Toyota seeks startups that can develop smart, connected factories

MANILA: Toyota Ventures has launched its third global Call for Innovation to discover startups that can help bring the factory of the future closer to reality. The 2022 call aims at finding scalable solutions to upgrade manufacturing and improve sustainable production in collaboration with Toyota's Manufacturing Project Innovation Center (MPIC) and Toyota Research Institute (TRI). Qualified entrepreneurs are invited to apply until May 31 for a chance to receive US$500,000 to US$2 million in investment capital from Toyota Ventures.

In a statement, Toyota Ventures Founding Managing Director Jim Adler said, “We take a founder-first approach to investing, partnering with entrepreneurs to help them bring disruptive technologies and business models to market more quickly. With the 2022 Call for Innovation, we are looking to support talented startup teams that are developing smarter and more sustainable factories of the future. There are a host of challenges facing the supply chain and manufacturing industry — it’s a critical time, and we see this as a perfect opportunity for startup teams with bold ideas and solutions to accelerate the Industry 4.0 transformation.”

Toyota Ventures invests in startups throughout the world through its flagship funds, the Toyota Ventures Frontier Fund and the Toyota Ventures Climate Fund, which manage over US$500 million in assets and over 50 portfolio companies. In 2018, the first Call for Innovation searched for robotics startups and resulted in an investment in California-based Elementary. For the 2020 Call for Innovation, Toyota Ventures invested in Canada-based YPC Technologies, concentrating on smart and connected cities.

“MPIC is thrilled to partner with the Toyota Ventures team in their search to identify startups that are revolutionizing manufacturing facilities. As we reimagine how we build cars, increasing customization and rapid transformation to building electrified vehicles, we see startup innovation as a key ingredient,” Toyota’s MPIC Group Manager Daniel Zachry stated.

Toyota Ventures invites startups working on Industry 4.0 and sustainable manufacturing solutions to apply to the 2022 Call for Innovation if they meet the following criteria: (1) have raised less than US$10 million in funding, (2) have a working prototype, and (3) have a feasible business model that can bring the best value to customers. More particularly, the investment team is looking for startups who are defying the status quo in areas such as 3D simulation, AI and computer vision, adaptive robots, additive manufacturing, augmented reality, autonomous mobile robots, carbon footprint reduction, collaborative robots, cybersecurity, data analytics, electrification and battery manufacturing, energy efficiency, and worker training and safety.

Toyota Ventures is now accepting applications for the 2022 Call for Innovation online, which will be evaluated on a recurring basis until May 31. Before any investment is made, qualified startups will be evaluated based on their team, technology, business model, and go-to-market plan, and will be subjected to standard diligence. Entrepreneurs are invited to log on the Toyota Ventures website to learn more and apply.

Images from Toyota

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