Silicon Valley-based venture capital firm Toyota AI Ventures (TAIV) announced its Fund II, a new $100 million fund dedicated to investing in early-stage start-ups developing disruptive technologies and business models in the autonomous mobility and robotics markets.
Led by founding managing director Jim Adler, who also serves as executive advisor at the Toyota Research Institute (TRI), Toyota AI Ventures was founded in July 2017 as a subsidiary of TRI. In less than two years, Toyota AI Ventures has invested in a diverse portfolio of 19 start-ups and Fund II brings the firm’s total assets under management around the world to more than $200M.
“Auto manufacturers must participate in the start-up ecosystem to stay ahead of the rapid shift in the auto industry,” said Jim Adler, Managing Director of Toyota AI Ventures. “Investing in start-ups creates long-term relationships that help Toyota explore the latest innovations in mobility.”
Toyota AI Ventures looks for early-stage start-ups across a range of industries that are applying AI, data and cloud technologies to tackle important problems and create new market opportunities. Existing investments include:
- Elementary Robotics – developing robotics platforms to assist with automating everyday tasks
- Intuition Robotics – creating social companion technologies using cognitive AI
- Joby Aviation – pioneering an electric vertical take-off and landing (eVTOL) passenger aircraft service
- May Mobility – offering communities a Level 4 self-driving shuttle service
- Sea Machines – building autonomous control and navigation systems for the maritime industry
With Fund II, Toyota AI Ventures will expand its search for talented entrepreneurs to invest in as part of its mission to help discover what’s next for Toyota.
“The growing interest in automated systems has created great opportunities to improve human lives using AI and next-generation mobility technology,” said Dr. Gill Pratt, chief executive officer at TRI and Toyota AI Ventures investment committee member. “Under Jim’s leadership, Toyota AI Ventures helps us find and invest in tomorrow’s technology leaders by bridging the gap between technology start-ups and the emerging mobility industry.”
Toyota AI Ventures will also use Fund II to continue to strengthen its portfolio services. In addition to offering capital, TAIV partners with portfolio companies to provide ongoing support and resources to enable their long-term success, including assistance with product-market fit and an opportunity to connect with Toyota’s deep technical expertise and its extensive global network.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com.