Hyundai Motor Group launches $91.4 million startup investment fund under ZER01NE accelerator program

Hyundai Motor Group launched a new startup fund, the company announced on Monday, May 26. This is the third startup dedicated fund started by the automobile group. The newly launched fund will support innovative venture companies with cutting-edge technologies and ideas.

The group's third fund under its ZER01NE accelerator program has been set up at a scale of 125 billion won (US$91.4 million), with financial participation from group affiliates, reports Yonhap news agency.

Hyundai Motor Co. and Kia Corp. each invested 40 billion won, while Hyundai Motor Securities Co. contributed 10 billion won. Additional investments came from seven other units, including Hyundai Mobis Co., Hyundai Glovis Co. and Hyundai Rotem Co.

The fund aims to identify and invest in promising startups in South Korea, Japan and Southeast Asia, particularly those working in the fields of artificial intelligence, robotics, hydrogen and cybersecurity.

The group said it will also seek strategic collaboration opportunities between the selected startups and its affiliates, with a focus on internalizing next-generation innovations.

Since launching the ZER01NE platform in 2018, the group has established two previous funds. Together, those funds have backed 105 startups and generated more than 200 collaboration cases across the group.

"By deepening collaboration with innovative startups, we aim to generate meaningful synergies across our affiliates and accelerate our future-ready business initiatives," said Noh Kyu-seung, head of the ZER01NE division at Hyundai Motor Group.

Meanwhile, Hyundai Mobis has filed more than 7,500 patents over the past three years to strengthen its global competitiveness through proprietary technologies in future mobility and electrification, according to the company on Monday.

The company, the auto parts affiliate of Hyundai Motor Group, announced the figures during its annual in-house Invention Day ceremony held at a company research centre in Yongin, south of Seoul, last week.

According to the company, over 3,000 patents were related to electrification, autonomous driving systems and connected vehicle technologies. Last year, Hyundai Mobis filed around 2,300 new patents, including more than 1,000 in future mobility sectors.

Notable patent registrations include those involving advanced smart key technology designed to prevent digital key hacking and high-definition heads-up display technologies, the company said.

With inputs from agencies