SoftBank Plans AI Tour To Boost Technology Adoption: Report SoftBank, led by Masayoshi Son, began making startup investments again in the June quarter after coming to a virtual halt as investors soured on money-losing startups
By Teena Jose
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SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology, according to a Bloomberg report.
Sumer Juneja, managing partner overseeing Europe, Middle East, Africa and India investments at SoftBank's Vision Fund, quoted in the report saying, "The investor is helping portfolio companies adopt AI and has been setting up meetings for the founders with the leading players in the field."
SoftBank, led by Masayoshi Son, began making startup investments again in the June quarter after coming to a virtual halt as investors soured on money-losing startups. As per the report, the Japanese company has built up a cash pile of more than $40 billion and is in the process of taking chip designer Arm Holdings Ltd. public in a deal that will raise additional money.
"What we don't want to do is to invest in a company that misses the AI wave and then three years later turn irrelevant. Having a sophisticated tech team and being in the right industry where it could use AI to make the business model even more efficient are must-haves for us to write new cheques," Juneja reportedly said.
Furthermore, he said, "If you are too late to the AI party, you are toast, and if you are too early, it won't impact your revenue. We are helping to ensure the transition is right."
