Vehicle manufacturers know that they need to invent in autonomous technologies if they want to continue to remain relevant. As such, it should be no surprise that many car companies are investing in AI technologies to keep themselves competitive and relevant. Interviewed on an AI Today podcast episode, Jim Adler, Founding Managing Director of Toyota AI Ventures shared insights into the sort of investments Toyota AI Ventures is making in the industry, how the automotive industry is benefiting from these investments, and what non-automotive related AI and ML investments they are making.
Jim Adler, Founding Managing Director at Toyota AI Ventures
Why AI-Related Investments are so important for Toyota
Founded in 2017, Toyota AI Ventures raised a $100 million fund to invest in artificial intelligence, cloud-based data, and robotics that may also leverage AI and cloud-based data. Toyota AI Ventures is a subsidiary of the Toyota Research Institute and helps AI ventures around the world to bring new artificial technology to the market. There are so many companies working to develop AI technology that can help improve the quality of life around the world.
Most of Toyota AI Ventures investments have been into very early-stage startups with seed and series A funding. Not only is Toyota looking to get in early on, but they are looking for the most emerging technologies. In the future, Toyota AI Ventures might consider also investing in later-stage startups, but for now, they are sticking with the front-line investments.
Investing in startups helps Toyota learn what is working in the industry and where customers interests are changing and evolving. The investments help can help Toyota learn about ways in which their own products might help them succeed as well. Adler says that if one of their startups succeeds, they celebrate that success with the startup and if they fail, they take it as a learning experience. What Toyota looks for when it comes to selecting investments are applications that start whole new markets. Companies must show that they are willing to develop a detailed, full-spectrum approach to their development.
AI is such a hot area for research and development at the moment, and opportunities for investment are abundant. Many would think that Toyota is focused only on those areas that deal with vehicles or other technology that directly impacts Toyota, however Toyota supports any technology that can change the future. They invest into a wide range of technology.
Specific AI investments
One company that is part of Toyota’s AI portfolio is Intuition Robotics. Intuition Robotics is focused on developing artificial intelligence solutions that act as a companion for the elderly. These AIs can converse with users to remind them to take their medication, suggest being more active, and otherwise help them to live healthier lives as they continue to age. Interactions like this have been proven to help seniors become healthier and create healthy habits. It can also help them to feel as if they have more socialization especially if they live alone.
Another company that is part of Toyota’s AI investment portfolio is Joby Aviation, a company aiming to deliver safe and affordable public air travel. This can get people off the road, lower commute times, and be better for the environment. Joby is developing a series of all-electric aircraft that are capable of utilizing VTOL (Vertical Take-Off and Landing) in order to transport people from one place to another. These airplanes will travel faster than helicopters and use complex software onboard to help with flight.
In a similar vein, SLAMcore, also a Toyota AI venture investment, is a London based startup that works with drones has also received funding from Toyota Ventures. Almost all drones currently on the market rely on GPS to be able to fly themselves. However with SLAMcore’s AI, both robots and drones can use spatial sensors to detect where they are and navigate.
These various companies exist in markets and areas that are outside of current core of Toyota’s business. However, Toyota is making these investments to help discover what may be next for the company. The Toyota Institute was originally started to help Toyota develop self-driving cars but now the company is realizing there is a potential for more on the horizon such as home robots or mobility options.
Speaking more toward the automotive industry, Adler says that Toyota is focusing on data-centricity when it comes to the future of Toyota and AI. Companies in other industries have started to become more data-focused and are leaders in their industries, such as Netflix or Amazon, so Toyota sees this as important for them as well. Adler mentioned that you can’t fake it in the AI world, especially when it comes to using AI technology in cars. The technology has to be real and has to have a full approach. Multiple companies have been found trying to pass off humans as AI and that won’t work for many applications.
The future of AI
Adler acknowledges many of the challenges facing AI and their portfolio investments. While advancements in computer vision, machine learning, AI, and robotics are showing that the technology is able to do more than it has in the past, such as being able to deliver products to customers autonomously, successfully navigating real streets and terrain while avoiding obstacles and arriving at the correct destination consistently is something that hasn’t been as easily achieved.
Autonomous vehicles as well as just more intelligent human-driven vehicles are areas where a lot of development is going on and even more innovative products are on the way. Toyota is working on a program known as Guardian that works to guard the driver against dangers on the road. The AI-enabled Guardian is designed to help make sure that drivers do not end up in situations that could be dangerous to them.
Toyota is just one of many companies to be increasing their AI investments and applications. Startups around the world have promised a lot of new AI applications and some have already delivered on them. What is in store for technology with the possibilities brought to the table by AI is very promising.
