SoftBank Group Corp.-backed Light is struggling to raise funds after the world's largest tech investor balked at putting more money into the startup, people familiar with the matter said. SoftBank owns about 30% of Light through its first Vision Fund, which led an injection of $121 million (¥15.4 billion) into the advanced camera developer in 2018. SoftBank's continued support is critical for the cash-strapped startup, which had been spending millions of dollars to expand into self-driving tech at SoftBank's urging. Hurt by plunging tech valuations, SoftBank is walking away from some of its loss-making portfolio firms to comply with stricter investment criteria, said the people, who asked not to be identified because the matter was not public. Many of the two Vision Funds' portfolio of 300-plus companies are loss-making.

It's a bright September morning in San Carlos, California, and Masayoshi Son, chairman of SoftBank, is throwing me off schedule. I'd come, as he had, to meet with the people he's tapped to run the Vision Fund, his $100 billion bet on the future of, well, everything. After almost four decades of building SoftBank into a telecom conglomerate, Son, an inveterate dealmaker, launched this unprecedented venture two years ago to back startups that he believes are driving a new wave of digital upheaval. He has staked everything on its success–his company, his reputation, his fortune. We'd both arrived with the same basic question: Where is this massive vehicle heading? But because I wasn't the one footing the 12-figure allowance, I understood that I'd be the one to wait. When I finally arrive at the Vision Fund's offices, just off California's Highway 101, I'm struck by how mundane they are. Son is known for big, showy statements. He reportedly paid $117 million for a home in Woodside in 2013, the highest price ever in the U.S. This glass and concrete building, on the other hand, could be found in any part of suburban America. The room where I wait is spartan.

Light cofounder and CEO Dave Grannan raised $121 million for his imaging platform on the promise of its value to robotics, drones, and, especially, self-driving vehicles.Courtesy of Light In February, Dave Grannan, cofounder and CEO of imaging startup Light, flew to Tokyo to meet SoftBank's Masayoshi Son for the first time since beginning conversations with the Japanese billionaire's venture-capital arm. After two more meetings, in Tokyo and Silicon Valley, Son agreed to lead a massive $121 million investment in Light, through his SoftBank Vision Fund. Leica Camera also joined the deal. A big reason that Light was able to attract so much funding is the promise of robots, drones and, especially, self-driving cars. Light uses complex algorithms to combine images from multiple camera modules into a single, high-quality image with depth.