2nd Zero1ne fund formed to invest in future mobility

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2nd Zero1ne fund formed to invest in future mobility

Published: 01 Feb. 2021, 18:03

Second Zero1ne fund will be dedicated to supporting future-mobility startups. [HYUNDAI MOTOR GROUP]

A number of companies and state-owned Korea Development Bank (KDB) will create a 74.5 billion won ($66 million) fund dedicated to future mobility startups in Korea.

Hyundai Motor will supply 18 billion won of funding, Kia 12 billion won and Hyundai Motor Securities 5 billion won. KDB provides 20 billion won and Shinhan Bank 3 billion won.

The fund will be used to make investments in start-ups related to eco-friendly mobility, artificial intelligence, connected cars among and other related technologies and products.

“In order to support startups with innovative technology and creative ideas, not only Hyundai Motor and Kia but the collaboration among the entire ecosystem in auto business is necessary,” said Chi Young-cho, head of Hyundai Motor’s strategy and technology division.

The latest fund is second in a series of Zero1ne funds. The first was in 2018. It was named after Hyundai Motor’s open innovation team.

The 10-billion-won first Zero1ne fund made investments into some 30 domestic startups with promising future mobility technology and artificial intelligence over the past three years.

BY JIN EUN-SOO [[email protected]]