Japanese investment firm SoftBank dives into AI with $100M Symbotic Joint Venture -TGN

Investment firm SoftBank is reportedly betting big on artificial intelligence (AI) through a joint venture with Symbotic.

AI is making headlines with the launch of chatbots such as OpenAI’s ChatGPT and Google’s Bard. And as venture capitalists’ interest in AI grows, Japanese investment firm SoftBank wants a piece of the action.

SoftBank is planning an AI-powered warehouse

According to Bloomberg, SoftBank is teaming up with a robot warehouse company, Symbotic, to go all in on AI. SoftBank and Symbotic plan to form a $100 million joint venture, GreenBox Systems LLC, with the former holding a 65% stake and the latter holding the remaining interest.

The joint venture would focus on building AI-powered warehouses. Bloomberg sources also said that SoftBank would buy Symbotic’s AI systems for about $7.5 billion.

Japan as a nation is also trying to strengthen its position in the AI ​​race. In July, BeInCrypto reported that the Japanese investment firm offered a $6.4 billion acquisition deal to a photoresist producer with a 30% global share.

Read our detailed guide to the 9 best AI trading bots

Crypto vs AI Finance

As crypto finance dries up in 2023, artificial intelligence technology continues to attract investors. After a slow second half in 2022, the first half of 2023 saw a huge spike in AI investment.

The screenshot below shows that venture capitalists have placed bets worth $20.3 billion in Q1 2023 and $20.2 billion in Q2 2023. Meanwhile, crypto finance continues a downward trend in 2023 compared to the previous year.

In addition, according to Crunchbasethe AI ​​sector will attract approximately one-fifth of global venture capital funding by 2023.

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