“When new technologies of start-ups and production capabilities of Hyundai Mobis meet each other, innovative automobile parts can be developed.”
This was the explanation given by Ryu Si-hoon, the head of Mobis Ventures’ Silicon Valley Center, on December 4, 2019 in Sunnyvale, California as to why Hyundai Mobis has embarked on discovering and investing in global start-ups. For future cars whose main characteristics are eco-friendliness and self-driving technology, not only automakers but also auto parts makers play important roles. Hyundai Mobis is also emphasizing open innovation strategy.
Hyundai Mobis, the auto parts manufacturer of Hyundai Motor Group, set up Mobis Ventures, its investment hub in Silicon Valley, in November 2018. Although Cradle, an open innovation center managed by Hyundai Motor Group, is located in the area, Hyundai Mobis established a separate office to focus on developing part technologies related to self-driving and eco-friendly cars. “While Cradle focuses on discovering and investing in start-ups from mid- to long-term perspective, Mobis Ventures puts an emphasis on identifying technologies and services that can be applied on-site,” said a member of Hyundai Mobis.
Mobis Ventures is planning to first invest in start-ups that have augmented reality heads-up display technology providing key driving and navigating information directly to a driver’s natural line of sight and big data processing technology based on artificial intelligence.