TLDR:
– Toyota’s VC arm, Toyota Ventures, has announced two $150 million funds for AI, robotics, and green tech startups.
– The newly committed capital brings Toyota Ventures’ assets under management to over $800 million.
Japanese automaker Toyota’s Silicon Valley venture capital arm, Toyota Ventures, unveiled two $150 million funds for early-stage startups in fields like AI, robotics, and renewable energy. The Frontier Fund II and Climate Fund II aim to target deep tech and climate tech startups, building on the success of Toyota’s existing Frontier and Climate funds launched in 2021. This commitment brings Toyota Ventures’ total assets under management to over $800 million.
To date, Toyota Ventures has invested in 75 companies globally. The maiden Frontier Fund includes companies like Scentian Bio and Joby Aviation, while the Climate Fund focuses on solutions combatting climate change, such as Vow, an Australian foodtech startup featured in the Forbes Asia 100 to Watch list. Toyota Ventures, originally known as Toyota AI Ventures, was founded in 2017 as a subsidiary of the Toyota Research Institute and rebranded in 2021 with an additional $300 million commitment from Toyota.
In addition to Toyota Ventures, Toyota operates Woven Capital, an investment arm targeting growth-stage ventures in automation and clean energy. Woven’s portfolio includes companies like Nuro, an AI and machine learning startup that has raised over $2 billion. Toyota experienced record sales in 2023, selling a total of 11.2 million vehicles worldwide, with operating income doubling year-over-year to 4.2 trillion yen.
