MICROSOFT TO COLLABORATE WITH RIDE-HAILING FIRM GRAB ON BIG DATA AND AI PROJECTS

Microsoft is investing in Southeast Asian ride-hailing firm Grab as part of a partnership that the two companies said will allow them to collaborate on technology projects, including big data and artificial intelligence. The companies did not disclose the deal value. Grab had earlier said it planned to raise roughly $3 billion by year-end, of which it has already raised $2 billion. Last week, Reuters reported that existing backer SoftBank Group was closing in on a deal to invest about $500 million in Grab as part of the funding round. Sources told Reuters that Grab is likely to tap strategic and financial firms for the remainder of the funding.