The world’s biggest-selling automaker Toyota Motor Corp confirmed in an email to Reuters that it has invested in the San Francisco-based car-sharing company Getaround through its investment fund, Mirai Creation Investment Limited Partnership, but declined to offer further details.
Earlier on Friday, Japan’s Nikkei newspaper reported that Getaround was believed to have received around $10 million from the fund.
Established last year, the fund which also includes Sumitomo Mitsui Banking Corporation (SMBC) as an investor, also invests in artificial intelligence and robotics.
Getaround has been operating its on-demand car-sharing service in San Francisco, Chicago, Washington D.C., and other U.S. cities since 2013. It claims to have more than 200,000 members.
Toyota already has a partnership with Uber Technologies Inc [UBER.UL], through which the automaker leases vehicles to Uber drivers, and plans to work with the ride-hailing service to accelerate mobile technology research.