Apple to invest $1B in SoftBank's tech fund
The Japanese telecommunications giant will get a heap of money from Apple for its emerging technology-focused Vision Fund.
SoftBank CEO Masayoshi Son speaks at ARM TechCon 2016.
Apple has said it will invest $1 billion in one of the world's biggest future-tech funds.
The iPhone-maker confirmed Wednesday that it plans to invest the money in the SoftBank Vision Fund, according to The Wall Street Journal. The investment fund, created by Japanese telecommunications giant SoftBank Group, is scheduled to launch in the next few weeks with a focus on emerging technologies.
"We believe their new fund will speed the development of technologies which may be strategically important to Apple," Kristin Huguet, Apple spokeswoman, told the Journal.
Apple and SoftBank have a long history of working together. In 2008, Apple made SoftBank its exclusive Japanese iPhone seller, according to the Journal, which helped skyrocket sales.
SoftBank has reportedly been working to raise $100 billion for its Vision Fund, making it one of the world's biggest tech funds. SoftBank has invested $25 billion in the fund, which was announced in October, and Saudi Arabia's government is investing $45 billion, according to the Journal.
A SoftBank spokesman confirmed that Qualcomm, Foxconn and Larry Ellison's family office also plan to invest in the fund.
Earlier this year, SoftBank bought chip designer ARM for about $32 billion. The deal was part of the company's push into the so-called internet of things, the idea of connecting more devices and objects to the web.
In May, Apple invested $1 billion in Chinese ride-hailing company Didi Chuxing.
Apple didn't respond to request for comment.
First published January 4, 12:47 p.m. PT.
Update, January 5 at 4:09 p.m.: Adds confirmation from SoftBank.