Toyota decided to launch a venture capital fund that focuses on technology companies working on artificial intelligence. The fund named Toyota AI Ventures has already made three different investments.
Toyota, the automobile giant which has been working on autonomous vehicle and robot technologies through the Toyota Research Institute, announced that it has created a new venture capital fund. The Toyota Research Institute provided the fund named Toyota AI Ventures name with $ 100 million. Toyota AI Ventures fund will monitor new companies operating on artificial intelligence and invest in companies that fit Toyota‘s future plans.
Toyota AI Ventures is planning to invest in the companies working on artificial intelligence, autonomic devices, and robotics and cloud technologies, while providing consultancy services to companies. Jim Adler, who has served as vice president at the Toyota Research Institute and now is the general manager of AI Ventures, commented on the contribution the fund will make to new companies and said that one of the biggest challenges entrepreneurs face is not estimating whether they are building the right product in the right market. He added that they are planning to help these companies in such uncertainties they face and they are committed to a founding friendship because the success of these companies is also the success of Toyota AI Ventures.
Toyota AI Ventures has already invested in three new technology companies, one based in Silicon Valley. The Silicon Valley-based Nauto company, which the fund invests in, is developing technologies to reduce accidents in the autonomous drivel while the British SLAMcore company is working on building visual monitoring and mapping algorithms. Intuition Robotics, which is also invested by Toyota AI Ventures, is a social technology company that produces robots to be friends with adults.