Toyota targets another $100 million for mobility startups
Toyota Motor is doubling down on its efforts to invest in early-stage startups in the artificial intelligence and mobility industries.
The automaker said Thursday that Toyota AI Ventures, the venture-capital arm of the Toyota Research Institute, will open a second $100 million fund dedicated to pursuing these investments.
After launching its first fund with $100 million in July 2017, the Silicon Valley-based firm now has $200 million in capital commitments. So far, the firm vetted more than 1,500 companies while has crafted a diverse portfolio among its 19 investments in the first fund.
Jim Adler, managing director of Toyota AI Ventures said the first fund still has money, and no investments have yet been made from the second fund.