Hyundai Motor Group, a South Korean automobile maker, recently announced an investment of approximately $1.02 billion (1.3 trillion won) in startups focused on AI, mobility services, and robotics. The company made this announcement during its Open Innovation Tech Day event, which offered a platform to five domestic startup partners.
The event showcased the technology of these startups, which included Metaverse Entertainment, a virtual human manufacturing company utilizing artificial intelligence, Aplayz, a custom music curator, Mobinn, a robot delivery provider, Mobil Tech, a 3D laser scanning company, and ViewMagine, an autonomous driving drone company.
Hyundai Motor Group has been actively supporting startups worldwide in various fields. These fields comprise artificial intelligence, robotics, virtual reality, electrification, autonomous driving, and energy.
Since 2017, the company has facilitated more than 200 global startups. Hyundai has established central offices called ‘Hyundai Cradle’ in five different nations. These include the United States, Germany, China, Singapore, and Israel.
Hyundai aims to strengthen strategic partnerships with global startups through investments, mergers and also acquisitions to create business synergies. Furthermore, the company has set up 19 investment funds for tech services-based startups in prominent economies worldwide.
Hyundai Motor Group’s ZER01NE Open Innovation Hub
In 2018, Hyundai launched ZER01NE, an open innovation hub that supports promising domestic startups in Korea. It has successfully brought together more than 30 startups within its network.
The startup ecosystem in Korea has been thriving, attracting foreign investments and also fostering innovation within the country. The mobility industry in South Korea is garnering significant attention. The government has made substantial investments and also taken proactive measures to position the country as a global leader in mobility development.
According to Hyundai Motor Group, the traditional automotive and mobility innovations are also developing outside the manufacturing sector. Hyundai recognises the importance of collaborating with startups, innovations, as well as organizations.
As part of their effort to boost the startup ecosystem, Hyundai has created over 800 jobs for the South Korean economy. Recently, Hyundai showed interest in capital restoration, a process of withdrawing abroad money for domestic investment. They plan to invest around $5.9 billion in converting manufacturing facilities for electric vehicles in South Korea.
These funds will be primarily used to build EV-specific facilities in Ulsan, South Gyeongsang, Gwangmyeong, Gyeonggi Province, and Hwaseong areas. Hyundai Motor expects production to commence at the Ulsan EV plant by 2025.
