Hankook & Company Co., Ltd., the holding company of Hankook Tire & Technology Co has established a fund with an aim to secure a new growth engine in the future. The first investment is Mobiltech, an Artificial Intelligent (AI)-based spatial information and service start-up.
Since its inception, South Korea’s Hankook has been working to increase innovation through fostering start-ups, venture capital and cooperating with venture capitalists.
Founded in 2017, Mobiltech offers 3D mapping solutions. It developed 3D spatial information related hardware and software with its original technology, and provides 3D precision maps to many customers such as Phantom AI. Hankook expects the market for Mobiltech’s technology will grow, and the company also sees potential for collaboration with its tyre business.
The holding company was launched in April as ‘S.T.R.E.A.M.’, a new long-term business portfolio in line with the celebration of its 80th anniversary. Each letter from ‘S.T.R.E.A.M.’ delivers the essential directions on where Hankook is headed for. The letter ‘S’ stands for Smart Energy in the likes of renewable energy and eco-friendly battery, ‘T’ represents Tire & Core business. ‘R’ points to Rising Tech which is to be adapted for business portfolio diversification. Rounding out the acronym, ‘E’ represents Electrification and ‘A’ for Automation and efficiency through advanced technology such as robotics, whereas ‘M’ stands for Mobility as the entire industry.
The established fund aims to recognise early start-ups in the S.T.R.E.A.M. fields and aid growth of these companies. Funds operated by Korea Venture Investment Corp. and many financial institutions also took part. Hankook & Company will also fulfill its corporate social responsibility by sharing the infrastructure and best practices of its core affiliate, Hankook Tire, to start-ups, it adds.