Japan-based carmaker Toyota has added an $800m global growth-stage investment fund called Woven Capital to its early-stage, artificial intelligence-focused corporate venture capital unit.
Toyota Research Institute – Advanced Development (Tri-Ad) was launched in March 2018 to oversee the formation of Toyota’s Woven City as an incubator for smart city design, connected mobility, and robotics technology from Toyota and its partners.
The unit will begin expanding and transitioning its operations into a holding company dubbed Woven Planet Holdings, two operating companies – Woven Core and Woven Alpha – and Woven Capital itself, in January 2021.
Developed by Hiroshi Saijou and George Kellerman at Tri-Ad after their move from setting up and running peer Yamaha’s corporate venturing unit in Silicon Valley, Woven Capital will invest in innovative technologies and business models in areas such as autonomous mobility, automation, artificial intelligence, machine learning, data and analytics, connectivity and smart cities.
In addition to sourcing deals from Toyota’s early-stage investment arm, Toyota AI Ventures, Woven Capital will also make commitments to other VC funds.
James Kuffner, CEO of Tri-Ad, said: “Woven Capital’s investments will enable us to weave together a global portfolio of partners and technologies that will deliver long-term value to our customers, stakeholders and society. Woven Capital will also enable us to make growth-stage investments in companies in the Toyota AI Ventures portfolio as they look to raise additional capital.”
Woven Capital will begin operations in January 2021 and job applications should apply through this page.
