Decarbon Daily - Toyota Ventures, Electrifying, & Hydrogen

A Look at Toyota Ventures

This summer Toyota's corporate venture group rebranded to Toyota Ventures and added two early-stage funds with one focused on climate change and carbon neutrality.

"We think there's going to be a tremendous amount of disruptive innovation in these areas," especially at startup companies, said Jim Adler, founding managing director of Toyota Ventures. "Toyota wants us to look outside, into the startup community where companies are chasing the same kinds of goals as Toyota - lowering the carbon footprint and getting to carbon-neutral."

Toyota's AI and robotic focus will continue with the additional climate tech emphasis. Currently, there are about 30 portfolio companies spanning software, services, and technology. Here are a couple climate and clean tech focused startups in the portfolio.

Carbice: Thermal Materials

Carbice is a nano-materials startup that created a product to lower device temperatures and dissipates heat away from product packaging. According to the company, the product is being used in space applications within satellites. In 2020, Carbice raised $15 million lead by Downing Ventures and additional funding provided by Toyota Ventures. Previously in 2017, the company raised $1.5mm co-led by TechSquare Labs and GRA Venture Fund.

Joby Aviation: Aircraft Electrification

Joby Aviation is an aerospace transportation company developing testing an all-electric aircraft. Founded in 2009, the company is focused on all-electric aircraft for short distance air transportation.

In January of 2020, Joby Aviation raised $590 million led by Toyota Ventures alongside Intel Capital, JetBlue Technology Ventures, and others.

Revel: Electrifying Cities

Revel is a Brooklyn-born transportation company that’s electrifying cities through charging infrastructure and shared electric vehicle fleets. Through the Revel app, users can rent electric mopeds, sign up for monthly eBike subscriptions, or find fast-charging stations compatible with any brand of EV. Revel prides itself on its total rejection of the gig economy and its collaborative approach with local governments. Founded in 2018, the company now operates in four New York City boroughs, Washington, D.C., Miami, Florida, and the California Bay Area cities of Oakland, Berkeley and San Francisco.

Revel raised a $27.6 million Series A in 2019 led by Ibex Investors and also included Blue Collective, LaunchCapital, Maniv Mobility, and Toyota Ventures.

Sea Machines: Autonomous Marine Vessels

Sea Machines Robotics is the lead provider of advanced technology for the marine and maritime sector with a product line of autonomous control and navigation systems for commercial boats and ships.

In July of 2020, Sea Machines raised a $15 million Series B to continue the commercializing of it's autonomous vessel technology. In 2018, the company raised $10 million led by Accomplice and Eniac Ventures with participation from Toyota Ventures, Brunswick Corp, and others. The Boston-based company raised $1.5 million in seed financing in 2017 led by Launch Capital with Accomplice VC, LDV Capital, the Geekdom Fund, and Techstars participating as well.

Universal Hydrogen: Making Aviation Carbon-free

Universal Hydrogen was founded in 2020 to build modular hydrogen infrastructure and conversion kits for commercial airplanes. In April 2021, the company raised $20.5 million Series A led by Playground Global along with other investors including Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, Toyota Ventures, Sojitz Corporation, JetBlue Technology Ventures and Future Shape.

Inside this Issue

🏢 BP Acquires Renewable Energy Technology Company Blueprint Power
🤖 DroneSeed Raises $36M in Series A Funding Round
🐄 CH4 Global Announces US$13M Series A Funding to Accelerate Its Mission to Dramatically Reduce Manmade Methane Emissions
🌍 Climate-tech Start-up Normative Raises €10 million in Lead up to COP26
👷 CarbonBuilt Closes $10 Million Series A Financing
☁️ RepAir Carbon closes $1.5m Seed Round to Develop Cell for Modular Direct Air Capture Inspired by Fuel Cell Technology