Toyota’s Woven Capital appoints new CIO and COO in push for finding the ‘future of mobility’

Michiko Kato reflects on the significant challenges that have shaped her career.

She made the bold decision to leave her hometown of Tokyo for Harvard Business School in Massachusetts. Later, she chose to pivot away from a steady career in finance to immerse herself in the dynamic world of startups—a choice that ultimately transformed her professional trajectory.

On Wednesday, Kato officially steps into her most ambitious role to date as the Chief Investment Officer (CIO) of Toyota’s Woven Capital and Chief Executive Officer (CEO) of Toyota Invention Partners. This appointment also marks a milestone as she becomes the first female CEO of a wholly owned subsidiary of Toyota.

Woven Capital serves as Toyota’s growth-stage venture capital division, dedicated to supporting innovative founders within the mobility sector, which encompasses areas such as space, cybersecurity, and autonomous driving. In August of the previous year, it announced the establishment of an $800 million Fund II (following the launch of a similarly sized Fund I in 2021), with plans to finance at least 20 new Series B investments. The firm’s portfolio includes notable companies such as Xona, a satellite technology firm, and Machina Labs, which specializes in defense manufacturing infrastructure.

“Our goal is to identify the future leaders in mobility,” Kato stated, emphasizing the importance of selecting companies that can serve as “collaboration partners with Toyota.”

She elaborated on Woven Capital’s investment approach by stating, “We can co-lead, we can make small investments, or we can execute aggressive investment strategies; our goal is to remain flexible.” Kato expressed her intent to take an active role, aiming to provide substantial value to startups while concentrating on fostering partnerships.

In addition to Kato's promotion, Mia Panzer is transitioning from a business strategy position within one of Toyota’s technology subsidiaries to become the COO of Woven Capital. This development signifies that both of the top leadership roles at Woven Capital will be occupied by women, highlighting a progressive shift in the traditionally male-dominated fields of finance and investment.

Historically, women have exhibited slightly better advancement opportunities within corporate venture capital (CVC) firms compared to conventional venture capital organizations. A 2014 CBI report indicated that nearly 20% of the leading CVCs included women on their investment teams, contrasted with only 7% representation among partners at the top 100 venture firms at that time.

As of today, the proportion of women in venture capital stands at approximately 15.4%, indicating a positive trend in the representation of women in investment roles within CVCs as well.

Kato has been part of Woven Capital since 2020, being one of its inaugural hires during its establishment. She brings with her 15 years of investment experience, which includes a role on the M&A team at Unison Capital and serving as CFO for the Japanese AI startup ABEJA. Since her arrival at Woven Capital, she has successfully led six investments, including an undisclosed stake in the reusable rocket company Stoke.