Japan-based automotive manufacturer Toyota has launched a ¥13.5bn ($111m) fund, named Mirai Creation Investment, aimed at startups developing advanced technologies for the car industry, Tech in Asia reported today.
Financial services provider Sumitomo Mitsui Banking Corporation and asset management firm Sparx have also committed capital to the fund. Toyota is reportedly providing $82.3m, while Sumitomo Mitsui is injecting $27.2m and Sparx is investing the remaining $1.6m.
Sparx will serve as the fund’s general partner.
Mirai will seek to identify startups developing technologies such as artificial intelligence, robotics and hydrogen production, supply and use.
Toyota hopes to expand the fund to $411m by March 2016, welcoming additional limited partners.