Naver to spend $84.5M for technological innovation

Naver, operator of Korea’s largest portal site, announced on Monday it would invest 100 billion won ($84.5 million) over the next five years on hardware sectors that encompass robotics, electric cars, driverless cars and smart homes.

The investment does not aim to roll out products immediately, said the company’s Chief Technology Officer Song Chang, but it is meant for technological innovation in the global market. The company will concentrate on R&D in partnership with universities and other companies for now.

The announcement is a signal the company is now ending the search for its new driver that would help it avoid stalled growth in recent years and sustain its leadership.