Kakao Mobility attracts $50m investment from Google

Kakao Mobility, Korea’s digital transportation service app operator, said Thursday the company will explore new business opportunities together with Google.

Under their partnership, Kakao has attracted investment of $50 million from the US tech giant, which is to be paid completely by April 22, according to the company’s regulatory filing.

With the investment, Kakao and Google will work together on advancement of artificial intelligence technologies based on the cloud, create synergy between the two firms’ services and collaborate on operating systems and software.

The partnership is beyond a simple investment to seek various business opportunities, Kakao said in its press release. Ultimately, the partnership is to discover new tech-based businesses in both domestic and overseas markets.

“Through long-term partnership with Google, Kakao Mobility will maximize synergy to become a global key player,” said Alex Ryu, CEO of Kakao Mobility. “Kakao will also serve as a hub business helping Korean businesses with innovative services.”

“Kakao Mobility has been providing a variety of great mobility services for Korean users,” said Frank Lin, head of investment for Asia. “We are happy to support Kakao Mobility.”

Kakao Mobility’s Kakao T is the most used taxi-hailing app in Korea.

By Song Su-hyun (song@heraldcorp.com)