Japanese technology giant SoftBank has received $1bn from Sharp towards its $100bn tech fund, according to The Financial Times.
“Sharp decided to participate in the fund because, by participating in a fund of this kind, it expects to capture an opportunity to learn about the internet of things space, which will in turn enable Sharp to accelerate its business expansion as an IoT company,” Sharp said in a statement.
The news comes after SoftBank announced its global tech investment fund in October last year.
Known as ‘Softbank Vision Fund’, and based in London, the fund was largely considered to be the world’s largest private equity investment vehicle at the time.
The Public Investment Fund (PIF), Saudi Arabia’s top sovereign wealth fund, was revealed as the lead investor after it reportedly committed to contributing up to $45bn over the next five years.