SoftBank Invests 170 Billion KRW in Korean AI Investment Solution Firm Kraft

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Japan's SoftBank Group, led by Chairman Masayoshi Son, is investing in Korea's artificial intelligence (AI) investment solution company Kraft Technologies.

On the 10th (local time), according to the Wall Street Journal (WSJ), SoftBank decided to invest $146 million (approximately 174.6 billion KRW) in Kraft.

The WSJ reported, "SoftBank decided to invest to gain access to Kraft's AI investment solutions and support Kraft's growth."

Kraft plans to use the raised funds to expand into the U.S. and Chinese markets.

Robert Nester, CEO of Kraft's U.S. branch, stated, "We plan to establish sales teams in key markets such as the U.S. and China," adding, "Most small and medium-sized enterprises without AI investment solution development capabilities will find opportunities with Kraft."

He further introduced that about 50 employees, most of whom are AI software developers, hold approximately one-third of the company's shares, and a significant portion of the remaining shares held by external investors belong to SoftBank.

However, the names of the investors were not disclosed specifically.

Matsui Kentaro, Managing Partner of SoftBank Invest Advisors, said, "We have been interested in investing in Kraft for several years," and added, "We judged Kraft to be the optimal company to test how to utilize AI."

This content was produced with the assistance of AI translation services.