Silicon Valley-based venture capital firm Toyota AI Ventures and partner Toyota Research Institute (TRI) have launched a global initiative to find and fund robotics startups to fill key technology gaps. The call-and-response approach includes offering $500,000 to $2 million in venture capital funding from Toyota AI Ventures, as well as possible partnering with TRI on a proof of concept.
“With the call for innovation, we’re looking for talented, tenacious entrepreneurs that are bold enough to solve some of the toughest problems, and bring them to market,” said Jim Adler, managing director of Toyota AI Ventures in a press statement. “A startup may be working on technologies for a related product, or an entrepreneur may have been wanting to start a company but she hasn’t done so yet. We hope this call will encourage innovators to take the plunge.”
This stage of the global “call for innovation” focuses on entrepreneurial innovation in mobile manipulation technology for assistive robots based in the home. It is being championed by TRI’s robotics group. Looking into the future, technology challenges will touch on TRI areas in robotics and automated driving such as perception, machine learning, or simulation.
Hardware and software startups around the world are encouraged to apply that meet the following criteria for mobile manipulation and software solution
- Raised less than $3 million in funding;
- Can demonstrate their solution via a working prototype; and
- Have a strong business model to deliver value to customers.
Toyota AI Ventures’ commitment to early stage innovation is reflected in the launch of its initial $100 million fund one year ago that focuses on early-stage startups in the areas of artificial intelligence (AI), cloud, data, autonomous mobility, and robotics. The Fund already has 11 portfolio companies, including Blackmore, Boxbot, Connected Signals, Intuition Robotics, Joby Aviation, May Mobility, Metawave, Nauto, Realtime Robotics, and SLAMcore. The most recent investment is in Embodied.me, a robotics and AI company that is developing companion robots to dramatically change care and wellness to enhance the quality of human life.
“Robotics is starting to have a big impact in industrial automation, but we see a gap when it comes to assistive robotics in and around the home,” explained Max Bajracharya, director of robotics at TRI and head of the Mobile Manipulation Technology team. “There’s a need for innovative technologies and business models that will help us get to the ultimate goal of making robots that are safe, affordable, and useful for everyday people.”
Applications for the first call of innovation should be made to Toyota AI Ventures, now through the end of October. Submissions will be reviewed on a rolling basis and be evaluated on their team, technology, business model, and go-to-market strategy. Standard diligence will be conducted before any investment is made.
