Apple Inc. plans to invest USD 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. and Oracle Corp. Chairman Larry Ellison also intend to contribute, according to a person family.
"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," said Apple spokeswoman Kristin Huguet. The Wall Street Journal earlier reported the investment.
The $100 billion Vision fund, which Japan's SoftBank aims to launch this year, will be based in London and make investments in startups around the world. Apple Chief Executive Officer Tim Cook has often faced questions.