SoftBank May Slowly Be Starting To Play 鈥極ffense鈥� In AI Arms Race After Son鈥檚 Promise

Three months ago, an emotional told investors that , the multinational investment holding behemoth he leads, would again shift from 鈥渄efense mode鈥� as it looks to be a leader in AI.

While that shift to 鈥渙ffense mode鈥� has not been like going from zero to 60, the holdings giant has already placed some select bets on AI, even though it has been a slow go for SoftBank鈥檚 famed , according to

Just last week, SoftBank and its affiliates led a $280 million funding round for San Francisco-based location-mapping startup , which is incorporating AI to push automated driving and safety.

SoftBank鈥檚 Vision Fund unit 鈥� known for its investment in startups including , and 鈥� has been relatively quiet since Son鈥檚 announcement, but in July it led a $65 million Series E for , which is using visual AI to assess, repair and protect cars and homes.聽

In addition, days ago that SoftBank is considering investing in creator or one of its competitors.

Of course that announcement came just about a week after the successful initial public offering of SoftBank-owned U.K. chip designer 鈥� arming the firm with even more cash.

Will patience pay off?

Just a little more than a month after Son’s emotional speech, SoftBank鈥檚 Vision Fund posted its first gain in six quarters.

However, perhaps surprisingly, the Vision Fund has been part of only five announced deals, including Tractable and 鈥� massive $238 million round led by at a valuation of more than $3 billion announced this week.

Vision Fund 2鈥檚 other deals were:

Participating in a $20 million for U.K.-based IoT security firm in July.
Participating in a $95 million venture round for Austria-based virtual learning platform in August.
Taking part in a Series D worth approximately $164 million for U.K.-based , a surgical robotic system.

In general, Softbank鈥檚 Vision Fund is still well off its 2021 highs (which may be a good thing for investors). In 2021, the Vision Fund took part in 175 deals, per SA国际传媒 data. This year it .

It鈥檚 also important to remember the number of deals does not mean the Vision Fund is not investing serious cash, especially when considering the ever-increasing valuations of AI startups.聽

One VC, speaking on background to SA国际传媒 News recently, said he knew of at least one generative AI startup seeking a 90x revenue multiple.

鈥淭here is a lot of heartache when it comes to the current multiples in the market,鈥� he said. 鈥淭he lack of a public comp is huge right now.鈥�

Aside from the Vision Fund, SoftBank also seems willing to invest big bucks from its other affiliates, as it did in the Mapbox deal. Earlier this month, is backing Pittsburgh-based autonomous trucking startup with more than $1 billion. The investment is from SoftBank and not the Vision Fund 鈥� which had invested in other AV startups in recent years.

SoftBank and the Vision Fund also likely have made other deals in what it hopes will be generational AI startups that will redefine industries that just have not been announced yet.聽

While it has not moved at the breakneck investing pace it was on during 2021, perhaps the firm has learned something from that time when significant losses eventually mounted.

SoftBank and its Vision Fund unit seem to be dipping its toes back in the water again 鈥� and it鈥檚 unlikely it鈥檚 forgotten how to swim.