On the 16th of November Hyundai alongside SKT and Hanwah have announced that they have established the ‘AI Alliance Fund’ to support global start-up groups with revolutionary technologies and creative ideas.
Each three companies have invested each 15M dollars to the fund, operating with $45M (50 billion won) to fund start-up companies. Element AI, Canada based AI technology company will join as their investment advisor. It will leverage the research group's expertise and global network to find promising startups.
“The fund aims to bolster next-generation technological capabilities in analyzing global technology trends, forming cooperative networks, and searching technical information,” Hyundai Motor said in a statement.