Toyota is going crazy and making it rain on the whole mobility sector, announcing a joint venture on Thursday with Japanese techno-conglomerate SoftBank, called Monet Technologies.

This joint venture will pair Toyota’s connected car data with SoftBank’s internet of things data to optimize things like vehicle dispatch for Japanese companies and public agencies. Eventually it will use Toyota’s e-Palette self-driving battery-electric shuttle van thing to offer services like mobile meal prep and delivery as well as mobile offices.

The joint venture is starting in April 2019 with an investment of around $17.5 million with a further $87.8 million planned for the near future. With the founding of the Monet Technologies, SoftBank owns a slight majority share of 50.25 percent while Toyota will act like the minority stakeholder with 49.75 percent held.

Monet Technologies will begin its operation in Japan, with plans to eventually expand to other countries. The first phase of its plans will start next year, with the second phase going into action sometime around 2025.

LAYLAC-EC-com