STREAMING NOW: Watch Now

Silicon Valley startups are still taking Saudi cash

Silicon Valley startups are still taking Saudi cash despite the intense controversy over the ...

Posted: Nov 2, 2018 6:54 PM
Updated: Nov 2, 2018 6:54 PM

Silicon Valley startups are still taking Saudi cash despite the intense controversy over the murder of journalist Jamal Khashoggi.

Two deals made public this week show that SoftBank (SFTBF) is pressing ahead with investments by its Vision Fund, a major player in Silicon Valley that is backed by $45 billion in Saudi government money.

Continents and regions

Middle East

Middle East and North Africa

Saudi Arabia

Technology

Food and drink

Robots and robotics

Business, economy and trade

Company activities and management

Company strategy

Startups

Jamal Khashoggi

Misc people

Companies

SoftBank Group Corp

Banking, finance and investments

Financial markets and investing

California

North America

Silicon Valley

Southwestern United States

The Americas

United States

Crime, law enforcement and corrections

Crimes against persons

Criminal offenses

Homicide

Murder

View, a startup that makes smart energy-saving windows, said Friday that it has received $1.1 billion from the Vision Fund.

The investment was announced one day after Zume, a tech firm that uses robots to make pizza, said in a regulatory filing that it received $375 million in new funding on October 17.

According to the Wall Street Journal, that money also came from the $93 billion Vision Fund. Zume did not respond to questions from CNN Business about the source of the investment.

The cash infusions are the first big moves by the Vision Fund since the Khashoggi's killing raised questions over SoftBank's relationship with the government of Saudi Arabia.

Saudi Arabia first denied any knowledge of Khashoggi's murder in its consulate in Istanbul before arguing that a group of rogue operators were responsible. The Saudi attorney general later acknowledged that he was killed in a premeditated murder.

SoftBank founder Masayoshi Son stayed away from a major investment summit in Saudi Arabia that was overshadowed by the killing, despite his company being a key player in showcase projects designed to transform the country's economy.

Some tech titans have distanced themselves from Saudi Arabia.

Tesla (TSLA) CEO Elon Musk has said he wouldn't accept an investment from the country's sovereign wealth fund because of the murder. His statement comes just weeks after he raised the possibility of taking Tesla private with Saudi cash.

A major global tech player

Data from Dealogic shows the Vision Fund has pumped billions into tech startups around the world.

Last year, it invested $4.4 billion in WeWork, the startup that has set up popular co-working spaces in cities across the globe. Slack, DoorDash and Improbable Worlds are among other startups that have received Vision Fund cash.

Zume and View fit right into the fund's portfolio of ambitious tech startups.

Zume wants to use technology to advance automation in the food industry. It deploys robots alongside humans to speed up the cooking process, and operates delivery trucks with ovens programmed to make pies en route to customers.

View manufacturers smart windows that can be controlled remotely via the internet. It says the glass lets in the optimum amount of natural light, reduces heat and glare, and cuts building energy consumption by up to 20%.

"We are excited to have this strong endorsement of our vision from SoftBank, a firm widely recognized for supporting category creating companies," CEO Rao Mulpuri said in a statement.

Both companies did not respond to questions on Friday about whether they were concerned about the source of the new investment funds.

Lafayette
Clear
26° wxIcon
Hi: 49° Lo: 24°
Feels Like: 19°
Kokomo
Clear
19° wxIcon
Hi: 44° Lo: 20°
Feels Like: 11°
Rensselaer
Clear
21° wxIcon
Hi: 44° Lo: 21°
Feels Like: 21°
Lafayette
Clear
26° wxIcon
Hi: 46° Lo: 25°
Feels Like: 19°
Danville
Clear
28° wxIcon
Hi: 49° Lo: 25°
Feels Like: 23°
Frankfort
Clear
27° wxIcon
Hi: 49° Lo: 26°
Feels Like: 17°
Frankfort
Partly Cloudy
27° wxIcon
Hi: 45° Lo: 23°
Feels Like: 17°
Monticello
Clear
24° wxIcon
Hi: 45° Lo: 22°
Feels Like: 18°
Monticello
Clear
24° wxIcon
Hi: 44° Lo: 21°
Feels Like: 18°
Logansport
Clear
23° wxIcon
Hi: 43° Lo: 20°
Feels Like: 23°
Warmer finish to the week, followed rain
WLFI Radar
WLFI Temps
WLFI Planner

WLFI is promoting fire safety with FREE smoke detectors

 WLFI and several local fire departments are helping with your fire safety this winter. CLICK HERE. 

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 658043

Reported Deaths: 12467
CountyCasesDeaths
Marion902221628
Lake48163871
Allen35614632
Hamilton31884394
St. Joseph29615510
Elkhart25291412
Vanderburgh21148377
Tippecanoe19815197
Johnson16262353
Porter15867268
Hendricks15744297
Clark11860179
Madison11688315
Vigo11520228
Monroe10267158
Delaware9800178
LaPorte9725194
Howard9024194
Kosciusko8519107
Bartholomew7394147
Warrick7380147
Hancock7379128
Floyd7149165
Wayne6597189
Grant6406157
Morgan6044124
Boone604188
Dubois5876111
Dearborn541266
Henry539892
Marshall5397104
Cass538999
Noble507575
Jackson462663
Shelby458890
Lawrence4161111
Gibson400581
Harrison395960
Clinton393353
DeKalb382878
Montgomery382883
Miami355163
Knox354484
Whitley347235
Huntington339276
Steuben336355
Wabash329575
Putnam326559
Ripley325261
Adams320749
Jasper313643
White295651
Jefferson293270
Daviess284496
Fayette270555
Decatur269688
Greene260278
Posey260031
Wells256074
Scott248947
LaGrange240270
Clay239444
Randolph225076
Spencer216130
Jennings214044
Washington208727
Sullivan202239
Fountain200641
Starke186450
Owen181652
Fulton177437
Jay177328
Carroll175718
Perry172635
Orange170450
Rush164222
Vermillion159040
Franklin158435
Tipton145641
Parke138415
Pike127232
Blackford120327
Pulaski106243
Newton96431
Brown94839
Benton91213
Crawford90113
Martin80014
Switzerland7527
Warren74712
Union66810
Ohio52811
Unassigned0428

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events