HD Hyundai Marine Solution invests $2.18 million in maritime AI startup

Industry

Published: 14 Jul. 2024, 16:33

HD Hyundai Marine Solution invests $2.18 million in maritime AI startup

HD Hyundai Marine Solution CEO Lee Ki-dong, left, and SeaVantage CEO Song Hyung-jin pose for a photo after a signing ceremony at SeaVantage's headquarters in Gangnam District, southern Seoul. [HD HYUNDAI MARINE SOLUTION]

HD Hyundai Marine Solution, the ship aftermarket subsidiary of HD Hyundai, made an equity investment worth 3 billion won ($2.18 million) in maritime logistics startup SeaVantage to advance its maritime AI technology.

The deal was signed at SeaVantage's headquarters in Gangnam District, southern Seoul, HD Hyundai Marine Solution announced Sunday. The percentage stake acquired was not disclosed.

HD Hyundai Marine Solution CEO Lee Ki-dong and SeaVantage CEO Song Hyung-jin attended the signing ceremony.

Founded in 2018, SeaVantage provides services in the field of maritime logistics tracking and visibility, utilizing AI to predict the movement and arrival times of ships, as well as the location of cargo, based on information about ship location, weather, ports and route networks.

Through the deal, HD Hyundai Marine Solution plans to integrate SeaVantage’s technology into its AI-based decarbonization and navigation service known as “Oceanwise,” which offers customized maritime data solutions for ship owners, cargo owners and port operators.

HD Hyundai Vice Chairman Chung Ki-sun introduced OceanWise, development of which wrapped up in 2023, at CES 2024. In February, the company signed its first commercial supply contract for the service with Posco.

“This investment marks an important first step in our future maritime AI solution strategy,” Lee said in a statement. “We plan to enhance our business competitiveness through strategic partnerships with various companies.”

The deal is also HD Hyundai Marine Solution’s first equity investment since it was listed on Kospi back in May.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]