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Business

Toyota-backed fund invests in Israeli auto chip venture

Autotalks raises $40m from multiple investors

An illustration of Autotalks' system for cars and motorbikes. (Courtesy of Autotalks)

TOKYO -- An investment fund backed by Toyota Motor has provided $5 million to Israel-based automotive chip startup Autotalks.

Autotalks develops chipsets for vehicle-to-everything, or V2X, communications. Its offerings are known to perform well even in bad weather and low visibility -- a quality seen as a must for ensuring safety in the coming age of self-driving cars.

The Toyota-backed fund is operated by Tokyo-based investment company Sparx Group. Venture capital investors from the U.S. and Israel, as well as one affiliated with Japan's Mitsui & Co., have also provided capital to Autotalks, which has raised $40 million in total.

(Nikkei)

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