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Toyota spends $100m to set up venture capital unit

Japanese auto giant accelerating cooperation in AI, robotics

TOKYO -- Toyota Motor announced on Wednesday that it has established a venture capital unit through its U.S. artificial intelligence unit. The unit will spend a total of $100 million on startups in four fields -- AI, robotics, autonomous driving and cloud technology.

The Japanese auto giant has already partnered with Stanford University and other institutions, but it will speed up technology development, which will be the basis for new businesses beyond the auto industry, by boosting cooperation with startups.

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