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

TOKYO -- 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.