Written by Rebecca Bellan
Woven Capital, the investment arm of Toyota’s innovation-focused subsidiary Woven Planet, has announced an investment into Silicon Valley-based autonomous delivery vehicle company Nuro. This kicks off the new $800 million strategic fund, which will invest in growth-stage technology companies that could one day develop into partners or acquisitions to further a mission of building the future of safe mobility, according to George Kellerman, Woven Capital’s head of investments and acquisitions.
Woven Capital’s contribution was part of Nuro’s $500 million Series C funding round, which was announced last November. Chipotle also invested in the round, which also included funds managed by T. Rowe Price Associates, Inc., with participation from new investors Fidelity Management & Research Company, LLC and Baillie Gifford. The specific amounts invested by each stakeholder were not disclosed.
Toyota announced the $800 million investment pool in September 2020, and Woven Capital was officially formed in January 2021, with the aim of investing in technologies including autonomous mobility, machine learning, artificial intelligence, automation, connectivity and data and analytics.
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