Toyota, SMBC, Sparx setting up new fund to bankroll innovation

[July 22, 2015]  TOKYO (Reuters) - Toyota Motor Corp, Sumitomo Mitsui Banking Corporation(SMBC) and asset management company Sparx Group Co Ltd said on Wednesday they are setting up an investment fund to bankroll advanced-technology research.

The fund plans to invest in projects related to artificial intelligence, robotics and hydrogen technology, they said in a joint statement. A Toyota spokeswoman said target projects would include research on autonomous driving, and would not be limited to Japan. The fund will focus more on developing new technology than on improving existing ones, she added. Toyota, SMBC, and Sparx have yet to decide how much money to pour into the fund or how to use the capital, they said. (Editing by Muralikumar Anantharaman) [© 2015 Thomson Reuters. All rights reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.