SEOUL, Nov. 7 (Korea Bizwire) — Hyundai Motor Co. announced on Tuesday the launch of Hyundai Cradle Tel Aviv, an open innovation center, in Israel.
Hyundai Cradle will begin making strategic investments in AI startups in Israel and will engage with companies possessing cutting-edge technology.
Hyundai Cradle is Hyundai Motor’s third global open innovation center that comes after Hyundai Cradle Silicon Valley in the United States and Zero One in South Korea.
Established in April, the center went through preparations before it officially opened last month.
Hyundai Cradle, located in Tel Aviv’s Sarona district where startups and venture capitals are concentrated, will take on the responsibility of discovering and incubating local startups with core technology for the next generation, including artificial intelligence.
Hyundai Motor, through Hyundai Cradle, will invest in Allegro.ai, an up-and-coming Israeli startup, to acquire advanced artificial intelligence technology.
Allegro.ai is a startup established in 2016 that uses computer vision to create deep-learning AI technology.
Hyundai Motor explained that Allegro.ai owns advanced technology for creating developer tools optimized for artificial intelligence.
The startup has secured investments from Bosch, a leading German automobile parts manufacturer, and other global corporations, cooperating with them in various fields involving AI technology.
Hyundai Motor plans to work with Allegro.ai to design AI technology that can be used for various products and services.
“AI deep-learning is an advanced technology essential for autonomous driving systems and expediting work processes,” said Ruby Chen, the head of Hyundai Cradle Tel Aviv.
“The investment will strengthen Hyundai Motor’s presence in Israel’s innovative technology sector.”
Hyundai Motor is focusing its efforts on securing AI technology as it prepares for the mobility market that includes autonomous driving systems.
Last month, Hyundai Motor made investments in Perceptive Automata, an American AI startup. It also announced plans to collaborate with Deep Glint, a Chinese AI company last June.
Hyundai Motor also created the AIR Lab, a separate division under the Strategic Technology Bureau to take full charge of AI technology, and appointed Kim Jeong-hee from Naver Labs as director.
Hyundai Motor is building additional open innovation centers in Berlin and Beijing, which will complete its plan to have its innovation centers in five major innovation hubs worldwide.
Kevin Lee (email@example.com)