Hyundai Mobis, the automotive components arm of South Korea-headquartered carmaker Hyundai, has provided a total of $20m in capital for two US-based venture capital funds.
The recipients are ACVC Partners, an early-stage investment firm focusing on millennial-driven technology products, and Motus Ventures, a VC fund and business accelerator focused on transportation, intelligent infrastructure and the internet of things.
Founded in 1977, Hyundai Mobis channels upwards of $800m into in research and development each year and the move is intended to diversify that spending. It aims to form a collaboration ecosystem that will integrate startups with its own technology activities.
Hyundai Mobis already makes direct investments, having taken part in a $27m series B round for autonomous driving software developer StradVision and 3D mapping technology producer Velodyne Lidar.
The company’s products include sensors, stability control and brake systems, and it has also developed a radar sensor in-house for use in driverless vehicle products.
As the transport sector evolves, Hyundai Mobis is increasingly focused on areas like autonomous driving, electrification and connectivity, and in sectors such as robotics, biometrics and advanced sensors.
