HHIH to launch W34b fund for digital health care and biotechnology

Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Wednesday it will launch a 34 billion-won ($28.8 million) fund to support promising startups in the digital health care and bio industries.

The fund will help the company advance into the digital health care market and seek new business opportunities, HHIH said in an emailed statement.

HHIH will invest in telemedicine, digital therapeutics, artificial intelligence-based diagnostics and new biomedicine development, the company said.

The fund will be joined by Mirae Asset Securities Co., a local brokerage firm; Mirae Asset Life Insurance Co.; Daewoong Pharma, a local pharmaceutical company; and Asan Foundation, which operates Asan Medical Center, HHIH said.

Hyundai Heavy Industries Group, South Korea's ninth-largest conglomerate, has been increasing its investment in hydrogen, AI and robot businesses since last year.

As part of its efforts to expand its presence in the digital health care market, HHIH's investment subsidiary Hyundai Future Partners Co. acquired a controlling stake in Mediplus Solution, a health care service company in August. (Yonhap)