Has Hyundai Motor Group Launched a $91.4 Million Startup Investment Fund?

Synopsis
Key Takeaways
- Hyundai Motor Group has launched a $91.4 million investment fund.
- The fund targets innovative startups in technology sectors.
- Focus areas include artificial intelligence, robotics, and cybersecurity.
- Two previous funds have already supported over 105 startups.
- Strategic partnerships are a key goal for the new fund.
Seoul, May 26 (NationPress) - On Monday, Hyundai Motor Group announced the launch of its third startup investment fund aimed at fostering innovative venture firms with groundbreaking technologies and concepts.
This new fund, part of the group's ZER01NE accelerator initiative, has been established with a total of 125 billion won (approximately US$91.4 million), backed by investments from various group affiliates, as reported by Yonhap news agency.
Hyundai Motor Co. and Kia Corp. each contributed 40 billion won, while Hyundai Motor Securities Co. added 10 billion won. Additional funding came from seven other subsidiaries including Hyundai Mobis Co., Hyundai Glovis Co., and Hyundai Rotem Co..
The fund is designed to discover and invest in promising startups located in South Korea, Japan, and Southeast Asia, with a particular focus on sectors such as artificial intelligence, robotics, hydrogen, and cybersecurity.
The group expressed its intention to explore strategic partnerships between selected startups and its affiliates, emphasizing the importance of integrating next-generation innovations.
Since the inception of the ZER01NE platform in 2018, two previous funds have been established, collectively supporting 105 startups and resulting in over 200 collaboration cases across the group.
“By enhancing collaboration with pioneering startups, we strive to create significant synergies among our affiliates and expedite our future-oriented business endeavors,” stated Noh Kyu-seung, head of the ZER01NE division at Hyundai Motor Group.
In related news, Hyundai Mobis has filed more than 7,500 patents over the last three years to bolster its global competitiveness through proprietary technologies in future mobility and electrification, as revealed by the company on Monday.
This auto parts subsidiary of Hyundai Motor Group disclosed these statistics during its annual Invention Day ceremony held at a research facility in Yongin, south of Seoul, last week.
According to the company, over 3,000 patents pertained to electrification, autonomous driving systems, and connected vehicle technologies. Last year, Hyundai Mobis submitted around 2,300 new patents, including more than 1,000 in the domain of future mobility.
Noteworthy patent registrations feature advanced smart key technology designed to thwart digital key hacking and high-definition heads-up display technologies, the company added.