[News Article] Hyundai Motor reaps benefits of startup investments
Hyundai Motor reaps
benefits of startup investments
BY SARAH CHEA, Korea JoongAng
Daily - A
nearly 1-meter robot goes up and down the stairs delivering food and drinks.
This robot will soon be on Korean streets as a flag person and even as a patrol
officer. This is what Mobinn,
a robotics startup spun off from Hyundai Motor, hopes to realize at least by
the end of next year. Hyundai Motor Group
on Thursday held an HMG Open Innovation Tech Day event in western Seoul to
share its journey of investing in and fostering startups, as well as an update
on their progress. "Hyundai
invested a total of 1.3 trillion won ($1 billion) in fostering more than 200
startups since 2017, including those started by our own employees," said
Hwang Yun-seong, head of the Open Innovation Investment team at Hyundai Motor
Group, during the event on Thursday. The investments in these startups, both
local and overseas, were made via Hyundai Cradle, the company's unit focused on
identifying and investing in innovative start-ups, whose Korean base is called
ZER01NE. "Our goal is to
make this a win-win game by actively investing in start-ups that create new
customer value and also offer us important insights in the process of
cooperation," Hwang added. Of the total
investment, 753.7 billion won went to mobility firms while 281.8 billion won
went to electrification companies. A further 126.2 billion won was spent on
startups developing connectivity while 60 billion won was invested in
artificial intelligence (AI) and 54 billion won in autonomous driving
technology. Massive investments
in overseas startups like Boston Dynamics and Motional were not included in the
title. Five local startups
were introduced during the event: Mobinn, MobilTech, which has developed
self-driving technology, Metaverse Entertainment, an agency with virtual pop
artists and influencers, ViewMagine, which develops AI drones, and Aplayz, an
AI-based music service that automatically suggests music to users based on
their location, mood, personality and even the weather and time. Mobinn's delivery
robot has wheels made of lightweight rubber, enabling it to freely navigate
stairs. In April's test run at an apartment complex in Hwaseong, Gyeonggi, in
cooperation with the convenience store chain CU, Mobinn delivery robots took 11
minutes on average to complete their deliveries, which was nearly 20 minutes
quicker than deliveries made by humans. "We have
already spoken with the Korea Road Traffic Authority to launch the robot as a
flag person by the end of the year," said Choi Jin, CEO of Mobinn.
"And we aim to introduce it as a patrol officer by the end of next
year." "In the
beginning, it was a very minor idea I brought up during a meeting as a Hyundai
employee," Choi added. "But we made it all the way from there to here
thanks to Hyundai's support not only in terms of finance but also
technology." Each of the selected
start-ups will be offered 300 million won in aid from Hyundai Motor. The
start-ups will have a year to develop their business, and the automaker will
then decide whether to spin them off and if so, win a further 100 million won
grant. Meanwhile,
ViewMagine's VODA service allows companies to detect defects on their building
walls using an AI drone in tandem with data analysis technology. "It takes four
days for a human to inspect the building exterior, but with the drone, it only
takes half a day," said ViewMagine CEO Kim Do-yeop. Its client list
includes Hyundai Engineering and Construction and Hoban Construction, as well
as an unnamed Japanese company. A total of 30
startups have been spun off from Hyundai so far, generating a total of 280
billion won in sales and creating more than 800 new jobs. Hyundai vowed to
invest further in startups, mainly in the "software, low-carbon,
semiconductor, and AI sectors," Hwang added. Source: https://koreajoongangdaily.joins.com/2023/06/15/business/industry/Korea-hyundai-mobinn/20230615165852370.html
2023.06.16