SoftBank and Saudi Arabia tout the world's largest tech fund

SoftBank logoIt's normally not a big deal if a tech investment fund scores a lot of money (unless you're a startup CEO eager for cash), but the latest windfall is definitely an exception to the rule. After no shortage of hype, Sprint owner SoftBank and the Saudi Arabian government have secured their first major round for the Vision Fund, a tech investment group hoping to back "transformative technologies" ranging from biotech to communications. How major? About $93 billion dollars -- while that's not quite the $100 billion the creators are aiming for, that easily makes it the world's largest tech investment fund, not to mention the largest private equity fund. The remaining $7 billion should come by the time the Vision Fund finishes its money-raising efforts in about 6 months.

SoftBank and Saudi Arabia tout the world's largest tech fund

There are no shortage of big-name contributors. Apple, its nemesis-slash-partner Qualcomm, ARM, manufacturing giant Foxconn and Sharp have collectively poured billions into the fund. Outside of SoftBank and Saudi Arabia, one of the largest backers is Abu Dhabi's Mubadala Investment -- it poured $15 billion into the effort.

As you might guess, each side has its own strong incentives for shelling out so much money. For SoftBank, this is another step on the road to thriving outside of its native Japan. It could be particularly important for SoftBank's American ambitions -- it's no coincidence that it announced the funding round right as President Trump is visiting Saudi Arabia to land some huge deals. The Saudi government, meanwhile, could diversify the local economy away from its dependence on oil at a time when the world is moving to renewable energy.

And the tech companies contributing relatively small amounts? Naturally, they're hoping that the fund will back innovations that help them down the road. A $1 billion investment like Apple's might not sound like much, but it could pay huge dividends if it leads to a breakthrough or gives a partner the resources it needs to grow. You won't see the effect of the Vision Fund until years from now, but it could reshape the industry if investors play their cards well.

Source: Engadget

Tags: technologies

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
But anti-cheat software is apparently still an issue
 
Google Inbox was due to close down -- it was just a matter of when
 
The fine is for Google's activities in relation to AdSense between 2006 and 2016
 
The Stadia servers are capable of providing 4K, 60 frames-per-second performance
 
All EU Android users will get the option to turn down Google Search and Chrome
 
 
iPhone, iPad, and Apple Watch developers will be required to use the latest iOS and watchOS SDKs
 
The maximum number of people that you can have on a Skype video call right now is 25
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 /
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
     12
3456789
10111213141516
17181920212223
24252627282930
31




Poll

Do you use microSD card with your phone?
or leave your own version in comments (15)