Last week, the SoftBank Vision Fund 2 co-led a significant $120 million funding round for cybersecurity startup Cybereason. This investment marks a notable resurgence for the Vision Fund, which had been relatively inactive in late 2023 after a period of aggressive investing during the venture boom of 2021.

In the past two quarters, Vision Fund 2 has participated in 13 funding rounds, a stark contrast to the 10 deals it engaged in over the previous year. This uptick includes substantial investments in companies like QuEra Computing and Helion Energy, indicating a renewed focus on large-scale funding, particularly in artificial intelligence.

Historically, 13 deals in just over five months would have been unremarkable for the Vision Fund, which was known for its rapid investments in high-profile startups like Uber and DoorDash. However, the venture landscape has changed dramatically since 2021, when low interest rates fueled a flurry of investments. Following significant losses in 2022, SoftBank founder Masayoshi Son announced a strategic pullback, leading to a quiet period for the Vision Fund.

Despite this, by mid-2023, Son expressed intentions to shift back into an active investment mode, particularly in AI and robotics. However, while Son made direct investments from SoftBank, the Vision Fund remained dormant, participating in only 33 deals from Q3 2022 to Q3 2024.

The fund's inactivity was compounded by ongoing markdowns, with SoftBank reporting a net loss of nearly $2.4 billion in its fiscal third quarter, largely attributed to declines in shares of companies like Coupang and Didi. Nevertheless, the Vision Fund began to re-engage late last year, making six investments in the final quarter, including a notable $500 million Series D for AI startup Perplexity.

The fund's recent activity has not been limited to AI; it also invested in sectors like biopharmaceuticals and education. For instance, it participated in a $215 million Series B for Metsera and a $150 million Series F for Eruditus Executive Education. Additionally, it made a strategic investment in cloud security startup Wiz.

As 2025 unfolds, the Vision Fund has maintained its investment momentum, making seven investments by early March. This includes a $100 million Series C for Umoja Biopharma and a $200 million Series E for TravelPerk. The fund also co-led a $425 million Series F for fusion startup Helion Energy, reflecting a broader interest in innovative energy solutions.

Despite this resurgence, it is unlikely that the Vision Fund will return to its 2021 investment levels. Interestingly, while other major funds like Tiger Global Management have yet to re-enter the market, the Vision Fund appears more willing to explore diverse investment opportunities beyond just AI, including biotech and cybersecurity.

For startups, the re-emergence of a significant investor like the Vision Fund could be promising, even as the fund navigates its recent challenges and seeks to balance its investment strategy.