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Artificial intelligence

SoftBank, SK, LG, and Hanwha to join AI startup fund

Asian conglomerates team up to meet growing need for quick cash

AI startups are requiring larger investments to remain competitive. (Nikkei montage/Photos from SoftBank, Hanwha, SK networks website)

TOKYO -- Japan's SoftBank Group and conglomerates from South Korea and Thailand will join a fund aimed at making quick and "sizable" investments in AI startups, Nikkei Asia has learned.

SoftBank, SK subsidiary SK Networks, LG Electronics, Hanwha Financial and a Thai conglomerate recently signed an agreement to join the $130 million fund set up by the founders of venture capital firm The Edgeof by the end of this month, a person familiar with the matter told Nikkei Asia.

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