Toyota AI Ventures (TAIV), a US-based corporate venture capital vehicle owned by Japan-headquartered carmaker Toyota, launched a $100m second fund yesterday.
The unit was formed as a subsidiary of Toyota Research Institute (TRI) in mid-2017, with a $100m first fund and a brief to invest in innovative technologies that could inform the future of transport, such as artificial intelligence (AI), autonomous mobility, big data, robotics and cloud software.
TAIV has built a 19-strong portfolio in the time since which includes autonomous driving software developer Nauto, electric aircraft developer Joby Aviation and autonomous shuttle bus provider May Mobility.
In addition to its ordinary activities, TAIV also put out what it refers to as a Call for Innovation in late 2018, inviting seed-stage robotics hardware and software startups to apply for up to $2m in funding.
Jim Adler, Toyota AI Ventures’ managing director, said: “Auto manufacturers must participate in the startup ecosystem to stay ahead of the rapid shift in the auto industry. Investing in startups creates long-term relationships that help Toyota explore the latest innovations in mobility.”
TRI chief executive Gill Pratt, who is also on TAIV’s investment committee, added: “The growing interest in automated systems has created great opportunities to improve human lives using AI and next-generation mobility technology.
“Under Jim’s leadership, Toyota AI Ventures helps us find and invest in tomorrow’s technology leaders by bridging the gap between technology startups and the emerging mobility industry.”
