NEW YORK — SoftBank’s vision for the future of financial technology is now at a new level of investment and will likely raise more than $1 billion, according to people familiar with the plans.
The investment firm plans to invest about $400 million in the fund to help it grow.
SoftBank is a Chinese-backed conglomerate that makes and sells smartphones, personal computers, and smart TVs.
Softbank has been building its brand and reputation around its “Internet of Things” platform.
Soft bank has also partnered with some of the biggest tech firms in the world to bring artificial intelligence and artificial intelligence-enabled products to the market.
Softbank plans to spend the money to develop its own cloud computing, cloud storage and security services and expand its partnerships with the likes of Microsoft and Amazon.
Soft Bank has already invested in a variety of technology companies, including Uber and Amazon, that have become well-known names in the tech industry.
Softbets new vision will likely have an impact on how people buy and use financial products and services.
Soft-bets investors have been hoping that the investment could help SoftBank grow its revenue.
As investors, we expect that the SoftBank Vision fund will bring more returns and will have a larger impact on returns than other funds in the market, according the people.
Softbois new vision is based on a set of key business ideas, including artificial intelligence, virtual and augmented reality, machine learning, deep learning and deep learning analytics, and a new approach to financial technology.
It has already raised some $500 million, according this person familiar with Softbank plans.
SoftFunds investment was initially limited to a limited number of investors, including private equity firms and venture capital firms, the person said.
Soft fund was originally set to have a minimum of $1.5 billion in cash and no shares.
With the funding SoftBank will now be able to invest more in the vision and it’s possible that it will be able raise even more, the people said.
Its possible that SoftBank could invest even more in SoftBanks new vision in the future, according these people.
We are expecting more announcements from SoftBank in the next few months and we look forward to investing in the SoftVision Fund, the source of the funds, said the person familiar.
A SoftBank spokesperson did not immediately respond to ABC News’ request for comment.
SoftBets new investment is the latest investment SoftBank has made in the digital and financial markets.
In May, SoftBank announced that it was taking a stake in IBM in what it said would be a strategic partnership to help the computer giant build out its cloud-based financial services business.
This partnership, which would be known as the Softbank Cloud Platform, is also expected to create a new fund that will provide investors with access to SoftBank Cloud Platform and IBM Cloud Platform in return for equity or other investments, according SoftBank.
The fund is expected to be valued at more than 10 times the initial investment Softbank made in IBM, the firm said.
In July, Softbank bought a controlling stake in Google for $3.4 billion, and the two companies will become strategic partners.
Last month, Soft Bank invested in LinkedIn, which has grown into a social network that provides a digital identity, news and entertainment hub for businesses, organizations and individuals.
More than $20 billion in funds have been invested in the companies, according a CNBC report earlier this month.
SoftBoard, a privately held Chinese-based tech company, has more than 40 employees.
