The fund will cover start-ups with state-of-the-art mobility technologies such as urban air mobility (UAM) and purpose built vehicle (PBV). (image: Yonhap)
SEOUL, Feb. 2 (Korea Bizwire) — The state-run Korea Development Bank and the Hyundai Motor Group jointly announced on Monday that they will cooperate to create a fund that will explore and invest in promising startups in the mobility area.
The two parties reached an agreement on the creation of the 74.5 billion won (US$66.6 million) open innovation fund ZERO1NE No. 2 Fund.
Hyundai Motor Co., Kia Corp. and Hyundai Motor Investment Securities Co. will jointly invest in and operate the fund while the Korea Development Bank and Shinhan Bank will participate as financial institution investors.
The fund will invest mainly in tech startups with specialty in eco-friendly cars and smart cars.
It will also cover startups with state-of-the-art mobility technologies such as urban air mobility (UAM) and purpose built vehicle (PBV).
The two parties also signed a separate memorandum of understanding (MOU) to actively support promising startups with future-oriented eco-friendly mobility technologies as well as to create a startup-friendly ecosystem.
Ashley Song (ashley@koreabizwire.com)
