Sometimes, Michiko Kato reflects on the major challenges she has faced in her life. At one point, she left everything behind in her hometown of Tokyo to attend Harvard Business School in Massachusetts. Another time, she made the bold decision to leave her stable career in the financial world to enter the rugged and volatile terrain of startups. Kato emphasizes that this leap completely changed the course of her life.
Kato has officially taken on her biggest challenge yet, becoming chief investment officer of Woven Capital and CEO of Toyota Invention Partners. This latest appointment makes her the first woman to serve as CEO of a wholly owned subsidiary of Toyota.
Woven Capital and evaluating the future of mobility
Woven Capital is Toyota’s growth-stage venture capital arm, focusing primarily on supporting founders developing mobility technologies, including aerospace, cybersecurity, and autonomous driving. The fund announced its second $800 million fund in August of last year, building on its first $800 million fund launched in 2021. The fund currently plans to back at least 20 new Series B investments. Its portfolio includes prominent companies such as satellite firm CesiumAstro (referred to locally as Zuna) and defense manufacturing infrastructure company Machina Labs.
Kato explained that the company seeks to find “the future leader in mobility,” aiming to select companies that represent “collaborative partners with Toyota.” She added: “We can take co-leadership, make small investments, or even make bold offensive investments; we try to be flexible.” On a personal level, she said: “I want to be hands-on. I want to deliver real value to startups, and I really want to focus on building partnerships.”
The rise of female leaders in corporate investment
Kato is not the only one who received a promotion at the company this week; Mia Panzer transitioned from her role in commercial strategy at a Toyota tech subsidiary to become chief operating officer of Woven Capital. This means two of the top positions at this corporate venture capital firm will be held by women, signaling strong progress in the traditionally male-dominated world of finance and investment.
In the context of the tech ecosystem uniting innovations in one place, all eyes are always on major events defining the market, such as TechCrunch Disrupt 2026. Over 10,000 founders, investors, and tech leaders will gather across three days for more than 250 tactical sessions, forging strong partnerships and exploring market-shaping innovations at the event scheduled in San Francisco, California, from October 13 to 15, 2026.
Historically, women have achieved limited success climbing the ranks within corporate venture capital firms compared to traditional investment firms. According to the latest concrete data from the 2014 CB Insights report, slightly under 20 percent of top corporate investment firms had women on their investment teams. At the time, that figure was contrasted by the fact that only 7 percent of partners at the top 100 traditional investment firms were women.
Today, that figure in venture capital hovers around 15.4 percent, indicating that the percentage of women in investment roles within corporate firms has also risen.
Strategic vision to reshape manufacturing
Kato joined the company in 2020 as one of the first new hires at what was then the newly established Woven Capital fund, which spun out of an internal Toyota subsidiary. She spent 15 years in general investing, including working on the M&A team at Unison Capital and serving as executive financial officer for Japanese artificial intelligence startup Abeja.
Since joining the fund, she has led six investments—including an unannounced one—in startups such as reusable rocket company Stoke Space and autonomous vehicle company Nuro, which was her first investment. She is very enthusiastic about aerial mobility, physical AI, and hardware. Regarding her vision for the corporate fund, she stated: “I believe we can fundamentally transform the way manufacturing operations are done.”
From hesitation to leadership: The Japanese philosophy of Ikigai
Panzer will work alongside Kato in the newly created chief operating officer role. She will handle finance, operations, human resources, and legal strategy. Panzer noted that two things always worry any corporate venture fund: institutional slowdowns that kill deals and misalignment with the parent company. She said: “My job is to help develop and overcome these challenges.”
Panzer has worked with Rohit Gupta, managing director of Woven Capital, since his early days building mapping company Carmira in 2019. She joined that startup while three months pregnant with her first child to manage finances. Before that, she worked at Goldman Sachs and then pet care company Independent Pet Partners. She explained she wasn’t really looking to leave her previous job, but decided to give Gupta and Carmira a chance. She said: “I really love being part of the startup world.”
Later, the Toyota tech subsidiary acquired Carmira in a deal Panzer helped facilitate, and both Gupta and Panzer joined that division. In December 2025, Gupta became managing director of Woven Capital and decided to bring Panzer with him. Both Kato and Panzer report to Gupta.
Initially, Panzer didn’t think she was entirely qualified, but she reflected on how women always claim they aren’t fully qualified for a job, while men jump right in and do it. She recalled a career filled with preconceptions about her, from a college recruiter who assumed she wouldn’t have technical knowledge because she was a woman, to a colleague at Goldman Sachs who told her she wasn’t competition for a promotion because she was a woman. So, she decided to take the leap and experience it herself.
She concluded by saying: “We talk a lot about the Japanese concept of ikigai, where you focus on trying to find something you are good at, you love, the world needs, and you can get paid for.” She added that it feels like a full circle, as generations of her family worked in auto parts. She continued: “I always tell other women: Let them expect little of you, because it’s easy then to deliver results that far exceed expectations.”
Frequently Asked Questions
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What is Woven Capital?
It is Toyota’s growth-stage venture capital arm, focusing on supporting startups and founders in mobility, aerospace, cybersecurity, and autonomous driving.
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Who is the first woman to serve as CEO of a wholly owned Toyota subsidiary?
She is Michiko Kato, who was recently appointed CEO of Toyota Invention Partners alongside her role as chief investment officer at Woven Capital.
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What sectors does the fund focus its investments on?
The fund focuses on investing in the future of mobility, including aerial mobility, physical AI, and hardware, aiming to radically transform manufacturing methods and build collaborative partnerships with Toyota.
