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Japan's SBI to take big stake in AI unicorn Preferred Networks

Aug 27 (Nikkei) - Japanese financial services group SBI Holdings plans to invest around 10 billion yen ($69 million) in Tokyo-based Preferred Networks and work with the startup on designing chips for artificial intelligence, Nikkei has learned.

Preferred Networks is preparing for a private placement of shares to about 10 mostly Japanese companies. SBI is expected to play the leading role in this fundraising round, making it one of the startup's top investors alongside Toyota Motor.

SBI is expected to announce the investment plan on Tuesday. The move is part of an entry into the semiconductor industry announced last year.

Preferred Networks was founded in 2014 and has an estimated valuation of around 300 billion yen, making it one of Japan's most valuable unicorns.

'Shogun' Wins Record 18 Emmy Awards

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Japan's Elderly Hit Record High

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Relief on way amid Japan's rice shortage as new harvest starts

Farmers in Japan's rice-producing regions have started harvesting and shipping this year's crop, helping to ease a nationwide shortage. (NHK)

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