16 Startups Spun Off Since 2000
Four in-house startups of Hyundai Motor Group have been spun off as independent companies.
The group announced on May 18 that the four startups -- MYCELL, PM SOL, Wondermove, and ELMCAD – were spun off in May. Since 2000, the group has been operating an in-house startup fostering program. A total of 53 promising startups have been nurtured so far, with 16 of them having been successfully spun off.
MYCELL, PM SOL, Wonder Move, and El Amcad specializes in mushroom mycelium-based biotech, complex lubricants, community mobility services and 3D drawing information solutions, respectively. They went through two to four years of training and preparations.
MYCELL has been developing since 2016 materials such as vehicle composites and fabrics based on mushroom hyphae, an eco-friendly material. Currently, the company is preparing to launch designer products aimed at the millennials.
PM SOL provides complex lubricants that reduce frictions during an iron powder forming process, and metal powders for 3D printing that combine the advantages of high heat resistance and high lubricity materials.
Wondermove offers a community carpool service for office workers based on routes, arrival times, and preferences. ELMCAD develops and sells 3D drawing information solutions that complement the limitations of the current CAD systems.
Hyundai Motor and Kia Motors launched the Venture Plaza Program in 2000 to support various development activities of its employees to integrate their ideas related to automobile safety, the environment, and driver convenience.