The funding for the Silicon Valley-based drug-delivery company—is among the first known investments for SoftBank’s Vision Fund 2, which contributed a majority of the funding round at around $250 million, down from the US$300 million that it reportedly first considered. (Reuters)

Talking point: SoftBank’s first Vision Fund had a seismic effect on the startup world since it launched in 2017, with its giant bets on tech firms like WeWork and Uber. Many of its portfolio companies have subsequently struggled; nonetheless, the Japanese conglomerate is in the process of raising money for the new fund, which could be even larger than the first. During talks over its Alto investment, SoftBank’s fund investment partners reportedly sought price-protection clauses and stronger corporate governance processes at the company, as a  result of those other companies’ struggles. The original Vision Fund made a handful of deals in the health and life-sciences sector, but Alto represents the first foray into pharmacy for either fund.