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SoftBank Vision Fund makes second-ever enterprise software investment

Reuters  |  SAN FRANCISCO 

By Heather Somerville

SAN FRANCISCO (Reuters) - The $100 billion has made its second-ever investment in an company, as the massive fund broadens its portfolio beyond consumer tech firms such as Uber and

The led a $250 million investment into data storage company Cohesity, a California-based company that provides services to help businesses store, manage and protect their data. The investment, which came at a valuation of more than $1 billion, brings the company's total fundraising to $410 million, said Rob Salmon,

SoftBank, which leads a nearly $100 billion investment vehicle that includes funding from the sovereign wealth funds of and Abu Dhabi, Apple Inc, and Qualcomm, among others, has made sizeable investments in ride-hailing firm Uber Technologies Inc, shared office provider WeWork, and dog walking app Wag. companies haven't been as much of a focus.

marks the fund's second investment in the sector, said Deep Nishar, at Advisers. Last year it invested in Slack, a workplace messaging service.

"In this space we've looked at multiple companies," said Nishar, who will join Cohesity's board as the fifth "In general we are fairly particular."

SoftBank has also pledged to help expand its operations in is looking to add business in Japan, where SoftBank is headquartered, as well as and India, Salmon said.

Cisco Investments, Hewlett Packard Enterprise, and also joined the round.

New data privacy regulations in that took effect last month, which change how companies can process the personal data of citizens, has provided new business for Cohesity. The has driven demand for services that help companies track personal data and determine whether that data is being stored properly and is at risk of being moved or stolen.

"In the EU and the United States, citizen of these countries want more protection, and they want to make sure enterprises take this seriously," Cohesity's Salmon said.

Cohesity is on track for more than $100 million in revenue this year, Salmon said. Its customers include the U.S. Department of Energy, Hyatt Corp and

(Reporting by Heather Somerville; Editing by Miral Fahmy)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 11 2018. 19:42 IST