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Hyundai Motor Builds Global New Venture Capital Investment System
Open Innovation Center
Hyundai Motor Builds Global New Venture Capital Investment System
  • By Jung Min-hee
  • January 9, 2018, 00:45
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The Hyundai Motor Group will set up five open innovation centers in the strategic regions.
The Hyundai Motor Group will set up five open innovation centers in the strategic regions.

 

The Hyundai Motor Group will set up an open innovation center in Beijing, China and Berlin, Germany within year. Including those in Korea, Silicon Valley in the United States and Tel Aviv in Israel, a total of five advanced bases will be built to absorb excellent ideas from start-ups.

"We will strengthen the efficiency of start-up investment and enhance capacities to build new business platforms across the group," said John Seo, director of the Innovation Center “Cradle” of Hyundai Motor in the US in a meeting with Korean reporters in Hyundai Motor American in Orange County of California on January 6 (local time) in advance of the 2018 Consumer Electronics Show (CES) in Las Vegas, the US.

The Hyundai Motor Group opened Venture Plaza in Korea in 2000 and Hyundai Ventures in Silicon Valley in 2012, opening doors to start-ups in technology development. A case in point is the commercialization of a radio audio notification system used in a new model of the Veloster ointly developed with SoundHound of the United States.

If the five open innovation center system is complete this year, their roles will be segmented, elevating the efficiency of venture investment, Seo said. The Open Innovation Center in Israel to be opened in the fourth quarter will be responsible for the development of future mobility including artificial intelligence and sensing. Open Innovation Center in China which will open in the second quarter will strengthen its collaboration with ICT players. The center in Germany will discover start-ups related to smart cities. The Korean Innovation Center will be in charge of overseeing strategies of each base and actively control and manage M&As.

"The five centers will create synergies by sharing the status of their technology development and investment in each area," said John Seo. "We will preempt technology by established long-term relationships with various start-ups."