Major Japanese companies, including SoftBank Corp, NEC Corp, Honda Motor Co and Sony Group Corp, have established a new firm to develop large-scale artificial intelligence for use by domestic companies, sources familiar with the matter said Sunday.
The companies hope to catch up with U.S. and Chinese rivals in developing an AI model, they said, adding they expect financial support from the Japanese government.
The group plans to share the model with other Japanese companies and eventually expand into developing other models, including one for operating factory robots, they said.
The new company plans to employ around 100 AI engineers, to be led by a SoftBank executive, the sources said.
Nippon Steel Corp, Kobe Steel Ltd, MUFG Bank, Sumitomo Mitsui Banking Corp and Mizuho Bank have also invested in the newly established company, they said.
SoftBank and NEC will lead the development and later be joined by Tokyo-based AI developer Preferred Networks Inc, the sources said.
The new firm will apply for funding from the New Energy and Industrial Technology Development Organization, a public body that plans to provide up to 1 trillion yen ($6.3 billion) for domestic AI development, the sources said.
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