The Korean carmaker has collected capital from 10 of its affiliate companies for a fund that will back frontier technologies such as AI and robotics.
Korean carmaker Hyundai Motor has launched a third investment fund under the ZER01NE moniker with ₩125bn ($91m) in capital.
The fund is backed by Hyundai affiliates Hyundai Motor Company, Kia Corporation, Hyundai Motor Securities, Hyundai Glovis, Hyundai Wia, Hyundai Rotem, Hyundai Mobis, Hyundai AutoEver, Hyundai Capital and Hyundai BNG Stee.
ZER01NE was initially formed as the South Korea-based group’s accelerator but has gradually expanded into more of an early-stage fund structure under the ZER01NE Ventures name.
The unit seeks to invest in artificial intelligence, robotics, cybersecurity, hydrogen and energy technology startups. It looks for companies that may not be immediately strategic but could potentially be working on technologies that could be important in the future.
“This fund reinforces the group’s position as a leading strategic investor in transformative technologies,” said Kyuseung Keith Noh, head of ZER01NE, in a release.
“By deepening collaboration with innovative startups, we aim to generate meaningful synergies across our affiliates and accelerate our future-ready business initiatives.”
Hyundai launched the initiative in 2018 with a ₩10bn fund that was followed by a ₩80.5bn fund three years later. The second fund, where Hyundai Motor, Kia and Hyundai Motor Securities were joined as limited partners by Korea Development Bank and Shinhan Bank, concluded its investment cycle in January this year.
