Ro Gupta, Woven Capital: How Toyota uses corporate venture to win in AI and robotics

In this episode of the EUVC podcast, host Andreas Malmström sits down with Ro Gupta, newly appointed CEO and Managing Director of Woven Capital, Toyota's growth-stage corporate venture capital arm. Ro shares his journey from entrepreneur to corporate leader, highlighting his founding of a spatial AI company acquired by Toyota and his evolution within the company’s innovation ecosystem. He discusses Woven Capital’s unique role in Toyota’s broader innovation strategy, emphasizing its dual mission of 'inside-out' and 'outside-in' investing—identifying strategic gaps within Toyota while also scouting frontier technologies that could reshape mobility and industry. With three distinct investment vehicles—Toyota Ventures (early-stage), Woven Capital (growth-stage), and Toyota Invention Partners (Japan-centric, flexible-stage)—Toyota is building a diversified innovation pipeline. Ro stresses the importance of executive sponsorship, with Toyota’s new CEO now chairing Woven Capital, signaling deep commitment to long-term strategic bets. He outlines Woven’s focus on 'build, move, connect' themes—advanced manufacturing, aerospace, robotics, and distributed intelligence—while navigating the tension between venture speed and corporate scale. Founders are encouraged to reach out, as Woven Capital aims to be a strategic partner, not just a financial backer, with over 80% of its portfolio actively engaged with Toyota. The episode closes with Ro’s call for founders to engage with Woven Capital, especially in Europe, where the team is expanding its footprint and talent access. Key takeaways include: 1) Woven Capital’s strategic role is to act as a 'speedboat' for Toyota’s 'supertanker,' enabling agile innovation; 2) The 'build, move, connect' framework guides investments in AI, robotics, and sustainable systems; 3) Executive sponsorship from Toyota’s top leadership ensures long-term commitment; 4) Woven Capital is actively recruiting founders in Europe, leveraging the region’s talent and innovation in AI and green tech; 5) The fund is now raising $800M for Fund Two, bringing total CVC assets under management to over $3B; 6) Success is measured not just by financial returns but by active integration with Toyota’s business units; 7) Transparency and honesty with founders—knowing when not to invest—are key to trust; 8) The next 100 years of Toyota will be defined by discovering leap opportunities beyond traditional mobility, anchored in human-centric, sustainable, and ubiquitous systems.