Hyundai Motor launches startup incubator in Israel

Hyundai Motor has established a startup incubator in Israel to expand cooperation with budding enterprises in the Middle East nation that has shown strength in technology development in future mobility in recent years. 

The plan also includes “massive investment” in Israeli startups to be delivered in various formats, including making direct investments and seeking partnerships with venture capital firms, the carmaker said Thursday. The size of investment was not disclosed.

Hyundai will seek talented startups developing technologies on artificial intelligence, integrated sensors and cybersecurity for partnership to lead technologies for the “fourth industrial revolution,” it added.

The South Korean carmaker unveiled the plan during the 2017 Fuel Choices and Smart Mobility Summit held in Israel this week.

The plan came after the carmaker signed a memorandum of understanding with Technion, an Israeli institute of technology, and Korea Advanced Institute of Science and Technology to jointly develop artificial intelligence and technologies for autonomous driving in September.

The joint project aims to support budding enterprises in Israel and use their ideas to devise new market platform aimed at realizing innovative mobility.

By Cho Chung-un (christory@heraldcorp.com)