SoftBank Expanding Investments in Asian AI Startups

SoftBank Group Corp. is expanding its investments in artificial intelligence (AI) startups in Asia.

SoftBank Ventures Asia, SoftBank’s venture capital unit in Seoul, announced on July 22 that it has established “Growth Acceleration Fund” by raising 320 billion won (US$271.76 million) from the National Pension Service, investment institutions at home and abroad and Korean enterprises as well as SoftBank Group.

The new fund will invest in early-stage startups in Asia, including South Korea, which focuses on AI technology and market innovation.

SoftBank Ventures Asia, a wholly owned subsidiary of SoftBank Group, is in charge of early-stage venture investment with a focus on Asia. Its working capital comes to 1.30 trillion won (US$1.10 billion).