SoftBank Vision Fund injects $100m capital in US AI firm Globality

SoftBank
Signage for SoftBank Group Corp. is displayed outside a store in Tokyo, Japan, on Thursday, Nov. 29, 2018. Photographer: Bloomberg/Bloomberg

AI-powered online marketplace startup Globality has announced raising a $100 million investment from the SoftBank Vision Fund.

As part of the investment, Jeffrey Housenbold and Ted Fike of SoftBank Investment Advisers will join the company’s board, according to an official release.

US-based Globality helps companies looking to source external service providers in various sectors – marketing, consulting, legal, IT, and HR through its platform by matching companies with service providers that meet their specific needs.

Through a dynamic exchange between the client and the Platform, Globality’s AI bot – Glo- uses natural language processing technology to both create and analyze the client’s Smart Brief to deliver on the exact needs of any project.

The company raised its Series A round of $10 million in 2015, before securing its Series B investment of just over $27 million later in the same year. It last raised an investment in March 27, securing $35 million for its Series C round of funding.

This latest round of capital infusion will enable Globality to exponentially accelerate its growth through investment in its AI technology and increase its business capacity by hiring additional world-class talent within engineering, product, and client teams. It also looks to expand its marketing and sales programs to drive brand awareness and acquire new enterprise businesses.

“This investment will accelerate our efforts to empower companies to find and select the best service providers at the right price for every project, while enabling greater economic inclusion around the world,” said Globality co-founder, chairman and CEO Joel Hyatt.

For SoftBank Vision Fund, the funding in Globality follows news of its plan to investment in another California-based company, Katerra. According to a report by The Information, SoftBank’s Vision Fund will lead a $700 million round in the construction company.

The fund also recently co-led a $1.1 billion funding round in Indonesia’s e-commerce giant Tokopedia.

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