Tech startup secures initial research fund from Kia Motors and other companies

Lim Chang-won Reporter() | Posted : October 1, 2019, 11:14 | Updated : October 1, 2019, 11:14

[Courtesy of CODE 42.ai]

SEOUL -- CODE42.ai, a new tech startup in South Korea, has secured an initial research fund of 30 billion won ($25 million) from Kia Motors and three other companies which will collaborate to build a future mobility service platform by utilizing each company's specialized core capabilities.

The startup said Tuesday that Kia agreed to invest some 15 billion won with the remainder coming from the units of three groups -- SK, LG and CJ. They would use specialized core capabilities to build future mobility service platforms for self-driving, powertrains, telecommunications, logistics and content.

The initial investment is not big, but more is certain to come if the startup produces reliable results. In April, the Hyundai auto group agreed to make a strategic investment in CODE42.ai to develop smart mobility solutions and cooperate in self-driving cars, connected services, robotics, artificial intelligence and precision guidance.

CODE42.ai, set up by Song Chang-hyun this year, has a pool of engineers in voice recognition, AI, mobility, self-driving, precision maps, robotics, computer vision and big data. The startup develops an urban mobility operating system (UMOS) that meets the needs for shopping, fast delivery, transportation and mobile devices.

Song said the new investment would help his company step up the development of UMOS and lead changes in an industrial paradigm and the urban transportation operation optimized for the self-era of autonomous driving.
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