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TOKYO, Sept 10, 2020 - (JCN Newswire) - Toyota Research Institute - Advanced Development, Inc. (TRI-AD) announced today that it will create Woven Capital, L.P. (Woven Capital), an $800 Million global growth-stage investment fund, to enhance the ability to achieve its vision of "Mobility to Love, Safety to Live." On July 28, 2020, TRI-AD announced that it will expand and strengthen its operations by forming a new holding company called Woven Planet Holdings, Inc. (Woven Planet), which will begin operations in January 2021.
Woven Capital will be part of the new Woven Planet Holdings Group, and it will support the group by investing in growth-stage companies that are developing innovative technologies and business models in areas such as autonomous mobility, automation, artificial intelligence, machine learning, data and analytics, connectivity, and smart cities. In addition to sourcing deals from Toyota AI Ventures, Toyota's early-stage venture capital fund, Woven Capital will also invest in other venture capital funds in order to broaden and accelerate its global coverage.
"With diverse projects such as Arene(1), the Automated Mapping Platform(2), and Woven City, the Woven Planet Holdings Group has set ambitious goals for itself, and we will need a variety of partners and technologies to achieve those goals," said James Kuffner, CEO of TRI-AD. "Woven Capital's investments will enable us to weave together a global portfolio of partners and technologies that will deliver long-term value to our customers, stakeholders, and society. Woven Capital will also enable us to make growth-stage investments in companies in the Toyota AI Ventures portfolio as they look to raise additional capital."
Woven Capital will begin operations in January 2021. In the meantime, we are looking to recruit a diverse team of passionate investment professionals and support staff who are committed to changing the world. We believe that diverse teams make better decisions, and we are committed to advancing a more diverse, equitable, and inclusive venture capital ecosystem, so diversity will be one of the most important driving philosophies in our hiring decisions. We encourage people from historically under-represented groups to apply. Individuals who are interested in joining the Woven Capital team should apply through TRI-AD's website at https://www.tri-ad.global/work-with-us/.
Fund Name: Woven Capital, L.P.
Location: United States
Establishment: January 2021 (planned)
Total Investment: US $800,000,000
Operation: Period 10 years
Management Company: Woven Capital Management Company, L.L.C., a wholly-owned subsidiary of Woven Planet Holdings, Inc.
Investment Targets: Growth-stage companies with innovative technologies and business models in areas such as autonomous mobility, automation, artificial intelligence, machine learning, data and analytics, connectivity, and smart cities
About TRI-AD
Toyota Research Institute - Advanced Development, Inc. (TRI-AD), located in Tokyo, Japan, was founded in March 2018 for the purpose of developing innovative products that will enable Toyota's vision, "Mobility for All." TRI-AD's mission is to create new technology and advanced safety systems for the world. TRI-AD also oversees Toyota's Woven City announced in January 2020, that will serve as an incubator for smart city design, connected mobility, and robotics technology from Toyota and its partners. Effective January 2021, it will expand and transition its operations into a holding company (Woven Planet Holdings), two operating companies (Woven CORE and Woven Alpha), and an investment fund (Woven Capital). For more information about TRI-AD, please visithttps://www.tri-ad.global/
(1) Arene
An open platform developed by TRI-AD to create programmable vehicles. It includes elements and APIs necessary for vehicle safety and enables speedy development from concept to deployment. It also allows developers and OEMs to continuously update their software in an agile way while maintaining a high level of safety and security.
(2) Automated Mapping Platform (AMP)
An open software platform that allows companies to create and distribute high-precision maps while companies share data on automated-driving vehicles.
Contact:
Toyota Research Institute - Advanced Development, Inc. (TRI-AD)
Public Relations
pr@tri-ad.global
https://www.tri-ad.global/
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
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From the Asia Corporate News Network
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