FILE PHOTO: An onboard display monitor shows other vehicles as a staff member of Toyota Motor Corp drives its self-driving technology "Mobility Teammate Concept" prototype car hands-free on the Metropolitan Expressway during the Toyota Advanced Technologies media preview in Tokyo, Japan, October 8, 2015. REUTERS/Yuya Shino/File Photo TOKYO (Reuters) - Toyota Motor Corp said a new venture would be investing more than $2.8 billion (2.03 billion pounds) to develop automated-driving software - the latest salvo in an increasingly frenetic battle to be ahead in a sector hit by a slew of disruptive technologies. The Tokyo-based venture, which will bring together some 1,000 employees including new hires, will be 90 percent held by Toyota with group suppliers Denso Corp and Aisin Seiki Co each taking 5 percent. “This company’s mission is to accelerate software development in a more effective and disruptive way, by augmenting the Toyota Group’s capability through the hiring of world-class software engineers,” James Kuffner, who will lead the venture, said in a statement. The establishment of the new venture, Toyota Research Institute-Advanced Development, comes as firms such as Alphabet Inc’s Waymo and Tesla Inc give traditional automakers a run for their money in building self-driving and electric cars. English is set to be the main business language of the new venture, the statement said. Toyota is also investing $1 billion in artificial intelligence and other technologies through its U.S.-based Toyota Research Institute, and has struck up technology partnerships with Microsoft Corp and Uber Technologies. Last month, Toyota Research Institute’s venture capital unit said it was co-leading an $11.5-million seed investment in May Mobility, an Ann Arbor-based startup that is developing self-driving shuttles for college campuses, central business districts and similar low-speed applications. Reporting by Minami Funakoshi; Editing by Chang-Ran Kim and Edwina Gibbs
Japanese car maker Research Institute is to invest more than $2.8bn in a new venture that will focus on developing software for self-driving cars. The Toyota Research Institute Advanced Development project will involve around some 1,000 staff. Denso and Denso will each take a 5% stake. Toyota 's US -based Research Institute has previously collaborated with Uber and Toyota , and in February its venture capital unit co-led an $11.5m seed funding round for automated shuttle bus start-up May Mobility .