Toyota AI Venture Capital to Set Up New Fund
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New York, May 2 (Jiji Press)--Toyota Motor Corp. <7203> said Thursday that its Silicon Valley-based artificial intelligence-related venture capital will set up a second 100-million-dollar fund.
The fund run by Toyota AI Ventures (TAIV) will invest in early-sage startups developing disruptive technologies and business models in the autonomous mobility and robotics market, the top Japanese automaker said.
Using the new fund, as well as the first fund, also worth 100 million dollars, TAIV will accelerate support for and investment in promising startups around the world.
Automakers "must participate in the startup ecosystem to stay ahead of the rapid shift in the auto industry," Jim Adler, managing director of TAIV, said. "Investing in startups creates long-term relationships that help Toyota explore the latest innovations in mobility."
TAIV has invested in 19 companies since it was established in July 2017 as a subsidiary of the Toyota Research Institute, which develops AI technologies.
[Copyright The Jiji Press, Ltd.]