After nearly two quiet quarters, SoftBank’s Vision Fund 2 is making a strong comeback. In the past five months, the fund has participated in 13 funding rounds, many of which involve large investments in cutting-edge industries like artificial intelligence (AI). This marks a significant recovery after a period of inactivity in 2023, when the fund was notably silent.

One of the most high-profile deals came last week when SoftBank Vision Fund 2 co-led a $120 million investment in cybersecurity startup Cybereason. This deal is part of a larger trend of the fund’s recent activity, which includes backing companies like QuEra Computing, Helion Energy, and Perplexity, as reported by Crunchbase. In fact, the fund’s 13 investments in the last few months surpass the total number of deals it participated in over the previous year.

SoftBank Vision Fund’s Shift in Focus
Just a few years ago, 13 deals in five months would have been a modest number for the Vision Fund, which was known for its rapid pace of investment. In Q3 2021, the fund took part in 66 rounds, reflecting the booming venture capital market at the time. However, as the market shifted in 2022 with rising interest rates and economic challenges, SoftBank founder Masayoshi Son announced a pullback in investments, citing significant losses for the Vision Fund.

Despite these challenges, SoftBank quickly pivoted in mid-2023, signaling a renewed focus on AI and robotics. While SoftBank itself made direct investments, the Vision Fund largely stayed on the sidelines during this period, participating in only 33 deals between Q3 2022 and Q3 2024.

Resurgence in Investment
SoftBank Vision Fund 2 started to pick up momentum again in late 2023, making key investments in AI companies like Perplexity, which raised a $500 million Series D round in December. The fund also participated in a $1.2 billion Series B for data center company GDS International. Despite its growing focus on AI, the fund has maintained a broad investment strategy, backing companies in sectors like biotech and cybersecurity. Notably, it took part in Metsera’s $215 million Series B in the biotech space and Eruditus Executive Education’s $150 million Series F in the education sector.

2025: A Year of Continued Investment
The momentum continued into 2025, with the Vision Fund already making seven investments by March. These included a $100 million Series C for Umoja Biopharma, a Seattle-based biotech company, and a $200 million Series E for TravelPerk, a business travel management platform based in Spain. Additionally, the fund co-led a $425 million Series F for Helion Energy, a fusion energy startup that has caught the attention of investors looking for innovative energy solutions.

The Future of SoftBank’s Vision Fund
While it is unlikely that SoftBank Vision Fund 2 will return to the frenetic pace of 2021, it is clear that the fund is once again an active player in the venture capital landscape. Its diversified approach, investing not just in AI but also in biotech, cybersecurity, and energy, suggests that it is positioning itself to support innovation across several high-growth industries.

For startups, the return of SoftBank’s Vision Fund could be a promising sign, as it signals that a major investor is once again willing to support ambitious projects. Whether the fund can regain its former heights remains to be seen, but for now, its comeback is a significant development in the venture capital world.