I sat down with Manas Punhani, Senior Associate at Woven Capital (Toyota’s growth fund), to dig into how growth investors judge traction, price risk, and help founders scale in industrial tech, robotics, and “physical AI.”

We broke down what Toyota’s backing really changes, how to balance moonshots with near-term wins, and the operational details factories care about beyond pure throughput.

What we cover

• How growth investors read “proof points,” set milestones, and think about $50M–$100M revenue paths and exits
• What Toyota’s network of engineers means for diligence, pilots, and real BD—plus how to enter Japan the right way
• Robotics ROI today: safety, uptime, battery swapping, and why throughput alone won’t close a deal
• Funding moonshots with discipline: using “tech unlocks” between rounds when revenue isn’t the right yardstick yet
• Traits that stand out at Series A–C: self-awareness, honest plans to profitability, and crisp operating cadence
• Where the next wave might come from: embodied AI on the factory floor and “unsexy” sectors now enabled by agents

Guest
 Manas Punhani — Senior Associate, Woven Capital

More about Woven Capital
 https://www.woven.vc

Connect with Manas
 https://www.linkedin.com/in/sdi-academy-manas-punhani/

Connect with me
 Greg Toroosian
 https://www.linkedin.com/in/gregtoroosian/