Hyundai Motor has formed the AI Alliance Fund with Korean mobile carrier SK Telecom and Hanwha Asset Management to invest in startups that have innovative ideas and technology, the company said Thursday.
The three companies will each pitch in 16.5 billion won ($14.4 million) to create the fund worth 50 billion won that is scheduled to kick off in the first quarter of next year.
“The fund aims to bolster next-generation technological capabilities in analyzing global technology trends, forming cooperative networks, and searching technical information,” Hyundai Motor said in a statement.
Investments will be made in startups that focus on artificial intelligence, future mobility and financial technology in the US, Europe and Israel.
Canada’s AI solution company Element AI will also participate as an investment adviser.
Earlier this week, Hyundai Motor launched Hyundai Cradle in Silicon Valley to foster startups that are deemed to have potential to lead in the era of the “fourth industrial revolution,” the company said.
By Kim Bo-gyung (firstname.lastname@example.org)