Ready to Ramp up Investment in Israeli Startups
Hyundai Motor announced on Oct. 28 (local time) that it has signed a memorandum of understanding (MOU) with Israel's largest logistics company Taavura to secure future technology.
Taavura is a road transport and air cargo services company established in 1955 and has recently expanded its business to new technology fields such as data centers and cyber security.
The two companies plan to secure innovative technologies in the areas of smart mobility, transportation, and logistics by establishing the Taavura Innovation Center this year. The center will focus on locating and fostering promising startups in Israel.
Hyundai Motor plans to ramp up investment in and collaboration with Israel's promising startups by participating in the center's startup training program.
Since last year, Hyundai has been aggressively promoting cooperation with Israeli startups. Last year, the company made strategic investments in artificial intelligence (AI) technology developer Allegro.ai, energy company H2Pro, and drone maker Percepto.
The Korean automaker also invested in MDGO, a startup with vehicle passenger trauma technology, in June and has since been working to develop medical services for connected cars.
In July, Israeli President Reuven Rivlin visited the Hyundai-Kia Automotive Technology Research Center to try out Hyundai Motor's hydrogen-powered vehicles and discuss cooperation between Hyundai Motor and Israeli companies. At that time, Chung Eui-sun, vice chairman of Hyundai Motor Group, said his group will expand investment in Israeli startups in various industries and apply the jointly developed technologies to mass production vehicles.
“In Israel, Hyundai and Kia each occupy the first and second spots in car market shares,” a Hyundai Motor Group official said.