Cradle stands for Center for Robotic-Augmented Design in Living Experiences.
Along with looking into the areas of artificial intelligence, mobility, self-driving, smart city and robots, the center will aim to discover business opportunities created by robots and future mobility, the company said.
“Hyundai Cradle will pioneer the development of innovative technology at Silicon Valley, while putting together a platform for new businesses,” said Hyundai Motor in a statement.
“We plan to gain an upper hand in the future mobility market, while fostering new growth engines.”
|Workers of Hyundai Cradle monitor and evaluate technology at the new innovation hub set up in Silicon Valley. (Hyundai Motor)|
It is also expected to function as a hub for the global open innovation center that Hyundai is pursuing, the company said.
Hyundai Motor said it will aim to open an open innovation center in Israel early next year before expanding Hyundai Cradle’s network.
Earlier this month, Hyundai Motor announced it would introduce a research and development center in Israel to develop future car technology and discover promising startups.
To introduce Hyundai Cradle, Hyundai Motor has reorganized and expanded the functions of Hyundai Ventures, its Silicon Valley-based entity.
Hyundai Cradle will focus on fostering entry-level startups in the US by expanding investments and pursue joint research with startups that develop technology related to the company’s auto business, the company said.
For Korean startups with growth potential to operate in the US, the center will serve as an accelerator by connecting them with business partners and investors, it added.
By Kim Bo-gyung (firstname.lastname@example.org)