Apple has revealed plans to invest $1 billion in Japanese telecom behemoth SoftBank's $100 billion technology venture capital fund.
Apple will join a list of investors that are also expected to include Foxconn Technology Group and Oracle chairman Larry Ellison, the Wall Street Journal reported. Companies including Qualcomm have already committed to the fund.
The $100 billion SoftBank Vision Fund will invest in strategic technology areas such as the IoT and AI as part of efforts by SoftBank CEO Masayoshi Son to help the company capitalize on emerging opportunities.
The report quotes a market analyst as stating that that the investment could be aimed at helping Apple's core smartphone business stay competitive as the IoT market expands, and could also reflect the company's increasing interest in partnering with other companies for growth.
Apple does not have a track record of investing in venture capital funds, but the company has been changing its investment strategy recently to reflect evolving market dynamics.
This change in strategy and growing interest in partnerships was reflected by the company's $1 billion investment in China's home-grown Uber alternative Didi Chuxing last year.