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Softbank to invest R1.4bn in AI startup

Japanese conglomerate Softbank is close to sealing a $100 million (R1.4 billion) deal with Behavox, a British artificial intelligence start-up.

SoftBank could announce the deal in the next week, according to Sky News.

Behavox, which was founded in the UK in 2014 but is now based in New York, uses AI to help financial services companies spot signs of wrongdoing among employees, including rogue trading, bribery, and misuse of expense Behavox helps banks monitor employee behaviour for signs of wrongdoing.

The investment would be facilitated through SoftBank’s second Vision Fund, following the conclusion of the investment period for Vision Fund I last September.

The original $93bn investment vehicle – by far the single-largest pool of capital for technology investments ever raised – backed prominent ‘unicorns’ such as Uber Technologies and WeWork, both of which have seen their valuations plummet in recent months.

Behavox leverages the power of AI to help companies understand, analyze, and interpret the attitudes and actions taking place within their walls, and use that information to become better than ever before.

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