Hyundai Mobis to invest $20 mln in two American venture capital firms

02, Jul. 2020

(Photo courtesy of Hyundai Mobis)
(Photo courtesy of Hyundai Mobis)

SEOUL, AJU - Hyundai Mobis, the parts-making wing of South Korea's Hyundai auto group, will invest $20 million in two American venture capital funds, ACVC Partners and MOTUS Ventures, which are considered to have a good eye for the early exploration of promising technologies from research institutes.

ACVC Partners is a venture capital firm based in New York. Motus Ventures, based in Redwood City, California, is a seed venture capital fund and business accelerator focusing on innovation. They have unearthed startups in the next-generation sensor, biometric and robotics sectors.

As a crucial partner in the development of Hyundai Motor's self-driving technology, Hyundai Mobis has accelerated the development of sensors, cameras and other parts for autonomous vehicles and infotainment for autonomous vehicles. The auto group has promised to unveil mobility services that would combine future technologies such as autonomous navigation and artificial intelligence.

Hyundai Mobis has nurtured foreign start-ups with future technologies through investment in venture capital funds. The company will create an ecosystem that can collaborate with startups from the initial stage and push for large-scale equity investments when technologies are advanced.