Hyundai Motor Group had signed a business agreement with Korea Development Bank to support promising mobility startups and foster a future mobility ecosystem.

The group announced on Feb. 1 that it will invest in startups with innovative technologies and creative ideas by establishing ZER01NE Fund 2.

ZER01NE is a new concept open innovation platform set up by Hyundai Motor Group in 2018 with the goal of creating an ecosystem for creative people. It is worth a total of 74.5 billion won, with, Hyundai Motor Co. investing 18 billion won, Kia Corp.

12 billion won, Hyundai Motor Securities 5 billion won, Korea Development Bank over 20 billion won, and Shinhan Bank 3 billion won.

Other investors include Hyundai Motor Group’s affiliates including Hyundai Mobis, Hyundai Mnsoft, Hyundai Transys,

Hyundai Autron and Hyundai Engineering, and Hyundai Motor’s partners such as Mando, Donghee, Global Auto Trading, and Korea FT.

Investment targets are promising startups in future new business sectors such as future mobility, eco-friendly cars, artificial intelligence and connected cars. The plan aims to promote the growth of startups that can contribute to an eco-friendly mobility ecosystem, which has gained added importance thanks to the Korean government’s Green New Deal policies.

Business Korea