After months of silence, SoftBank Vision Fund 2 is making a comeback. Just last week, the fund co-led a massive $120 million round for cybersecurity startup Cybereason — its latest splash in what’s shaping up to be a busy run of investments.
The move signals a shift for the Vision Fund, which had gone quiet following its aggressive investment spree during the venture boom of 2021. Back then, the fund was known for cutting checks at lightning speed, often participating in more than 50 deals per quarter. But by late 2023, that pace slowed dramatically.
Now, data shows the Vision Fund is getting back in the game. Over the last two quarters, it has taken part in 13 funding rounds — more than it did in the entire previous year. What’s more, many of these deals have been large, with a growing focus on artificial intelligence.
SoftBank Vision Fund, A Return to Action — But with a New Focus
While 13 deals in six months may not sound impressive compared to the fund’s 2021 peak, when it participated in 66 rounds in just one quarter, the landscape has changed. Gone are the days of cheap money and endless venture capital euphoria. Rising interest rates cooled the market in 2022, prompting SoftBank founder Masayoshi Son to shift into defense mode after suffering hefty losses.
But by mid-2023, Son hinted at a change in strategy. Keen to position SoftBank as a leader in AI and robotics, he began investing directly — even as the Vision Fund remained mostly dormant.
That silence didn’t last. Toward the end of 2024, Vision Fund 2 sprang back to life. It closed six deals in the final quarter, including a high-profile $500 million Series D for AI-powered search startup Perplexity in December.
AI was clearly a major theme. The fund also invested in GDS International, a data center company, joining a $1.2 billion Series B round — a sign of SoftBank’s belief in the growing demand for data infrastructure as AI adoption accelerates.
While AI is driving much of the renewed activity, SoftBank Vision Fund isn’t limiting itself to that sector. Recent deals show a broader investment strategy, targeting industries poised for growth.
The fund backed Metsera, a clinical-stage biopharmaceutical company, joining a $215 million Series B alongside heavyweights like Venrock Healthcare and Wellington Management. It also participated in India’s Eruditus Executive Education’s $150 million Series F as demand for executive learning programs continues to grow.
Cybersecurity remains on the radar, too. The fund made a strategic investment in Wiz, a cloud security startup, reflecting ongoing interest in digital safety amid rising threats.
The new year didn’t slow down SoftBank’s re-emergence. By early March 2025, the Vision Fund had already completed seven more investments — several involving big money.
Among the notable rounds was a $100 million Series C for Umoja Biopharma, a Seattle-based biotech innovating in cell therapies. SoftBank also joined TravelPerk’s $200 million Series E, betting on the future of business travel.
Perhaps the most eye-catching investment so far was a $425 million Series F co-led with Lightspeed Venture Partners and Sam Altman into Helion Energy, a fusion startup now valued at $5.4 billion. The deal reflects growing investor interest in energy innovations that could support AI’s insatiable power needs.
SoftBank also participated in the $125 million Series C of Tines, an Ireland-based no-code workflow automation platform. In another major move, the fund co-led QuEra Computing’s $230 million convertible note alongside Google Quantum AI — further proof that quantum computing is climbing up SoftBank’s priority list.
Even with this recent flurry of deals, it’s unlikely the Vision Fund will return to its breakneck 2021 pace. But its renewed activity — especially as other crossover giants like Tiger Global and Dragoneer remain quiet — signals cautious optimism.
What’s striking is that while SoftBank, under Son, seems laser-focused on AI — including ambitious projects like the proposed $500 billion AI Stargate — the Vision Fund is spreading its bets. AI dominates, but sectors like biotech, cybersecurity, and education are still getting attention.
Of course, SoftBank’s track record includes both blockbuster wins and painful write-downs. Losses tied to investments like Coupang and Didi led to a staggering $2 billion hit for the Vision Fund in just one quarter last year.
Still, for startups hunting large-scale investors, seeing the SoftBank Vision Fund back in action could be a welcome development. Whether it’s a true return or a short-lived burst remains to be seen — but for now, SoftBank’s appetite is back.
