Denso and Toyota Motor have named the joint venture to be established in April, 2020 as MIRISE Technologies. MIRISE is an acronym for Mobility Innovative Research Institute for Semiconductors. The joint venture will conduct research and advanced development of next-generation in-vehicle semiconductors that play a key role in technology innovation for electric vehicles and automated driving vehicles by combining Toyota's mobility knowledge with Denso’s in-vehicle component expertise.

This joint venture will kick off with 50 million yen (Rs 3.25 crore) capital and Denso will own the majority, 51% stake in it. Toyota holds 49% in it. The name MIRAI also includes the Japanese word, ‘mirai’ in combination with ‘rise.’

Both companies have set the 2030 goal for this joint venture and also drawn up the priority activity policy (mid-term policy 2024) for building a rapid, competitive development system. Yoshifumi Kato has been appointed President and Representative Director of the new company.

MIRISE will work on power electronics, sensing, and system-on-a-chip by leveraging the semiconductor material technologies as well as manufacturing and design technologies accumulated by Toyota and Denso. MIRISE will also start negotiations on cooperation with universities, research institutes, start-ups, and semiconductor-related companies in this regard.