SoftBank Group is reportedly targeting up to $100 billion in funding to scale up the company’s AI ambitions. Apparently there are a number of investors in the Gulf in line to strike partnerships.
The Financial Times (FT) reported that founder and CEO Masayoshi Son has been in discussions with senior figures across the Middle East including in the UAE over possible fundraising, although the outlet added there is no guarantee talks with the investors will amount to anything.
It also did not name any companies or specific individual investors.
FT sources claim Son is looking to use the cash to set up a fund to buy companies and then use AI and other advanced technology to improve operations.
SoftBank’s AI and robotics business Roze is expected to play a key role in the process should it come to fruition, with the company planning to take the unit public.
Raising $100 billion to fuel its AI ambitions adds to a $65 billion bet SoftBank has made on OpenAI.
There is also notably a drive across the Gulf nations to invest in the AI sector and diversify economies into technology-related fields, with UAE-based G42 and MGX pumping big sums of cash into development.
Source: Mobile World Live
Image Credit: SoftBank
Source: Tahawul Tech