Whenever you hear about cars and talk about some of the best companies. Toyota should always be on your radar as it is one of the best car manufacturer company. Toyota also has the highest selling rate.
With already well-established motor vehicles now Toyota is focussing on AI and its application on cars. Toyota AI Ventures, a Silicon Valley-based subsidiary of Toyota has a new $100 million fund. This fund will focus on finding and investing in early-stage robotics and autonomous technology startups.
“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.
Since its inception, Toyota AI Ventures has targeted early-stage startups and its investments have been directed at companies applying AI. Data and cloud technologies to autonomous mobility and robotics.
Since 2017, Toyota AI Venture has already invested $200 million in 19 start-ups as part of its commitment towards self-driving technology. It includes Elementary Robotics, which is developing robotics platforms for automating everyday tasks; Intuition Robotics, which is creating social companion technologies using artificial intelligence; Joby Aviation, which is building flying electric cars for a passenger aircraft service; May Robotics, a startup building a Level 4 self-driving shuttle service; and Sea Machines, a maritime startup building autonomous control and navigation systems.
Dr. Gill Pratt, CEO, Toyota Research Institute said, “The growing interest in automated systems has created great opportunities to improve human lives using AI and next-generation mobility technology.”
In April, Toyota and auto-parts supplier Denso agreed to invest $667 million into Uber’s self-driving vehicle unit. Toyota also made a commitment to invest $300 million to Uber’s push into self-driving vehicles in the next three years.
“Auto manufacturers must participate in the startup ecosystem to stay ahead of the rapid shift in the auto industry,” states Jim Adler, managing director of Toyota AI Ventures. “Investing in startups creates long-term relationships that help Toyota explore the latest innovations in mobility”.
Maybe Toyota will get success in building autonomous cars or maybe they will not. But this is a great initiative by Toyota and moreover, many car companies today are Entering the autonomous vehicle market. With companies including Ford, BMW, and Daimler all looking to innovate in self-driving vehicles”.