이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

Hyundai Motor, SK Telecom and Hanwha Asset Mgmnt to invest $45 mn in startups

Collected: 2017.11.16

Distributed: 2017.11.17

Source: Go Direct

South Korea’s largest automaker Hyundai Motor Co. together with the country’s leading mobile carrier SK Telecom Co. and asset manager Hanwha Asset Management Co. will create a fund worth $45 million to back promising startups in artificial intelligence (AI) and future mobility technology sectors.

Hyundai Motor, SK Telecom, and Hanwha Asset Management on Thursday inked an agreement to launch ‘AI Alliance Fund’ in Seoul, according to companies. Element AI, a Canada-based AI solution provider that boasts 160 specialists and wide global network in AI technologies, will also take part in the consortium as an investment advisor.

The three Korean firms will invest $15 million each and launch the fund in the first quarter next year, according to the agreement.

Their primary investment targets are startups in the United States, Europe and Israel with strong potentials in AI, connected car, and financial sectors. The Korean investors will make an investment decision after reviewing technical capabilities, market value, and growth potential with AI expert Canadian partner that also boasts of board network in the sector.

The AI Alliance Fund is designed to unearth and invest in promising startups to stay competitive in the fast-changing world amid technological convergence and integration, said a Hyundai Motor official.

By Lee Seung-hoon and Cho Jeehyun

List

Previous: Korean listed companies in record dividend binge this year

Next: Korean construction firm Daewon readies $27mn IPO in Dec