Unique alliance amongst major Korean companies aims to accelerate open AI innovation in Korea, support global AI startups, and reinforce the Element AI mission of fostering worldwide transfer learning
15 November 2017 - SEOUL, South Korea & MONTREAL--(BUSINESS WIRE)
Element AI, an artificial intelligence company that delivers groundbreaking AI solutions, today announced it has established a joint $45M fund with Korean conglomerates SK Telecom, Hyundai Motor Company, and Hanwha. The new fund leverages each partner’s unique value and targets the most promising sectors of commercial AI applications and infrastructure, specifically emerging AI-based technologies including autonomous vehicles, household robots, manufacturing, drones, and hardware.
The $45M fund will be actively managed by the three Korean companies with investment advisory by Element AI. Capital will be deployed to leading AI companies over the next 36 months. The fund is designed to use Element AI’s extensive domain knowledge, cutting edge research and proprietary pipeline to source, assess, and invest in startups focused on applying AI in advanced technologies. SK Telecom, Hyundai Motor Company and Hanwha’s data and deep industry expertise combined with Element AI’s artificial intelligence knowledge will both differentiate the fund in the market and add immense value to portfolio companies.
Source: Element AI
Illustration Photo: Navya driverless, electric and autonomous shuttle vehicle drives from door 40 to Pregny at the Palais des Nations during the Global Road Safety Film Festival 2017, Palais des Nations, Geneva. 20 February 2017. (credits: Violaine Martin / UN Geneva / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))