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Hyosung Holds Seminar with MIT to Find New Business Models
Partnership with MIT
Hyosung Holds Seminar with MIT to Find New Business Models
  • By Jung Min-hee
  • January 31, 2019, 11:18
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On January 29, Rafael Gomez-Bombarelli (leftmost) delivers a lecture on new material development using big data and artificial intelligence (AI) to Hyosung employees at Hyosung Headquarters in Gongdeok-dong, Seoul.
On January 29, Rafael Gomez-Bombarelli (leftmost) delivers a lecture on new material development using big data and artificial intelligence (AI) to Hyosung employees at Hyosung Headquarters in Gongdeok-dong, Seoul.

Hyosung will work with Massachusetts Institute of Technology (MIT) researchers to find new business models based on innovative technologies. This is one of Hyosung’s efforts to foster future growth engines in line with the philosophy of technology-based management by Hyosung Group chairman Cho Hyun-jun.

Hyosung announced on Jan. 30 that it held the MIT ILP Seminar with the participation of MIT faculty members and six global start-up companies at its headquarters in Gongdeok-dong, Seoul on Jan. 29.

The MIT ILP is a program that supports the win-win growth through business partnership between global companies and MIT researchers. MIT introduces participating companies to research results in various fields such as information and communication technology (ICT), new materials, advanced manufacturing and healthcare to participating companies and the participating companies continuously exchange technology and information with MIT researchers.

Currently, Samsung Electronics, Hyundai Motor, LG and Doosan Heavy Industries among others have joined this program. Polina Ankkeeva and Rafael Gomez-Bombarelli, professors of the Department of Materials Science and Engineering at the MIT lectured on artificial muscles and smart fibers and the development of new materials based on big data and artificial intelligence in the seminar. The seminar was held according to the philosophy of technology-based management by chairman Cho Hyun-joon, Hyosung explained

"Chairman Cho has been striving to develop new future growth engines that combine current business areas and future advanced technologies such as big data," a Hyosung official said. “He has always emphasized need for constant innovation in the technology sector that is the foundation for production in order to enhance customer satisfaction."

In fact, last year, Hyosung T&C developed a program that could immediately detect defects in products in a manufacturing process and deal with them by combining ICT technologies and devices such as internet of things (IoT) technology, big data analysis and smart sensors with Hyosung ITX.

Hyosung Heavy Industries also detects and responds to abnormal signs from equipment with big data technology in advance by developing the Asset Health Management Solution (AHMS) for substations that incorporates ICT technologies.