Kei Onishi Yamaha Motor Ventures E34

Welcome to Impact TV, a corporate venture video series in collaboration with the Kaufman Fellows. Hi. I'm Jack Crawford, a founding general partner at Impact Venture Capital. Alongside my colleagues, Pat Bumpus from Impact Venture Capital and and my Kaufman Fellow co chair, Alessandro Santo, we're we're thrilled to welcome to the show Kei Anushi, CEO and Managing Director at Yamaha Motor Ventures.

Kei, how are you doing today? Doing well. Doing well. Thank you so much for having me here today.

I appreciate you making a little bit of time. I want to just sort of give you a shout out. You've got you've been recognized as a twenty twenty five global corporate venturing power list player. That's I think that's four four years in a row, as an active, corporate venture group.

So congratulations on the on the on the honor. Yeah. Thank you so much. It's absolutely your, you know, teamwork effort as Yamaha as a whole.

Yeah. Thank you so much. Can you talk a little bit about the team at Yamaha and sort of your journey into the corporate venture position that you're in now? I know you spent a bit of time at Tesla.

You've had a couple of different roles at Yamaha. It'd be great just to talk about your sort of personal and professional journey sort of, from one entity to another and the various roles you played. Yeah. Sounds great.

So, I started my career as a manufacturing engineer, you know, spending lots of time, you know, in the at the factories, factory floor, shop floor, you know, setting up new production line for, you know, the implementing CNC machining or die casting, you know, travel a lot in the Southeast Asia, India, all over the world. The yeah. That you know, I I'm super excited about, you know, the manufacturing, robotics, those kind of stuff. But at some point, I started, you know, having a strong interest in entrepreneurship, innovation.

Of course, you know, working at Yamaha or, you know, manufacturing industry, building products in the they're building those real, you know, goods to the customer. It's very interesting. But the the pace of the innovation is not as, you know, the the fast as I expected. So I really wanted to learn about entrepreneurship, innovation, and I went to a business business school here in The US and led me to the, you know, the internship opportunity at Tesla, and I quite enjoy that.

And, also, the the however, I really wanted to to pursue the, you know, the career in the the investment side and innovation work and rather than do do it keep doing the manufacturing engineering job. So, the after business school, that was a year 02/2015. That was the year that Yamaha Motors started the CDC program. And then I, went back to the headquarters, also being a part of the founding member of CBC, in the headquarter side, and, that since then, I quite enjoy doing the CBC work.

Yeah. So but the I had, like, similar years of the sort of the gap between CBC in the past, and now I was also leading the dish digital transformation group in headquarters that exposed me to learn about tons of different kinds of functions in large corporation, and that helped me to build a great relationship with the leaders in different business units within Yamaha. That absolutely helped me a lot. We have quite a network of corporate venture groups that we work with.

Sometimes they're starting these corporate venture groups to get just visibility to interesting technology trends. Other times they're looking at developing partnerships with start up companies. Obviously, in some cases, they're looking to invest and potentially acquire a company that could become their next sort of billion dollar business unit. Was there a single catalyst?

Or what was the thinking that went into Yamaha launching its corporate venture group? Yeah. So the objective of the corporate venture evolved over time. And, initially, the objective was finding a new business opportunity outside of opportunities outside of the core businesses.

So maybe I I assume some of you are familiar with the concept of of horizon one, two, three. So one is the core, two is adjacent areas to core businesses, three is very exploratory area. So we the Yamaha headquarters wanted to explore the Horizon three. So we made investment in the aviation sector, agriculture, digital health quite broadly, and to identify the business opportunities beyond core businesses.

But over time, we are shifting towards horizon two or sometimes in this horizon one as well. We are, there I would say, initially, like, the ratio of horizon three versus horizon one two, or, like, eighty twenty or even ninety ten. But in these days, the ratio is almost flipped. Our focus is more like horizon one and two and a little bit in horizon three to make sure that we can deliver the strategic value to our portfolio companies after we make investment as well as keep dedicating the value to the parent company as well.

I remember TDK talking a little bit in an interview with them about sort of, there's some certain groups within a corporate organization. They're trying to find the best way to the top of a of a mountain, to, you know, identify sort of the the market leadership position there. And then the corporate venture group is sort of in a helicopter going to find the next mountain. And so when you describe sort of Horizon one, two, three, it's sort of it's looking at new opportunities in many cases.

That's interesting. From a structure standpoint, we've seen everything from Google Ventures start off as just, a way, a business unit and then sort of spin out to some degree as GV rebrand themselves. Intel Capital is now spinning out of of of Intel, and I think exploring, bringing in outside LPs beyond beyond, Intel itself. Can you just talk a little bit about how Yamaha Motor Ventures was set up from a structure standpoint?

Mhmm. Yeah. Currently, we have GBLP structure, like as final traditional financial pieces. And, Yamaha Motor Corporation, the our parent company is all is a single LP of all of our funds.

But we didn't get to this point from the day one, absolutely. And we started the the startup investment back in 02/2015, as I mentioned. The back then, all the investment was done as the the, you know, typical balance sheet investment. All the deals were sourced by the team in here, Silicon Valley, and the the shortlist sent to headquarters and the the the folks in headquarters in back then, I was part of that team.

They decide which one we're gonna pursue. They're they're doing further DD and also investment. So that was a process. I I think it was very needed for us back then.

Even our headquarters, like a senior leadership team members, president, CEO, they didn't know what, you know, startup investment means to Yamaha and what is the process, why is term sheet, you know, why is it is a, b, c? So we we needed to educate ourselves, to slow out the organization, not only the top management, but also corporate functions, you know, legal, f and a, even business unit as well. What would be the, ideal engagement with startups even with or without the investment?

We we don't we we didn't have any experience. So the making of the decision at the headquarters helped us to educate the, you know, the the core businesses as well as top management in the beginning. But over time, we started seeing the challenges of only doing the balance sheet investment. So the you know, the you we cannot be so agile.

We cannot make a decision in two weeks. And, also, the, you know, the the the the finding especially for scopes, like HorizonSplit, finding a right fit with the team or folks within headquarters before making investment is very tough. Always, we get the question, hey. Here is our strategy for the next three years.

What you guys are showing us doesn't align with that. It's that's something we are interested but decided not to do it. So that's the strategy. Right?

And but that the trigger asked to start thinking about the fund having a fund structure because balance sheet investment only model might the ended up you know, we we end up losing some opportunities. So from 02/2019, we that that was year four after we started the the balance sheet investment. We decided to have the hybrid approach. So the business units lead highly strategic in start up investment led by BU, you know, the using balance sheet investment.

Of course, in a project or some collaboration plan should be in should be put in place, the tied to the investment. Also, the Yamaha Ventures managed the GBLP fund. That will make investment into the sectors or subsectors that BU will not do. So we are pretty much, you know, complementary in relationship.

Then Yamaha will not miss the opportunity, and also startups will not miss the opportunity to work with us either through the business engagement, commercial engagement, or financing. It seems as though from both a strategy and a structure standpoint, there's been a continuous improvement and sort of not a rigid structure that was set up and adhered to you. You're learning and fine tuning, which is obviously, I think, quite smart and what I see lots of corporates in the industry doing for kind of fine tuning their process.

Can you talk a little bit about stage and ticket size? We've been consistently focused at the seed and early stage level. Most of the time at Impact Venture Capital, our initial check size is $500,000 to $1,000,000 And what's been interesting now with 44 portfolio companies is seeing the follow on rounds of financing come from groups like yours. I think we've actually had follow on rounds of financing of more than $500,000,000 from corporate investors like yourself into our portfolio companies, which has been great because we've seen them add value with regard to access to customers and strategic insights and capital and be valuable sounding boards.

Can you talk a little bit about kind of stage, ticket size, and maybe anything that you're you're you're focused on as it relates to adding value when you make an investment? Sure. So we the stage wise, we invest into, from the city's seed to the city's b, and city's a is our safe safe spot. Sometimes depending on the term or level of conviction, we can go for the go from the pre seed, to city's c or d, but it it varies.

But, generally speaking, city's c to b is our safe spot. And the check size, the probably from 1,000,000 US dollars to up to 3,000,000 US dollars as a initial check size, and, we can easily go up to 5,000,000, for both of your company. And in exceptional case, you know, we can double down the investment up to 10,000,000 US dollars per portfolio company. And, yeah, currently, we have 35 portfolio companies, and most of them are over 95% of pricing here in North America.

And when it comes to, you know, the decision making process, we we we can we we are pretty independent from their BUs and balance the parent company as well, so we can close a deal, you know, in average for, like, forty to fifty days. The shortest is, like, two weeks. It was it it it was very, you know, the tiring nights, but, yeah, we we can we we can be very agile. Yeah.

If we interviewed some of the portfolio companies that you've invested in so far, what would they say to us about how you've added value beyond capital? Yeah. So there are multiple ways that we that we we can deliver the value to the the portfolio companies. The easiest one is probably introducing the Yamaha BUs, internal customers to them.

And I think one third nearly one third of the companies had the project how do I have projects with the Yamaha motor head BUs. And most likely, Yamaha becomes a customer, not the other way around. That's that's the one piece. That kind of in engagement actually start even without the investment.

So every year, we look at 800, 900 companies, and we make five to seven new investments. But among 800 to 900, almost every year, this is the average of the last three years, we introduced 100 companies to the business unit. And 100 among 100, 44, go on the first call. And among forty, twenty four get into advanced discussion beyond their, you know, first call.

You know, be you know, have the internal discussion and come back. Hey. I wanna discuss more. Among 24, five to six sign contract, and that that can happen if it will miss out the investment.

So, you know, there we we intentionally decouple the the financing discussion and the commercial discussion because, you know, decision makers are different, objective is different, everything is different. It's so hard to mix those two things into one bucket. So that's one. And another way of the the value creation, more like a value added service to the v the to the startups is the talent as a service.

So we offer our engineers to accelerate the the our portfolio company's product development. So at this moment, right now, nine engineers from Japan, US, India, they are supporting about both of your companies. They are make Mekwi mechanical engineer, software engineer, data scientist. They it's a combination of on-site, you know, remote, part time or part time, full time, but they are offering the engineering support to the both of your companies.

Of course, it's, you know, the, you know, matchmaking process. We get the job description from startups, and we do the regular interview process, including sometimes, you know, coding test. Then if there is a good match, good fit, we can station those engineers to the portfolio companies. I think that's one.

Third one is the putting the our portfolio companies they're bringing portfolio companies to the to to Japan and introducing the corporations from Japan. Last year, we cohosted the event with Hitachi, Sony, Toyota, all Japanese CVCs. We brought total all of 30 companies to to to Japan, and we invited over 100 Japanese corporations to the event. Some of them, even CFO showed up.

It's it's it's very you know, it it was really great success. And some of the companies, our portfolio companies got new engagement, you know, business engagement, investment engagement with the the attendees, and we I I would love to keep, you know, facilitating that kind of events in Japan to be a half communication half between the Silicon Valley and also Japanese corporations. I see tons of synergies between those two ecosystems. Oh, I could see that adding amazing value.

Maybe one follow-up question to your comment on the engineering resource support that you're providing. Are these co development projects where the startup retains the intellectual property that's developed and your engineering team is just sort of augmenting, the product development efforts to accelerate maybe the creation of a minimum viable product or the expansion of a product that's actually working. Can you describe that just a little bit more? Yeah.

The we don't do call development at this moment. Of course, we we can do it, but the the the basically, the I I think it stems down to the Yamaha's sort of nature. Yamaha or maybe other automotive companies are in the same situation, I assume. We are OEM, and we are technically system integrators.

And we get super get used to buyer seller relationship. So not the co joint development or joint research, but buyer and seller. So that we tried lots of codevelopment efforts in the past, but it's so hard to prioritize that kind of project for both side. It it it's so hard to put it as a first priority as corporations too, especially.

And, what what we do right now is us being a supplier, engineering service supplier to the the the startups. So we the startups retain all the IP. And, we just serve to startups as a consultant or engineering service provider. So, we they are the customer.

We are supplier. That's the relationship we have, and we we we feel more comfortable doing that. And, of course, if the startups are working on technologies that can potentially have the risk of IP leak wage, IP compete contamination with the BUs, we stay away from doing that having that kind of engagement. So there is a nuance, but we some for some project, we cannot engage, but we we we we see more success ratio if we just become a a service provider, not the code development.

Got it. Okay. That's that's really helpful clarification. Thanks for that.

Let's see. So it'd be great for you to comment on how you work with the traditional venture capital community. We have I mentioned significant co investment. We we co invested alongside of Intel and Zoom and Qualcomm and tens of others.

We've had Thomson Reuters acquire one of our portfolio companies. So that was an interesting relationship between us and a corporate. And then we have groups like SK Hynix, who are actually they set up a fund to fund and actually invested as an LP into our fund. So we've had a variety of different relationships in addition to collaborating on large scale events and doing other things sort of informally.

Can you talk a little bit about how you guys typically engage with the traditional VC community and how firms like ours can maybe, you know, explore a broader collaboration with you and and and look to add value to what you're trying to achieve? Mhmm. Yeah. Most likely, we we work with the, you know, traditional financial VCs under the as a coin investor.

And, also, I want the traditional, you know, financial services to use us as the the entry point to engage with the Yamaha as a customer. So, of course, we are the we are small team, and that we cannot source that we cannot visualize entire ecosystem and identify which one is good, the the which startups has a good technology or not. It that we we adjust team of 11 and the five, you know, 30 investors. We are still small.

So, what by working with the financial VCs, we can augment, you know, our deal sourcing slash tech scouting, for business units and, slow that kind of engagement. I I believe that, you know, by Yamaha being a customer customer, we can add value to both the startups as well as the, the co investor or potential co investors. Yeah. We we've been, they're working with, like, the the great financial services, in the past.

And, also, we are happy to be happy to take a look at the companies that we can add value as well as we we can do the tech especially tech d d or market d d because most of the cases, especially for Verizon one, we want to invest in startups that, can potentially work with our value chain. So, we can always bring the, the customer perspective for the DD process as well. Awesome. The let's talk a little bit about some any new trends you've seen with regard to corporate venture.

There's internal efforts with incubators and accelerators that are happening. There's external collaboration. I mean, everything from groups like Techstars who are doing more and more things with universities and with corporates, external sort of innovation arms like, well, High Alpha is out there connecting with corporates doing some interesting things outside as sort of augmented support for corporates. What are some of the trends that you're seeing as it relates to sort of you know, corporates and and incubators or accelerators or other access points to innovation?

Yeah. So incubators, accelerators, also a really great, you know, program, to in increase the, you know, connections between their policies, startups as well as corporates. And, also, it's a it's a really great way to, share the problem statements, from corporate side to the startups, the and and also, investor community there as well. And I I I started seeing the lots of interest from corporate side for the concept called, corporate the vent venture clienting.

So it's a it's a of course, you know, CBC, based in here, has been doing the very similar stuff in the past, like, maybe decades, you know, introducing startups to the business unit, and, being early early adopter. But looks like, you know, they're especially that you the corporations from Europe, have sort of the the the institutionalizing that process with budget, dedicated team, that I started seeing more interest in in that kind of system, the to directly connecting their early stage startups that can that already have a product with the BUs.

Yeah. I think it started in the with BMW in Germany, and now I hear more the the worst. I mean, venture clienting from also the Asian the corporations as well. I I think that that that could be a a new trend.

Yeah. Whether it's these external partners that are a key stakeholder for you or internal business units or co investors like the venture community, as you sort of look at collaborating with all these different stakeholders toward your priorities, do you have key performance indicators, things that are sort of the ideal outcome as you look at 2025? You know, sort of what how do you know if you had a great year, you know, and you were you were successful? Are there certain, measurable outcomes that you're looking for?

How do you think about that? Yeah. Sure. As a as a investor, of course, you know, the the the the financial KPIs related to the fund performance, that's the the first thing, come to mind.

But the strategic side, we value the one just one KPI, which is the number of startups that get into the advanced discussion with business units. So we we we target to we target to to achieve more than 20. So 20 new companies started having a deeper engagement with BUs. So it could be the that's through our deal sourcing activities, And that that that's the most important KPI for us.

And so far, we achieved that number, for the last three years. So, maybe we need to, you know, set the higher bar. So the objective is a little bit higher. Right?

So let's let's let's now talk about industry sectors a bit. I mean, I wanted to start with a tagline that I've seen a couple of times sort of investing for social impact is something that I've seen affiliated with Yamaha. But then I've also seen breakdown of portfolio companies in the energy space, transportation, digital health, AI data, and then you mentioned your enthusiasm for robotics. I saw a couple of news articles on Phoenix tailings and the round that you did in May.

And then Virgeag was another round, I think, just over the last, what, thirty or forty five days. Maybe talk a little bit about sort of industry sector focus, how you think about that. And, maybe as examples, mention a portfolio company or two that you'd like to, sort of showcase. Yeah.

Sure. So in this case, we are very excited about the physical AI, you know, the embodied AI or robotics in general. So the the the reason why I say we say that we're investing in social impact is always we want to think about what what kind of, you know, emerging needs are, the needs are emerging right now. The the the as the reflecting the social, societal challenges beyond the Yamaha.

And so, you know, labor shortage and the resource constraints. Resources means, like, a metal, plastic, water, everything, energy. So we we all we we love to support those companies that and in their the the connection between, like, Yamaha and the societal challenges. And in this yeah.

Phoenix settings is a really good example, you know, that we they are they they offer refining rare earth rare earth elements refining technology that's in The US so that they can completely they they can complete entire supply chain within The US. So it it it it they they can achieve. They can offer the the the supply chain diversification to the corporate who needs real earth elements. And, of course, Yamaha will not be a direct customer of metal.

We are we purchase components. So it's very far away from our supply chain, but still they touches on our value chain. And, by supporting them, our tier one, tier two, tier three, maybe tier four suppliers, all of them can get benefit out of it. So, it's a it's a it's a investment to the society as well as Yamaha, and that's one.

And, also, we invested in path Path Robotics, PATH. They are Columbus, Ohio, offering the welding, the the the robotics cells. And they are addressing the the huge one industrial challenges, which is a labor shortage of welders. And they are paying over $100 per hour, but still not so many people will be will want to be on welder or it's the turnover is high.

And so they are they're offering the some very, very smart welding machines that can do the the performance same level of the human welders, which is really great. So, yeah, those are the two two great portfolio companies consisting of, you know, our interest as well as the needs for from society in long long. And then Phoenix sailings, if if I recall, invested alongside of BMW. Yeah.

And then are there others is that pretty typical to you find yourself investing more and more alongside of other corporate venture groups, or do you have go to partners that you find yourself, collaborating a little bit more with on the corporate venture side? Yeah. I think so. The last in in the last two to three years, I I started seeing more close knit communication, the between the CVCs in terms of deals deal sharing, deal sourcing, and also introducing the portfolio companies each year as for their BUs.

I I think that, you know, I I see more and more collaboration between them. Even for us, we we speak with the our parent company's competitor as well. So, like, Honda, yes, our parent companies are competing with each others, but the we are trying to solve the same challenges that society have. So the the we we we we speak with them pretty oftenly.

So, yeah, the I I'm very happy to see the more collaboration is happening between CVCs, and I want to facilitate more on that. And then I also saw Virjag. I mentioned them briefly. We have an expert in the agriculture space on our team who's a venture advisor named John Finnegan who runs a company called Beck Ag that's been in the industry for a couple of decades.

How are you thinking about ag tech these days? I saw you made that investment. It'd be great to just get your view on what's going on with ag tech. Yeah.

So ag tech, in general, the let let me start from the the, you know, macro environment. It it's not great, unfortunately. The industry itself is not that is experiencing challenges. For example, you know, growers, you know, the growers are experiencing a little bit of, you know, down that that downturn.

So that we need to be a little bit patient. But there you know, the as Yamaha, we invested in multiple ag tech companies, and, this April, parent company, decided to acquire, two of Yamaha portfolio companies to start the the smart agriculture business. One company we acquired we the parent company acquired is robotics plus. They offer autonomous playing sprayers.

Of course, you you if you hook up the splayer, it's a autonomous autonomous player. If you hook up mower, it's it's a autonomous mower. So we we, invested in the company, I think, back in 02/2019, and we acquired the company. Also, we acquired the company called The Yield.

They offer a pharma management software. You know, by having a software a pharma management software and also autonomous driving tech company, We can offer the vertically integrated automation technologies for the farmers. We are targeting the high value crops like apple, citrus, avocado, those those types of tree crops. Yeah.

We were at a golf course a couple weeks ago and saw autonomous mowers everywhere, there. So, there's it's it's interesting to see these early adoption of of of, I guess, what you would call, in in some cases, things applied to agriculture or landscaping. But then also robotics seems like this could be a big year for it over the next year. Most of the buzz in the VC industry and as it relates to innovation is this massive wave around artificial intelligence being the next significant wave of innovation.

We're constantly looking at how AI applies to things like security and finance and digital health and education and ag. How do you think about AI in general and how it might apply to the industry sectors that you're most interested in? Yeah. So AI needs also, in our our day to day operations, AI is everywhere.

You know, the charge GPT or publicity or or the those are the the changing our way to do the the due diligence. And, also, for our they they they know me mechanical engineer, software engineer, they started incorporating lots of, you know, ML doing a base to physics physics simulation or, you know, cursor, you know, the the the by doing by decoding or it's it's coming it's coming a lot. And, absolutely, AI can solve lots of challenges that we are facing, especially AI with hardware.

We can we can we can address to the labor shortage for sure. And I'm super excited about the especially, like, AI for robotics. Also, I I I I'm from Japan, and we are seeing lots of, you know, the aging issues associated with with aging in the the the Asian countries, you know, South Korea, Japan, Singapore, China. So it's coming.

You cannot just add population. It the the what the number of people you have right now will be the number you have in ten years, twenty years, thirty years later. So, absolutely, we we're gonna have massive issue, coming from the labor shortage in aging. So, I I of course, there are lots of companies working on the software enterprise SaaS area.

But, as a as Yamaha, we we we do spend a little bit more time on the, the physical AI and what did AI to solve the the solve the challenges in the physical world. Yeah. It makes great sense to me. Okay.

So now dream with me for a little bit. If I am, active with my team at Impact Venture Capital and we wanna identify a company that ultimately gets, co investment from Yamaha and then gets acquired by Yamaha in the next five years? Where we focus our efforts? Is it AI applied to robotics?

Is it, to your point, something that helps with the aging population as it relates to robotics? Are there two or three areas that you would highlight that are going to get a lot of attention from Yamaha and are likely going to lead to investments or acquisitions in the next five years? Mhmm. Yeah.

So, the acquisition the probably, you know, the there are two buckets. One bucket is the products side. So for example, e ebikes, e motorcycle, or, you know, the next gen item that we are working on hydrogen boats, but those kind of product categories. Yes.

We are working on lots of, you know, the electrification project or alternative fuel engines, etcetera, but you sell lots the alternative options that can accelerate our product development process or to the market, that is something we would be very interested in. But both the second bucket is the technologies that can drastically increase the improve the efficiency of our process design design process, manufacturing process, supply chain, you know, delivery, sales, those kinds of internal the the functions to deliver product to the the the customers.

You know, the autonomous, the AI, the the, you know, the physical AI, robotics, automation, or, you know, the software for to to automate the programming process or supply chain planning. Those are the things we we we'd love to use from day one when when we meet. So those are the two buckets we are highly interested in. And, beyond that, that I I I only spoke about the Yamaha, you know, the lens, but we are also interested in the the startups that can add value to our the the partners in our supply chain as well, our suppliers, Especially when it comes to decarbonization, the carbon emission that from our suppliers is much higher than our own carbon emission.

So if there is any technologies that can potentially help our suppliers going up to the mining, to reduce the carbon emission, those are the things we the the technology and businesses we want we would love to support. Okay. Now I've got a road map for success. Thank you for that.

I appreciate that. All right. The rapid fire portion of the program, last couple of questions for you. I I like to ask sort of favorite podcast or industry publication.

I I I get sort of, you know, all in as a response, on the podcast a lot, and I get sort of, you know, scrolling, you know, LinkedIn and other things. Anything else unusual that you sort of listen to that you find of great value? Yeah. I I typically just glow the, you know, tons of you know, the leak in past and also the, you know, the email, you know, newsletters from VCs and the and the universities as well.

Those are the things we we typically I typically look at. I have small two kids, and, they they wouldn't let me to wear headphones. Alright. Well, maybe one last personal question.

I my Kaufman Fellows project was on strategic planning for life. And so I'm a big fan of learning about how people sort of launch their day, anything they do with a morning routine to sort of get their body and their mind right to make that day a great day. If you wouldn't mind sort of, I know you're navigating through a couple of young kids, that's probably a challenge in itself. Anything you do in the morning to sort of, get your mind and your body right for the day?

Yeah. You know, the idea you like doing exercising, and, every day, you know, I I bike to the the my kids' school, go with them. And, yeah, so that that really clears my mind. Of course, I I have small chat with my daughter and my son, but still, you you need to focus on riding e bikes.

Otherwise, you get into accident. And so that, you know, the combination of having, you know, quality time with kids and doing some exercise, it is thirty minutes right going going back going back. So, yeah, that that's the my daily routine. And, of course, after that, you know, they're having coffee, and it's my body.

That that's my routing. Caffeine seems to be a regular recurring theme as well. Fitness and caffeine and a little bit of family time is is definitely the pattern that I'm seeing. Well, on behalf of Impact Venture Capital and the Coffin fellows, thanks to you, Kay and Oshi, for spending a little bit of time with us.

Really appreciate it. Thank you so much. That's a wrap for this week's show.