Toyota AI Ventures & BMW Invest in Self-Driving Startup May Mobility
【Summary】Toyota AI, the Silicon Valley based venture arm of Toyota Motor Corp, is broadening its investments in self-driving cars and related technology with its investment in a Michigan based autonomous shuttle startup.
LOS ALTOS, Calif., — Toyota AI, the Silicon Valley based venture arm of Toyota Motor Corp, is broadening its investments in self-driving cars and related technology with its investment in a Michigan based autonomous shuttle startup.
Toyota AI Ventures said on Monday it is co-leading an $11.5-million seed investment along with BMW i Ventures in May Mobility, an Ann Arbor-based startup that is developing self-driving, battery powered shuttles for college campuses and central business districts. BMW i Ventures is a co-investor in the autonomous shuttle company.
Toyota AI which is based in Los Altos, was formed one year ago and works with entrepreneurs working on autonomous mobility robotics, data, and artificial intelligence.
With a budget of $100 million, the company now has disclosed investments in seven early-stage startups, including electric aircraft startup Joby Aviation and Nauto, which is working on smart camera technology for autonomous vehicles to prevent collisions.
"Part of our mission is to understand where innovation is happening, tap into disruption in the market and acquire firsthand knowledge of those disruptive signals," said Jim Adler, managing director of Toyota AI Ventures. Most of this disruption is in the automotive industry, with autonomous mobility and other related technology.
With rapid advances in technology and new mobility applications, "the auto industry is under siege," Adler said in an interview. Toyota AI is adapting to this trend with its investments.
The largest automakers, including Toyota, which is developing its own self-driving technology, "could be more fragile and more at risk if we don't adapt to this changing environment," Adler said.
"We recognize that full autonomy is going to take many years," Adler said. "The road will be trailblazed by these kinds of services," he added, noting May Mobility's narrower focus on deploying self-driving electric micro-shuttles in pre-mapped areas with fewer variables, such as construction zones and urban traffic.
Edwin Olson, chief executive and co-founder of May Mobility said the company plans to launch a commercial ride-sharing service later this year.
Alphabet Inc's Waymo self-driving unit has said it will begin a similar service in late 2018, followed by General Motors, who is working with San Francisco-based autonomous driving startup Cruise Automation on a commercial ride-hailing service.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
Electric Performance Brand Polestar Shares New Details of its ‘Precept’ Sedan
Automakers Honda & Nissan to Furlough Nearly 30,000 U.S. Workers as New Car Sales Plummet
Tesla Engineers Share Details of a Prototype Ventilator Made With Electric Car Parts
Autonomous Vehicle Startup Phantom AI Raises $22 Million in Series A Funding for its Advanced Driver Assistance System
Toyota & BYD Officially Launch Joint Venture Company to Build Electric Vehicles in China
Electric Vehicle Startup Rivian Shares an Update on its Illinois Factory That Was Once Owned by Mitsubishi Motors
Amid the Coronavirus Crisis in the U.S., the Trump Administration Moves Forward on Rolling Back Vehicle Fuel Economy Standards
Exor to Invest $200 million for a 9% Stake in Ride-Hailing Company Via Transportation
- Automotive Component Supplier BorgWarner to Buy Delphi Technologies for $1.5 Billion
- Relectrify Using Old EV Batteries to Power the Grid
- Electric Automaker Tesla is Forced to Reduce its Workforce By 75% at its Fremont, California Factory
- Mercedes-Benz Unveils eVito Electric Van With Over 200 Miles of Range
- Einride is Hiring the First ‘Remote Autonomous Truck Operator’ in the Industry
- BMW i3 Urban Suite Concept is a Miniature Luxury Car
- The NHTSA Orders Self-Driving Shuttle Operator EasyMile to Cease Operations in 10 U.S. States Over Safety Concerns
- Former Uber CEO and Co-Founder Travis Kalanick to Resign From its Board, Cutting All Ties to the Company
- Toyota Leads $590 Million Funding Round in California VTOL Aircraft Startup Joby Aviation
- Industry Analysis: It’s Now or Never for U.S. Automakers General Motors & Ford to Catch Up to Tesla