Toyota AI Ventures Debuts New $100 Million Fund
|The T-HR3 Toyota humanoid robot
Toyota AI Ventures, a subsidiary of the Toyota Research Institute, has launched a $100 million second fund dedicated to betting on early-stage startups focused on robotics and driverless vehicles. Jim Adler, an advisor at TRI will lead the new fund. Fund II as it’s named pushes the total assets under management by Toyota AI Ventures to more than $200 million.
Founded in July 2017, Toyota has bet on a total of 19 startups including Joby Aviation, May Mobility, Sea Machines, Elementary Robotics, Nauto, and Apex.AI. In addition to investing in companies, Toyota’s VC fund partners with portfolio companies to provide ongoing support and resources for their operations.
|Managing Director Jim Andler will head the $100 million fund
“Our startups are our customers, and we strive for deep connections based on a shared vision, common values, and aligned incentives,” Jim Adler said in a statement. ”It’s about building relationships that last. Today’s announcement is a demonstration of our long-term commitment to supporting the best entrepreneurs who are creating the next generation of disruptive innovations and businesses.”
“The growing interest in automated systems has created great opportunities to improve human lives using AI and next-generation mobility technology,” TRI CEO, Dr. Gill Pratt also said. “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.”