Toyota Motor Corp. and two other companies will invest a total of ¥13.5 billion ($111 million) in a new fund to support venture companies developing next-generation technologies, the firms said Wednesday.
Toyota, Sumitomo Mitsui Banking Corp. and asset management company Sparx Group Co. will contribute ¥10 billion, ¥3.3 billion and ¥200 million respectively to the investment fund to start operation later this month.
The establishment of the Mirai Creation Investment Limited Partnership fund is aimed at prompting innovation by assisting firms that are involved in the research of fields capable of significant growth in the future, including in such fields as artificial intelligence and robotics, as well as technologies to promote hydrogen-based energy.
The three companies will call on other firms, hoping to expand the investment to about ¥50 billion by March.