Japanese telecom giant SoftBank Group has invested in two U.S. companies, a map software startup and an artificial intelligence startup, the two American companies said on Tuesday.
Mapbox, based in San Francisco, said it has received an investment worth $164 million from a group of investors, including SoftBank Vision Fund, set up jointly with the government of Saudi Arabia among others, and several venture capitals. The investment will be used in three areas: autonomous driving, augmented reality, and virtual reality technologies for games and expansion into China, Southeast Asia and Europe.
Pittsburgh-based Petuum, which specializes in machine learning, said it has received $93 million from SoftBank and others. The startup hopes to spread machine learning technology, currently employed by only a handful of big information technology companies, to other businesses.
(Sep 25): China is moving ahead with planned financial reform, despite pressure from a slowing economy and rising tensions with its largest trading partner.
"Our goal going forward is to further open up the financial services sector," Premier Li Keqiang told a group of business leaders Thursday at a World Economic Forum conference in Tianjin, China, according to a transcript from China's Ministry of Foreign Affairs.