Toyota Doubles Funding for AI Startup Investments

Toyota Motor Corp. says its AI Ventures unit is launching a second $100 million fund to spend on startups in artificial intelligence, robotics, big-data and advanced mobility.

AI Ventures operates through the Toyota Research Institute headquarters in Silicon Valley. The unit debuted its first $100 million fund in mid-2017.

Managing Director Jim Adler tells Automotive News that AI Ventures has so far invested in 19 companies, after reviewing the business plans of 1,500 potential candidates. He says the unit still has some funds remaining in its first round but wants to be ready for new opportunities.