In other news, SoftBank is shifting its investment strategy. It is reportedly considering leading a $75 million to $100 million funding round for Norway-based robotics startup 1X Technologies and may invest in ChatGPT creator OpenAI or a competitor. It is also backing Pittsburgh-based autonomous trucking startup Stack AV with over $1 billion and led a $280 million funding round for San Francisco-based location-mapping startup Mapbox. Reports suggest that Masayoshi Son, armed with cash from Arm Holdings' IPO, has moved to a new investment project, "Project R", focusing on warehouse automation, AI, and robotics companies.
Key takeaways:
- SoftBank Group’s Vision Fund unit posted a $1.7 billion loss for the quarter ended in September, partly due to the writing down of its stake in WeWork.
- Despite this, SoftBank is shifting from “defense mode” to “offense mode”, focusing on AI and robotics investments.
- Recent investments include leading a funding round for Norway-based robotics startup 1X Technologies, considering investing in ChatGPT creator OpenAI, backing autonomous trucking startup Stack AV, and leading a funding round for location-mapping startup Mapbox.
- Masayoshi Son is reportedly moving to a new investment project separate from the Vision Fund, codenamed “Project R”, which is looking for deals in warehouse automation, AI and robotics companies.