Toyota woos tech start-ups

TOYOTA has set out to lure the next generation of tech entrepreneurs into its corner by proffering a $US100 million ($A130m) pot of honey at a new Silicon Valley-based venture capital subsidiary, Toyota AI Ventures.

The move is designed to help the Japanese giant make the running on break-through technologies such as artificial intelligence, robotics, autonomous mobility and cloud technology by forming collaborations with promising start-ups.

The new subsidiary – a division of the California-based Toyota Research Institute (TRI) – will offer early stage financing to successful candidates, presumably with a pay-off to Toyota of access to the technology if and when it comes to fruition.

Three such start-ups have already signed on for Toyota support that, apart from seed money, includes mentorship and support at TRI’s headquarters.

These include Nauto, a Silicon Valley tech start-up that has developed a system that employs artificial intelligence to monitor drivers and the road environment to prevent collisions and improve driver behaviour.

Another is British-based SLAMcore which develops advanced algorithms to help technology platforms such as autonomous cars, drones and augmented reality and virtual reality systems to simultaneously build a map of their surroundings and position themselves within it.

Lastly, Israel’s Intuition Robotics has signed up for Toyota help with its development of social companion technology, including its ElliQ active-ageing robotic companion.

TRI CEO Gill Pratt said Toyota had a history of disruptive innovation, from textile machinery on 1930s to the electrification of the car with Prius in the 1990s, to autonomous mobility and human-assist robots.

“TRI is growing quickly, and we recognise the critical importance of expanding our collaboration with the world’s brightest entrepreneurial talent,” he said.

“This venture is a major step towards our mission to empower talented entrepreneurs who share Toyota’s commitment to enhancing the quality of human life.”

Apart from offering start-up help to entrepreneurs, the Toyota subsidiary will also initiate new ventures by identifying technology challenges and then supporting the creation of new companies offering to solve them.

Toyota has a history of collaboration with disruptors, having partnered with a fledgling Tesla for a time, even selling its California factory to the electric vehicle company headed by Elon Musk.