Toyota is launching an $800 million global investment fund to support growth-stage companies developing technologies and business models in areas including autonomous mobility, automation, artificial intelligence, machine learning, data and analytics, connectivity and smart cities.
Toyota Research Institute – Advanced Development (TRI-AD) has formed the fund under Woven Capital, part of Toyota’s new Woven Planet Holdings Group, which will begin operations in January 2021.
In addition to sourcing deals from Toyota AI Ventures, Woven Capital will also invest in other venture capital funds to accelerate its global coverage.
"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,” says James Kuffner, CEO of TRI-AD.
“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."
Founded in March 2018 in Tokyo, TRI-AD’s mission is to create new technology and advanced safety systems, enabling Toyota’s vision of “Mobility for All.”
TRI-AD also oversees Toyota’s Woven City, which was announced in January 2020 and will serve as an incubator for smart city redesign, connected mobility and robotics technology from Toyota and its partners.
Previously, Toyota’s AI Ventures unit has invested in the autonomous vehicle space by participating in a $50 million round for autonomous shuttle service May Mobility in December 2019.
It also participated in electric air taxi company Joby Aviation's $590 million round in January.