One of SoftBank Vision Fund's 12 managing partners is leaving the company
- Praveen Akkiraju, a managing partner at SoftBank Vision Fund, is leaving the company.
- Akkiraju, a former executive at Cisco Systems, joined the $100 billion investment vehicle last year to focus on enterprise technology investments.
- A Vision Fund spokesperson said senior managing partner Deep Nishar would shoulder some of Akkiraju's former responsibilities, including his board seat at the Indian company Automation Anywhere.
- Visit Business Insider's homepage for more stories.
Praveen Akkiraju, a managing partner at SoftBank Vision Fund, is leaving the company.
An email announced the news internally, and said that Akkiraju was "leaving to explore his passion for working with early-stage start-ups (operating or investing role)," Axios's Dan Primack reported Wednesday. A spokesperson from SoftBank Vision Fund confirmed the news.
"I want to thank Praveen for everything he's done for the Vision Fund. His deep technical expertise, thoughtfulness and passion for entrepreneurs will be missed. We wish him all the best on his next adventure," a statement from Vision Fund CEO Rajeev Misra said.
Akkiraju was one of the fund's twelve managing partners, managed investments in both America and Asia, and served as the co-lead on India investments.
The former Cisco executive joined SoftBank Vision Fund last spring, and has the fund's enterprise software investments. One of Akkiraju's deals was intelligent automation company Automation Anywhere from India, in which SoftBank Vision Fund invested $300 million. Akkiraju currently holds a seat on Automation Anywhere's board.
On the company board page, Akkiraju has said that he believed that technologies such as artificial intelligence, machine learning and cloud computing were "redefining the way products and services are being delivered."
SoftBank's first Vision Fund backed some of the biggest names in tech, including Uber, WeWork, and DoorDash. It also has a few sizable investment in enterprise technology companies like the office-messaging service Slack. But doubts about the investment vehicle have intensified after the collapse of WeWork's planned IPO, as well as Uber and Slack's disappointing stock performances.
SoftBank Vision Fund had initially targeted raising $108 billion in funding for its second act, which aimed to shake up next-generation enterprise technology. Last month, the company's first fund-raising round collected $2 billion, Bloomberg reported. That's less than 2% of the company's original vision.
Vision Fund declined to comment on what implications Akkiraju's departure would carry for its second iteration.
No replacement for Akkiraju has yet been announced. Senior managing partner Deep Nishar is said to be taking on many of Akkiraju's responsibilities, including his board seat with Automation Anywhere.
NOW WATCH: Tech that died this decade
- Jewellery brands deck up in hope of bumper festive sales ahead
- Xiaomi is worried that investigations in India might affect it cash flows, operating results
- Delhi and Kolkata are the two most polluted cities in the world: Report
- There is a yawning gap between the confidence of consumers and businesses
- TikTok’s in-app browser on iOS includes code that can monitor your keystrokes and taps