Japanese automaker Toyota and tech giant SoftBank announced Thursday that they are forming a joint venture by April 2019 that will use data to optimize supply and demand in the transportation space.

The company, called Monet Technologies, will coordinate between Toyota's information infrastructure for connected vehicles and SoftBank's so-called Internet of Things platform that collects and analyses data from smartphones and sensors, the Japanese corporations said in a joint statement.

In the first phase, Monet plans to roll out just-in-time vehicle dispatch services for Japanese public agencies and private companies to meet user demand. Those services include on-demand transportation and corporate shuttles.

By the second half of the 2020s, the joint venture will roll out an on-demand mobility service that will use Toyota's self-driving, battery-operated electric vehicle called e-Palette for various purposes. They include meal deliveries, where the food is being prepared inside the vehicle, hospital shuttles that can conduct medical examinations on board and mobile offices.

Monet will roll out its mobility services in Japan before focusing on future expansion on the global market.

Toyota launched plans for the so-called e-Palette earlier this year and described the concept as a "fully-automated, next generation battery electric vehicle" that can be customized and scaled for various mobility services.

The companies said that the joint venture will start at 2 billion yen ($17.49 million), and will be increased to 10 billion yen in future. They did not specify a timeline.

SoftBank will own 50.25 percent of the joint venture while Toyota will take 49.75 percent. SoftBank Corp representative director and CTO, Junichi Miyakawa, will be president and CEO of the new joint venture.