Hyundai's concept racing car 'N50'. [Photo by Park Sae-jin]
Hyundai Motor agreed with two other domestic firms to create a 45 million US dollar fund to help foreign startups develop technologies related to artificial intelligence, smart mobility and connected cars.
The AI Alliance Fund also involves SK Telecom and Hanwha Asset Management, and Element AI, a Canadian AI solution firm, will participate as a financial adviser. The fund is aimed at head starting in the rapidly changing technology market by investing into promising startups.
The three companies will invest $15 million each to launch the program in the first quarter of next year. Cooperation networks will be set up between startups.
The main target of investment will be American, European and Israeli startups which develop technologies related to AI, smart mobility and financial technology. Element AI will provide consultations, using research personnel and global networks.
reporter
Park Sae-jin
swatchsjp@ajunews.com
