Toyota leads $14 million funding round for Israel's Intuition Robotics

FILE PHOTO - A logo of Toyota Motor Corp is seen at the company's showroom in Tokyo, Japan June 14, 2016. REUTERS/Toru Hanai

JERUSALEM (Reuters) - Intuition Robotics, an Israeli developer of artificial intelligence robots for use by the elderly, said on Tuesday it raised $14 million in an early stage funding round led by the Toyota Research Institute (TRI).

OurCrowd, iRobot, Maniv Mobility, Terra Venture Partners, Bloomberg Beta and other private investors also participated.

The investment in Intuition Robotics is TRI’s first outside investment in robotic technology specifically for older adults.

Intuition Robotics’ product, ElliQ, is being developed to promote an active lifestyle, with the goal of helping older adults benefit from technology that is easy to use, the company said.

“We believe Intuition Robotics’ technology in the field of cognitive computing has strong potential to positively impact the world’s aging population,” said Gill Pratt, chief executive of Toyota’s research institute.

Reporting by Steven Scheer