Apple Inc is planning to invest US$1 billion in Softbank Group Corp’s giant new technology fund, adding its name to a growing list of interested parties and giving the iPhone maker a new avenue to tap up-and-coming technologies.
Qualcomm Inc also said it will participate in the fund, but the terms and the amount of its investment are still under discussion. Foxconn Technology Co Ltd (鴻準) and Oracle Corp chairman Larry Ellison also intend to contribute, according to a person familiar with the matter.
SPEED DEVELOPMENT
“We’ve worked closely with Softbank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple,” Apple spokeswoman Kristin Huguet said.
The Wall Street Journal earlier reported the investment.
The US$100 billion Vision fund, which Japan’s Softbank aims to launch this year, will be based in London and make investments in start-ups around the world.
DEPENDENCE
Apple chief executive officer Tim Cook has often faced questions about when and how he will deploy more of the company’s cash hoard on acquisitions to decrease its dependence on the iPhone, which accounts for about two-thirds of revenue. Apple had US$238 billion in cash at the end of September.
The deal follows Apple’s US$1 billion investment in Chinese ride-hailing company Didi Chuxing (滴滴出行), announced in May. The investments mark a shift for Apple, which has focused on acquiring startups valued at less than US$1 billion.
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