Apple Investing $1 Billion in Vision Fund
The Cupertino tech giant is joining the investment pool that seeks to fund the next generation of tech advancements.
Apple has confirmed that it will invest $1 billion in Vision Fund, an international tech fund set up in announced by SoftBank last year.
TechCrunch reports that Apple is joined by Foxconn, Qualcomm, and the family office of entrepeneur Larry Ellison as new investors. The Vision Fund is a joint venture between SoftBank and the Saudi Arabian government's Public Investment Fund, built to invest in emerging technologies like artificial intelligence and connected devices. SoftBank is also contributing roughly $25 billion, and Saudi Arabia is contributing $45 billion.
Roughly $100 billion altogether is available for tech investments, with heavy support expected in Silicon Valley. Apple itself has expressed interest in researching A.I., and its own HomeKit is the start of a push towards smart-homes. Those are both efforts likely to be furthered through the Vision Fund.