Apple is set to announce a new $1.9 billion US research and innovation fund, it was announced by CEO Tim Cook on Thursday.
The announcement comes just two days after Apple reported a 25% drop in quarterly revenue for the third quarter.
The fund, which will be funded by a $1 billion loan from the federal government, will support research into new technologies, including “deep learning”, Apple said in a statement.
Apple will also be contributing to the development of a cloud-based service for Apple Pay, which it claims is faster and easier than using the company’s current mobile payment system.
Apple said it is working to bring deep learning to Apple Watch, Apple Pay and its other devices.
“We are excited to partner with Apple on this initiative, which is going to help advance the next generation of devices that are designed to empower consumers to make smarter and more informed choices,” Steve Jobs, Apple’s CEO, said in the statement.
“This new investment will give us the necessary resources to accelerate our development and scale the next wave of innovative products and services.”
The fund will be administered by Apple’s venture capital arm, the Silicon Valley Leadership Fund, which previously invested in Uber, Facebook, Tesla and SpaceX.
In January, Apple announced a $5 billion investment in Neuralink, which aims to develop neural networks that can process the images and video captured by cameras and sensors on our phones and tablets.