Kiyosu, Japan – Automotive supplier Toyoda Gosei Co. Ltd is establishing a corporate venture capital department in January 2019 in a bid to further invest in new technologies.
The new department will serve as the company’s arm for “flexible and swift investment in startups” and venture capital to speed up innovations and commercialise new products, the company said 9 Nov.
The department will have an operating budget of Yen3 billion (€23 million), and will invest in robotics, semiconductors, next-gen automotive parts and materials for the next two years.
The move is in line with the firm's medium-term 2025 business plan, which was introduced in May and is aimed to help it through “dramatically changing business environment”.
The business plan targets some of Toyoda Gosei’s new mobility innovations, such as further development of e-Rubber - a next-generation artificial muscle for robots - as well as modular automotive products with human-machine interface functionality for automotive driving
In order to commercialise those innovations, Toyoda Gosei said its new department will “invest quickly in startups that are promising for synergy with Toyoda Gosei’s core technologies”.