement did not say how much the PIF had committed to the fund, but it previously said it would invest up to US$45 billion over five years.

Besides, it will also have the right to acquire certain investments already acquired, or agreed to be acquired, by the SoftBank Group, including 24.99 per cent of its holding in electronic chipset technology firm ARM and investments in Guardant Health, Intelsat, Nvidia, OneWeb and SoFi.

Tulsa officer not guilty in fatal shooting of unarmed black man
Shelby testified that she had seen a training video in which a man walks to a auto , reaches in and pulls out a gun. Prosecutors have said Shelby overreacted because Crutcher wasn't being combative and had his hands raised high.

The Wall Street Journal in an article Friday detailed how Softbank had "haggled" with the Saudi fund had "over control of the money, investment strategy and questions about its commitment". Inc. and Supercell Oy, and the new fund will pursue a similar strategy of backing technology companies at all stages.

Vision Fund to invest towards long-term investment in companies in the technology sector.

SoftBank invested $5 billion into the Chinese ride-hailing giant Didi Chuxing last month in the largest-ever venture fundraising.

"Uber is redefining the transportation industry now; Airbnb is doing it to the hotel industry".

Part of the reason that I made a decision to cover this news for CleanTechnica was to draw attention to the enormous amounts of money that are swirling around in the investment sectors - money that could potentially be used to fund the deployment of renewable energy, electric vehicle tech, self-driving vehicle tech, etc.

The Fund will be advised by wholly-owned subsidiaries of SBG, known collectively as "SB Investment Advisers".

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