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Hyundai Motor to invest in local startup CODE42

Posted April. 16, 2019 07:44,   

Updated April. 16, 2019 07:44


Hyundai Motor has announced a strategic partnership with a local startup founded by a former Chief Technology Officer (CTO) of the country’s portal giant Naver. Having acquired a stake in overseas mobility service providers including “Grab,” Hyundai Motor is apparently stepping up its efforts to enhance its presence in the mobility systems.

The South Korean carmaker said Monday that it will invest in CODE42.ai. The startup was set up by Song Chang-hyun, an ex-CTO of Naver who left the country’s largest portal operator early this year, in the Pangyo Techno Valley in Seongnam, Gyeonggi Province. Hyundai has declined to reveal financial terms including the size of the investment.

Focusing on the paradigm shift in the future mobility service market, CODE42 develops a service platform called “UMOS,” which integrates various means of transportation such as self-driving cars, drones and automated delivery robots to provide mobility services ranging from car hailing and sharing to robo-taxis, smart logistics and food delivery. Hyundai Motor said that it plans to apply the next-generation platform to its own mobility services and collaborate with CODE42 to develop a variety of smart mobility technologies.

Hyundai Motor Executive Vice Chairman Chung Eui-sun has recently met with Song to have in-depth discussions about how to collaborate to create mobility innovation. “CODE42’s insights on the future mobility industry and experience in operating a service platform are capabilities necessary for Hyundai Motor to seek its smart mobility solutions business,” Chung said. “With Hyundai Motor’s strategic investment, CODE42 will be able to create a guide for the upcoming mobility world.”

Do-Hyong Kim dodo@donga.com