Automotive manufacturer Hyundai Motor has provided ₩22.5bn ($20m) of funding for Mesh Korea, the South Korea-based operator of a last-mile delivery service that uses motorcycles, Korea Times reported on Wednesday.
Founded in 2013, Mesh offers a last-mile logistics service that uses artificial intelligence technology to efficiently allocate jobs to its network of motorcycle couriers.
Hyundai plans to utilise the company’s technology in the creation of a delivery service overseen by its logistics subsidiary, Hyundai Glovis, that will utilise autonomous vehicles.
The corporate has also invested an undisclosed amount in Immotor, a China-based developer of electric scooters and battery sharing technology, with a view to enhancing its presence further in last-mile logistics.
Venture capital firm GGV Capital’s Jiyuan Capital unit and VC firm Yunqi Capital supplied $5.8m in pre-series A funding for Immotor in late 2016.
Translink Capital subsequently joined GGV and Yunqi to invest an undisclosed amount in the company in December 2017, increasing its total funding to RMB100m ($15.3m).