Japanese conglomerate SoftBank announced the launch of its Vision Fund 2 with the help of Apple, Microsoft, Foxconn and several financial institutions. The aim of the private investment fund is to continue the development of AI-based advancements in perspective start-up companies which could one day result in products used by millions of consumers across the world.

According to its press release, the Japanese firm is planning to invest north of $38 billion while the combined first-round of funding from its partners is expected to reach $108 billion.

Apple, Foxconn, Microsoft as well as several financial institutions including Standard Chartered Bank have agreed to sign memorandums of understandings (MOUs). These contracts should help kick off the initial round of investments with more fintech companies expected to join in the coming months.

Back in 2017 Apple lent $1 billion to SoftBank’s Vision Fund 1 which saw a diverse series of investments with a large contribution to ride-sharing services Uber and its Chinese counterpart Didi Chuxing. According to reports from earlier this year, SoftBank managed 62% return on investment for companies that contributed to the first Vision Fund.

Source | Via