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Mitsubishi Heavy Industries to Invest 10 Billion Yen in AI Tech Developer Preferred Networks

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Mitsubishi Heavy Industries (TYO:7011) will invest 10 billion yen in AI technology developer Preferred Networks under a capital and business alliance, according to a Wednesday release.

The parties signed an agreement for the joint development of AI technologies for machine and system intelligence and autonomy in mission-critical areas, such as social infrastructure and national security.

Under the agreement, Mitsubishi Heavy Industries will underwrite Preferred Network shares by third-party allocation.

The investment is subject to necessary approvals, including those of Preferred Networks' shareholders.

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