Woven Capital, the investment arm of the Woven Planet Group, a Toyota subsidiary, announced it had made an investment in UP.Partners ‘ newly launched US$230m venture capital fund.
The fund is dedicated to supporting early-stage companies “transforming the moving world”.
UP.Partners’ focus is well aligned with Woven Capital, which is an $800m global investment fund that supports innovative, growth-stage companies in mobility, automation, artificial intelligence, data and analytics, connectivity, and smart cities.
“Transforming mobility through technology is central to the mission of Woven Planet, and UP.Partners’ investment strategy is in complete lockstep,” said Betty Bryant, principal, Woven Capital.
“The investment from Woven Capital is a significant endorsement of our unwavering commitment to the future of mobility,” said Ben Marcus, co-founder & managing partner, UP.Partners. “We see artificial intelligence, advanced sensors, edge computing, fuel cells, batteries, additive manufacturing, and other emerging technologies serving as the foundation of a new era of transportation–one that is cleaner, faster, lower cost, and more accessible for all.”
UP.Partners has already made 10 investments in companies including leading flight autonomy company Skydio, manufacturing quality assurance leader UnitX, and electric vertical aircraft developer Beta Technologies.